Diamcor’s Q4 tender sale results in gross revenues worth US $1,028,374.34

Diamcor Mining Inc. announced the results of its rough diamond tenders and sales from its Krone-Endora at Venetia project in South Africa held in its fiscal quarter ending March 31, 2016. It sold 6,896.50 carats of diamonds for gross proceeds of US $1,028,374.34 or an average price of US $149.12 per carat. The price per carat realized during the tenders were consistent with Company expectations.

An initial tender and sale held in January recorded a sale of 3,697.33 carats of rough diamonds, for gross proceeds of US $542,540.43, or an average price of US $146.74 per carat. The second and final tender completed on February 29th recorded sales of 3,199.17 carats of rough diamonds, for gross proceeds of US $485,834.09, or an average price of US $151.86 per carat.

Rough diamonds tendered and sold in the second tender were the result of rough diamonds recovered and delivered for preparation prior to a February 3, 2016 cut-off date. Rough diamonds recovered after February 3 and until March 31, 2016 will be recorded as rough diamond inventory on-hand for the fiscal year ending March 31, 2016.

The fourth fiscal quarter rough diamond tender and sale results represented a 49 percent increase when compared to 4,619.11 carats tendered and sold in the same period last year. In value terms there was a 22 percent increase in gross revenues when compared to US $842,420.21 gross revenues in the same period last year. During the current fiscal quarter, a 12.78 carat special rough diamond and a 7.50 carat rough diamond were recovered utilizing the new Tomra XRT sorting unit recently deployed at the project. These rough diamonds sold for US $4,747.47 per carat, and US $4,152.00 per carat respectively.