| Thu 17 Jul 2008, 9:13 | | BCD - BRC Diamondcore Fourth Open Tender Of 1 325. |
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BCD
BCD
BCD - BRC Diamondcore Fourth Open Tender Of 1,325.60 Carats Realises
US$668,845
BRC DIAMONDCORE LIMITED
(Incorporated in Canada)
(Corporation number 627115-4)
Share code: BCD & ISIN Number: CA05565C1095
("BRC DiamondCore" or "the Company")
BRC DIAMONDCORE FOURTH OPEN TENDER OF 1,325.60 CARATS REALISES US$668,845
Toronto, Canada and Johannesburg, South Africa - July 17, 2008: BRC
DiamondCore Ltd. (the "Company") (TSX - BCD; JSE - BCD) is pleased to announce
the results of its fourth tender sale of diamonds from its Paardeberg East
kimberlite and Silverstreams alluvial trial mining projects in South Africa`s
Northern Cape Province.
Highlights:
- 1,325.60 carats with an average value of US$504.56 per carat were sold
for a total of US$668,845. This comprised:
- 400.77 carats from Silverstreams with an average value of US$1,219
per carat; and
- 924.83 carats from Paardeberg East with an average value of
US$194.81 per carat.
- Silverstreams: "special stones" (+10.8 carats in size) totalled 40.16
carats (comprising 10% by weight) and achieved a total value of
US$153,737 (comprising 31.5% by value). These special stones comprised:
- a 14.56 carat white octahedron/dodecahedron, which sold for US$2,615
per carat;
- a 14.00 carat white irregular dodecahedron, which sold for US$7,202
per carat; and
- a 11.58 carat white irregular dodecahedron, which sold for US$1,277
per carat.
- Other high value stones from Silverstreams were:
- a 9.81 carat white irregular dodecahedron, which sold for US$7,621
per carat;
- a 6.45 carat white octahedron, which sold for US$4,341 per carat;
and
- a 3.69 carat white irregular dodecahedron, which sold for US$3,332
per carat.
- Paardeberg East: the PK5 kimberlite body size frequency distribution
plotted for samples in this tender is similar to the last samples,
indicating the continuous nature of the ore body; the quality of diamonds
produced from the PK5 samples continues to be of high gem content, as
indicated by the high average value achieved, including:
- a 9.27 carat off-white dodecahedron, which sold for US$2,301 per
carat;
- a 4.18 carat top white dodecahedron, which sold for US$3,398 per
carat; and
- a 2.52 carat top white dodecahedron, which sold for US$2,729 per
carat.
Photos of the special diamonds mentioned in this press release, as well as
additional diamonds recovered at Paardeberg East and Silverstreams, can be
viewed in the photo gallery section of the Company`s website, http://www.brc-
diamondcore.com.
The diamond analysis data, including independent diamond valuations and prices
received on the open tender conducted by the Company, is being used to
underpin the economic metrics of both projects.
The services of an independent diamond consultant, Mr. Ramon Ferraris of QTS-
Kristal Dinamika, are retained to audit the bulk sampling plants, bulk
sampling process and diamond analysis on both the Paardeberg East and
Silverstreams sites. The tender was overseen by Mr. Ferraris and an additional
independent diamond consultant to the Company, Mr. Maurice Barker.
SILVERSTREAMS TENDER SALES - MIDDLE ORANGE RIVER ALLUVIAL PROJECT AREA
SITE TOTAL STONES AVG. SIZE TOTAL AVG. VALUE
WEIGHT (NUMBER) (CARATS VALUE (US$ PER
(CARATS) PER STONE) (US$) CARAT)
SILVERSTREAMS 400.77 184 2.18 488,679 1,219
The diamond analysis of the product recovered from various trenches on the
Silverstreams bulk sampling project was undertaken by the independent
consultants on an ongoing basis. The sample size comprised 184 stones and the
size frequency distribution of the diamond population recovered from the
various sampling trenches indicated a plot typical of a Middle Orange River
deposit. Such deposits tend to be characterized by the recovery of large
diamonds.
PAARDEBERG EAST TENDER SALES - KIMBERLITE BULK SAMPLING PROJECT AREAS PK5, PK1
EAST, PK1 WEST AND PK2 KIMBERLITE BODIES
SITE TOTAL STONES AVG. SIZE TOTAL AVG. VALUE
WEIGHT (NUMBER) (CARATS VALUE (US$ PER
(CARATS) PER (US$) CARAT)
STONE)
PAARDEBERG 818.08 2,613 0.31 165,830 203
EAST - PK5
PAARDEBERG 30.07 129 0.23 6,888 229
EAST - PK1
WEST
PAARDEBERG 20.59 132 0.15 1,253 60.84
EAST - PK1
EAST
PAARDEBERG 56.08 145 0.38 6,195 110
EAST - PK2
TOTAL 924.83 3,019 0.31 180,166 194.81
The ongoing diamond analysis of the various bulk samples, representing
distinct kimberlite facies, continues to be undertaken by independent
consultants.
Kimberley Process: Chain of Custody and Diamond Control
Mr. Ferraris, working in conjunction with Company security officials, was
mandated to design and develop a chain of custody process and an effective
diamond control process for Company diamond production. These processes have
been constructed to comply with international best practices and the
requirements of the Kimberley Process. Mr. Ferraris is responsible for
auditing these processes as well as for providing technical expertise with
respect to the diamond product. Mr. Ferraris has 30 years` experience in the
rough diamond industry, including working for both De Beers and RTZ.
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.
Qualified Person
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
(416) 366-2221 or 1-800-714-7938.
In Johannesburg: James Duncan, Russell & Associates
2711880-3924.
Johannesburg
17 July 2008
Sponsor
River Group
Date: 17/07/2008 09:13:02 Produced by the JSE SENS Department.
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