Diamcor receives Mining Right for Krone-Endora

Diamcor Mining Inc. has received a Mining Right for the Krone-Endora at Venetia Project, from South African Department of Mineral Resources. The Mining Right has a 30 year term and grants the company the sole and exclusive right to mine and recover diamonds over areas initially targeted by the company encompassing 657.71 hectares of the project’s total area of 5,888 hectares.

“This is a significant achievement for the Company, our Black Economic Empowerment Partner, the South African Department of Mineral Resources, local government, and the people in these areas that have and will continue to benefit from the economic development associated with this Project”, commented Mr. Dean Taylor, Chief Executive Officer of the company. He added that the company looks forward to ‘advancing the project to the next stages of development, and in so doing create value for all stakeholders while creating new direct and indirect jobs that contribute to the socio-economic development of the Limpopo region and South Africa in general.”

The company has also submitted an application for a mining right over the remaining areas of the project. The project, located directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa, The Company was selected by DeBeers to acquire the project following a competitive proposal and review process in 2008. The company acquired the Project in February of 2011 through its South African subsidiary, DMI Minerals South Africa (Proprietary) Limited.

The project’s its associated deposits have been identified as being the result of the direct-shift and erosion of material from the higher grounds of the adjacent Venetia Kimberlite areas.