| Thu 24 Apr 2008, 9:58 | | BCD - BRC DiamondCore - Second tender realises US$ |
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BCD
BCD
BCD - BRC DiamondCore - Second tender realises US$750,077 recoveries include
45.86-carat dark orange/brown diamond at Paardeberg East
BRC DIAMONDCORE LTD.
(Incorporated in Canada)
(Corporation number 627115-4)
Share code: BCD & ISIN Number: CA05565C1095
("BRC DiamondCore" or "the Company")
BRC DIAMONDCORE SECOND TENDER REALISES US$750,077
Recoveries include 45.86-carat dark orange/brown diamond at Paardeberg East
Toronto, Canada and Johannesburg, South Africa - April 24, 2008 - BRC
DiamondCore Ltd. (the "Company") (TSX - "BCD"; JSE - "BCD") is pleased to
announce that it has realized US$750,077 from its second tender of diamonds -
comprising a total of 1,651.02 carats - recovered from bulk sampling/trial
mining at its Silverstreams alluvial and Paardeberg East kimberlite projects in
South Africa`s Northern Cape Province.
Commenting on the tender for the month of April - comprising production from the
two projects for the month of March - Theo Botoulas, CEO of the Company, said:
"The prices received are generally in line both with the continuing strong price
trend and our expectations; however, the prices achieved for diamonds from
Silverstreams and the PK5 deposit at Paardeberg East have been particularly
encouraging."
A highlight for the March production month was the recovery of a 45.86 carat
dark orange/brown stone from the eastern lobe of the PK1 kimberlite at
Paardeberg East. This was withheld from the tender and will be beneficiated by
the Company.
"Such a large stone of unusual colour presents us with an opportunity to extract
better value by having it cut and polished to our specification, then selling it
ourselves," Mr. Botoulas said.
Other special stones - which were sold at tender - included a 10.22 carat fancy
yellow dodecahedron sold for US$12,509 per carat and a 14.88 carat white
dodecahedron sold for US$7,211 per carat, both recovered from Silverstreams; and
a 9.97 carat rhombic dodecahedron sold for US$5,531 per carat and a 5.05 carat
white dodecahedron sold for US$3,865 per carat, both recovered from Paardeberg
East.
Photos of the special diamonds mentioned in this press release and in the
Company`s press release of March 4, 2008, as well as additional diamonds
recovered at Paardeberg East and Silverstreams, can be viewed in the photo
gallery section of the Company`s website, http://www.brc-diamondcore.com.
Silverstreams
The 200 stones recovered from Silverstreams sold at tender weighed a total of
327.76 carats, an average of 1.64 carats per stone. Their total value was
US$484,044, an average of US$1,476.84 per carat.
"The size frequency distribution of the diamond population for the April tender
is in line with the Silverstreams diamond analysis to date," said Mr. Botoulas.
"The Cumulative Number of Stones vs Lower Critical Size plot of the +2 carat
diamonds indicate that within a sample of 1,000 carats there is a probability of
recovering a diamond of +50 carats.
"Silverstreams has recovered in excess of 1,000 carats to date and the recovery
of a large stone in this range would be to expectation. We have configured the
metallurgical plant to recover the larger fraction as described by the diamond
analysis thus far."
The Silverstreams `special stones` (+10.8 carats) totalled 25.06 carats
(approximately 8% by weight) and achieved a value of US$234,777 (approximately
48% by value).
Paardeberg East
From Paardeberg East`s PK5 kimberlite, 975 stones with a total weight of 337.76
carats and averaging 0.35 carats per stone were sold at tender. Their total
value was US$112,955, averaging US$334.42 per carat. From Paardeberg East`s PK1
kimberlite, 3,993 stones with a total weight of 985.50 carats and averaging 0.25
carats per stone were sold at tender. Their total value was US$153,078,
averaging US$155.33 per carat.
"In respect of Paardeberg East, an additional highlight for the month was the
sale of diamonds from the PK5 kimberlite - on which sampling operations are
currently under way - in order to establish average value," said Mr. Botoulas.
"The PK5 diamond Size Frequency Distribution analysis indicates that this
deposit will have the coarsest diamond distribution of all deposits on the
Paardeberg East project. The diamond analysis of production from PK5 to date,
totaling 1,139.86 carats, has indicated that its diamond population is whiter
and cleaner than those of the PK1 and PK3 deposits.
"The Cumulative Number of Stones vs Lower Critical Size plot of the +2 carat
diamonds of the PK5 deposit indicates it will have a larger percentage of
special stones, with a high probability of a +80 carat stone in the next 10,000
carats."
The Company maintains an inventory of diamond product from its operations which
are sold as the diamond analysis per sample is concluded. Technical data with
respect to the diamond populations per deposit has been recorded and analysed by
independent diamond consultants.
Additional information with respect to the Paardeburg East and Silverstreams
projects is contained in the technical report prepared by Venmyn Rand (Pty)
Limited, dated July 31, 2007 and entitled "National Instrument 43-101 Technical
Report Prepared on the Mineral Assets of Diamond Core Resources Limited in the
Northern Cape and Free State Provinces, South Africa." A copy of this report
can be obtained from SEDAR at www.sedar.com.
Dr. Mike de Wit, President of the Company, is the "qualified person" (as such
term is defined in National Instrument 43-101) who supervised the preparation of
and is responsible for the technical information in this press release.
BRC DiamondCore Ltd. is an African-focused diamond explorer active in South
Africa and the Democratic Republic of the Congo (the "DRC"). Led by a
management team with extensive experience in diamond exploration and mine
development, the Company has a broad spectrum of projects ranging from advanced
stage trial mining operations through grass-roots exploration. The Company`s
projects comprise both prospective alluvial gravels and primary kimberlite
targets. The Company works in a systematic and responsible manner to discover,
assess and develop diamond resources for the benefit of its shareholders and
local stakeholders.
For further information, please visit our website, www.brc-diamondcore.com, or
contact:
In Toronto: Martin D. Jones, Vice President, Corporate Development, at
(416) 366-2221 or 1-800-714-7938.
In Johannesburg: James Duncan, Russell & Associates, at 27 11 880-3924.
24 April 2008
Sponsor
River Group
This press release contains forward-looking statements. All statements, other
than statements of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will or may occur
in the future (including, without limitation, statements relating to diamond
prices, future diamond recoveries and sales, future production, exploration
results, potential mineralization and the Company`s plans with respect to the
exploration and development of its properties) are forward-looking statements.
These forward-looking statements reflect the current expectations or beliefs of
the Company based on information currently available to the Company. Forward-
looking statements are subject to a number of risks and uncertainties that may
cause the actual results of the Company to differ materially from those
discussed in the forward-looking statements, and even if such actual results are
realized or substantially realized, there can be no assurance that they will
have the expected consequences to, or effects on the Company. Factors that could
cause actual results or events to differ materially from current expectations
include, among other things, the possibility that future exploration results
will not be consistent with the Company`s expectations, changes in equity
markets, changes in diamond markets, foreign currency fluctuations, political
developments in South Africa or the DRC, changes to regulations affecting the
Company`s activities, uncertainties relating to the availability and costs of
financing needed in the future, delays in obtaining or failure to obtain
required project approvals, the uncertainties involved in interpreting
geological data and the other risks involved in the diamond exploration
business. Any forward-looking statement speaks only as of the date on which it
is made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or results or
otherwise. Although the Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking statements are not
guarantees of future performance and accordingly undue reliance should not be
put on such statements due to the inherent uncertainty therein.
Date: 24/04/2008 09:58:08 Produced by the JSE SENS Department.
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