DiamondCorp updates on Lace mine

Will announce results of first tender on September 20
DiamondCorp updates on Lace mine

DiamondCorp plc, the Southern Africa focused diamond mine development and exploration company, announced an operational update on the Lace mine.

It has rescheduled its diamond sales to maximize attendance by clients who have been absent from Antwerp during various religious holidays as well as the De Beers August sale. The first tender will now conclude on 17 September 2016 with results announced on 20 September 2016.

Subsequent monthly sales will be concluded around the middle of each month.

Production from the first mining block on the 310m level was impacted during August by a number of operational issues which have been overcome. But owing to the loss of some days of production in August, the September diamond sale is now of c.5700 carats, not 7,000 as previously planned.

The diamonds yielded during August remain of a high quality, and four stones larger than 10 carats were recovered, including a 12.7 carat gem diamond. These diamonds will be sold in the October sale. The company's current diamond inventory is 7,003 carats. The October sale will be relatively small but monthly sales are expected to build up to the 9,000 carat base case in the budget by December.

The company also announced its unaudited interim results for the six months closing 30 June 2016. In this, the pre-tax loss for the period was reduced to £0.247 million compared with a loss of £3.159 million in the same period in 2015.

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