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Lucara Diamond Corp
Symbol LUC
Shares Issued 396,858,168
Close 2019-09-17 C$ 1.12
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Lucara recovers 123-carat gem diamond from Karowe

2019-09-18 08:50 ET - News Release

Ms. Eira Thomas reports


Lucara Diamond Corp. has recovered a 123-carat gem quality top white Type II diamond from its 100-per-cent-owned Karowe diamond mine located in Botswana. The 123-carat diamond was recovered from direct milling ore sourced from the EM/PK(S) unit of the South Lobe. The EM/PK(S) has also delivered several other high-value diamonds including the 1,109-carat Lesedi La Rona, the 813-carat Constellation and the recently recovered 1,758-carat Sewelo, and is an important economic driver for the underground feasibility study which is currently under way and scheduled for completion in Q4 later this year.

A 375-carat gem quality diamond was also recently recovered at Karowe from the processing of historic DMS recovery tailings, generated prior to the incorporation of Lucara's XRT diamond recovery circuits. Karowe continues to have strong production performance year to date, with recovery from direct milling ore of 22 individual, over 100-carat diamonds, including six greater than 200 carats, and the historic 1,758-carat Sewelo diamond, the largest ever diamond to be recovered in Botswana. Reprocessing of historic DMS recovery tailings (pre-XRT circuit) is continuing. Processing of these tailings does not displace direct feed ore, but rather supplements overall production. Year to date, from all processing, the mine has produced 29 diamonds of over 100 carats, including eight diamonds of over 200 carats.

On Aug. 29 Lucara closed its third diamond tender sale of the year. Despite challenging market conditions, the tender was extremely well attended with a total of 123 companies attending and 47 companies winning one or more tender lots. In the three completed tenders of the year a total of 19 diamonds have sold for in excess of $1-million (U.S.), including seven of over $2-million (U.S.) and one for over $8-million (U.S.). Revenue received was in line with expectations and in line with the company meeting the yearly guidance of $170-million (U.S.) to $200-million (U.S.) in revenue. Full details will be released with Q3 2019 results on Nov. 7 of this year. Analysis of the historic 1,758-carat Sewelo is continuing.

Eira Thomas, Lucara's chief executive officer, commented: "Lucara is pleased with the continued strong performance of the mine and the consistent recovery of large, high-quality diamonds that contribute more than 70 per cent of Lucara's total revenues. Attendance at our sales remains high, a testament to our well-established client base and Karowe's production profile, which continues to be well regarded and sought after in the marketplace. This is further evidenced by our growth with the client base for Clara which has grown from four to over 20 customers since the beginning of the year. Ramp-up continues on plan, with transactions now occurring biweekly."

This press release has been reviewed and approved by Dr. John Armstrong, PhD, PGeol, vice-president, technical services of the company, and a qualified person for the purposes of National Instrument 43-101.

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. The company has an experienced board and management team with extensive diamond development and operations expertise. The company operates transparently and in accordance with international best practices in the areas of sustainability, health and safety, environment, and community relations.

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