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Lucara Diamond Corp
Symbol LUC
Shares Issued 382,619,334
Close 2018-02-26 C$ 2.49
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Lucara Diamond CEO Lamb retires

2018-02-26 07:57 ET - News Release

Mr. Lukas Lundin reports

LUCARA ANNOUNCES BOARD AND MANAGEMENT CHANGES

Effective today, William Lamb will be retiring as Lucara Diamond Corp.'s chief executive officer and stepping down from the board of directors. Eira Thomas, a founder and director of the company, will be assuming the role of CEO. In addition, Catherine McLeod-Seltzer, also a Lucara co-founder, will be joining the board of directors.

Under Mr. Lamb's leadership, the company's flagship Karowe mine has evolved into one of the world's highest-margin diamond mines and the foremost producer of large, Type IIA diamonds in excess of 10.8 carats, including the historic 1,109-carat Lesedi La Rona (second-largest gem diamond ever recovered) and the 813-carat Constellation (sold for a record $63.1-million (U.S.)). Mr. Lamb galvanized Lucara's reputation as an innovator, championing its technologically advanced mine design to optimize revenues and minimize diamond losses through both autogenous milling and the use of X-ray transmission sorters to preserve large, high-value stones, and to create a simpler, more secure and efficient flowsheet. The board would like to sincerely thank Mr. Lamb for his many contributions during his tenure and is pleased to further announce that Mr. Lamb has agreed to remain closely associated with the company in a continuing role as a technical adviser.

Mr. Lamb commented: "I am proud to have served as Lucara's CEO for almost a decade, during which time, Karowe was taken from feasibility through to a steady-state, world-class, operating diamond mine. The recent acquisition of Clara marks an exciting milestone for the company and is consistent with our approach of looking well beyond existing industry practice, adopting innovation and progressive development as a key pillar of the company's success. Eira, as the new CEO, will be well supported by a focused and experienced team at Karowe as we look to expand the mine underground, and I am pleased to be taking on a key advisory role as we embark upon this next, exciting phase in Lucara's development."

Lukas Lundin, chairman of the company, commented: "I would like to welcome Eira into her new role of CEO of Lucara and commit my support to the ongoing and long-term success of the company as we work to execute on an exciting new growth opportunity with the acquisition of Clara Diamond Solutions. We believe that Clara will not only modernize the entire diamond sales process but unlock additional value for all participants across the diamond market. Given Eira's deep understanding of our business and her relationships across the diamond world, she is uniquely positioned to lead both Lucara's operating business and this exciting new initiative. I would also like to personally thank William for his dedication and passion, taking Lucara from a development opportunity through to one of the most successful and profitable diamond mines, creating history through the adoption of innovative technology."

Assuming the role of CEO, Ms. Thomas brings more than 25 years experience in the mining industry, including 16 years with Aber Diamond Corp. (now Dominion Diamond), where she served in ever-increasing roles from initial discovery as a geologist to vice-president of exploration and ultimately a director of the board. She was co-founder of Stornoway Diamond Corp., serving first as CEO and then as executive chairman. There she led the acquisition of the Renard diamond deposit which subsequently became Quebec's first diamond mine. In 2007, she founded Lucara with partners Mr. Lundin and Ms. McLeod-Seltzer. Ms. Thomas most recently served as CEO of Kaminak Gold Corp. which was acquired by Goldcorp in 2016 for $520-million. Ms. Thomas is also a director of Suncor Energy.

Ms. McLeod-Seltzer has been directly involved in more than $4-billion in corporate transactions in the past 25 years and has been instrumental in helping build a number of successful mineral companies, including Arequipa Resources, Francisco Gold, Miramar Mining, Bear Creek Mining, Stornoway Diamonds and Peru Copper Inc. Ms. McLeod-Seltzer was named Mining Man of the Year by The Northern Miner in 1999, and in 1997 she was given the Award for Performance by the Association of Women in Finance. She has also held positions on the Financial Post's Power 50. Ms. McLeod-Seltzer is currently chairman of Bear Creek Mining Corp. and a director of Kinross Gold. She is a recognized leader in the minerals industry for her ability to create growth-focused companies that generate significant shareholder value.

About Lucara Diamond Corp.

Lucara is a leading independent producer of large exceptional quality Type IIa diamonds from its 100-per-cent-owned Karowe mine in Botswana.

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