Dominion Diamond announces update on Misery Main

Dominion Diamond Corporation announced an updated capital allocation strategy and the sorting results of a recent production trial of Misery Main ore.

The Misery Main production trial consisting only of Misery Main ore feed, was conducted in late May and early June. The trial resulted in the recovery of approximately 130,000 carats which have been sorted and valued. The company’s average estimated market price for this sample is $72 per carat. This confirms the Company’s previous estimate of diamond values for Misery Main.

Brendan Bell, Chief Executive Officer stated, “We are extremely pleased with the results of the production trial at Misery Main, the highest value ore body on the Ekati property. Confirmation of the average carat values for Misery Main, combined with additional confidence and definition on the development capital program, has confirmed the strength of our mid-term cash flow. Strong existing and future cash flows, coupled with the strength of our balance sheet and cash position, allows us to implement a capital allocation strategy that supports the growth of Dominion while also returning additional value directly to shareholders."

Also, Dominion also announces the departure of its Chief Financial Officer, Ron Cameron.

Further, the company decided to focus on the development opportunities at the company’s core assets, including the Sable and Jay projects.