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Diamcor Mining Inc (2)
Symbol DMI
Shares Issued 63,885,888
Close 2019-03-04 C$ 0.175
Market Cap C$ 11,180,030
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Diamcor sells 1,220.23 carats in second tender of 2019

2019-03-05 09:43 ET - News Release

Mr. Dean Taylor reports

DIAMCOR ACHIEVES USD $308.06 AVERAGE PER CARAT IN SECOND TENDER OF 2019

Diamcor Mining Inc. has released the results of a second tender and sale of rough diamonds for the company's fourth fiscal quarter ending March 31, 2019. The company sold 1,220.23 carats of rough diamonds recovered from continuing processing exercises performed at the company's Krone-Endora at Venetia project for gross proceeds of $375,907.72 (U.S.), resulting in an average sale price of $308.06 (U.S.) per carat. This represented a price increase of 76 per cent as compared with the company's average price per carat of $176.16 (U.S.) realized on all rough diamonds tendered and sold to date. The tender included the sale of the previously announced 44-carat gem-quality rough diamond.

The company has added Precision Capital Development Services (PCDS) to act on a consulting basis to support the existing operational team. PCDS has extensive experience in the operational management of mining projects, and its services are aimed at aiding the company with its primary objectives of increasing processing levels, operational efficiencies and the normalization of operations for the long term.

"We continue to be pleased with the results of our tenders, and this recent tender clearly demonstrates the positive impact that larger diamonds in the special category can have on our revenues," commented Diamcor chief executive officer Dean Taylor. "With rough diamond tenders performing well, our stated focus has been on increasing volumes and the further advancement of the project. After several months of planning and discussions, I believe the addition of PCDS to our existing operational team will greatly enhance our ability to achieve those objectives, and we look forward to working with them in the coming weeks and months," added Mr. Taylor.

About Diamcor Mining Inc.

Diamcor Mining is a fully reporting publicly traded junior diamond mining company listed on the TSX Venture Exchange and on the OTCQB International. The company has a well-established operational and production history in South Africa and extensive prior experience supplying rough diamonds to the world market.

About Krone-Endora at Venetia

In February, 2011, Diamcor acquired the Krone-Endora at Venetia project from De Beers Consolidated Mines Ltd., consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers's flagship Venetia diamond mine in South Africa.

Qualified person statement

James P. Hawkins, BSc, PGeo, is manager of exploration and special projects for Diamcor Mining; the qualified person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor's exploration programs; and a member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA). Mr. Hawkins has reviewed this press release and approved of its contents.

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