|
Diamcor Mining Inc. is a junior resource company with experienced management and established operations and production history in South Africa. Unlike the vast majority of the juniors in the diamond sector which are exploration focused, Diamcor’s strategy is to acquire projects that can be brought into production quickly with the potential to generate steady, long-term positive cash flow.
Diamcor is in the final stages of its acquisition of the Krone-Endora Project from De Beers Consolidated Mines Ltd. The Krone-Endora Project is located directly adjacent to the De Beers owned Venetia Diamond Mine, South Africa’s largest diamond producer. A recent NI 43-101 technical report of the Krone-Endora Project indicates an inferred resource estimate of 54,258,600 tonnes of diamond-bearing gravels with 1,314,000 carats of diamonds. Diamcor plans to complete a financing of $3 to $5 million and enter initial production tests by the second quarter of 2010.
|
