| Fri 8 Aug 2008, 8:11 | | BCD - BRC Diamondcore Ltd - BRC Diamondcore fifth open tender of 959.46 carats |
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BCD
BCD
BCD - BRC Diamondcore Ltd - BRC Diamondcore fifth open tender of 959.46 carats
realises us$992,555
BRC DIAMONDCORE LTD.
(Incorporated in Canada)
(Corporation number 627115-4)
Share code: BCD & ISIN Number: CA05565C1095
("BRC DiamondCore" or "the Company")
BRC DIAMONDCORE FIFTH OPEN TENDER OF 959.46 CARATS REALISES US$992,555
Toronto, Canada and Johannesburg, South Africa - August 8, 2008: BRC DiamondCore
Ltd. (the "Company") (TSX - BCD; JSE - BCD) is pleased to announce that diamonds
from the Company`s Silverstreams alluvial and Paardeberg East kimberlite trial
mining projects in South Africa`s Northern Cape Province totalling 959.46 carats
were sold at the Company`s fifth tender sale and realised US$992,555. This
compares with US$668,845 realised from the sale of stones from these projects
totalling 1,325.60 carats at the Company`s previous tender sale.
Highlights:
* A 40.41 carat white frosted dodecahedron from Silverstreams sold for
US$10,118 per carat.
* A 33.75 carat faint brown dodecahedron from Paardeberg East sold for
US$4,317 per carat.
* Overall average price of US$1,035 per carat achieved - up 100% on previous
tender.
* Silverstreams alluvials:
* 282.91 carats sold
* average price of US$2,615 per carat achieved - up 100% on previous
tender
* Paardeberg East kimberlite:
* 676.55 carats sold
* average price of US$374 per carat achieved - up 92% on previous tender
* PK5 kimberlite continues to yield high gem content, as indicated by
the high average value of US$404 per carat achieved
Company President, Dr. Mike de Wit, commented: "The higher prices received
point both to an encouraging improvement in the prices of diamonds recovered
from Silverstreams and Paardeberg East and perhaps to a further tightening of
diamond supplies in the international market."
The diamond analysis data, including independent diamond valuations and prices
received on the open tender conducted by the Company, is being used to underpin
the economic metrics of both projects.
The services of an independent diamond consultant, Mr. Ramon Ferraris of
QTS-Kristal Dinamika, are retained to audit the bulk sampling plants, bulk
sampling process and diamond analysis on both the Paardeberg East and
Silverstreams sites. The tender was overseen by Mr. Ferraris and an
additional independent diamond consultant to the Company, Mr. Maurice Barker.
SILVERSTREAMS TENDER SALES - MIDDLE ORANGE RIVER ALLUVIAL PROJECT AREA
SITE TOTAL STONES AVG. SIZE TOTAL AVG. VALUE
WEIGHT (NUMBER) (CARATS VALUE (US$ PER
(CARATS PER (US$) CARAT)
) STONE)
SILVERSTREAMS 282.91 152 1.86 739,73 2,615
8
Silverstreams `special stones` (+10.8 carats in size) totalled 79.90 carats
(comprising 28% by weight) and achieved a value of US$511,492 (comprising 69%
by value).
Besides the 40.41 carat stone referred to under "Highlights" above, these
included a 16.52 carat white irregular dodecahedron, which sold for US$2,703
per carat, and a 12.00 carat yellow irregular dodecahedron, which sold for
US$4,348 per carat.
Other high value stones from Silverstreams were a 9.92 carat off-white
octahedron, which sold for US$5,039 per carat, a 6.41 carat white irregular
dodecahedron, which sold for US$2,694 per carat, a 6.27 carat fancy yellow
flat dodecahedron, which sold for US$2,282 per carat, and a 4.14 carat vivid
yellow dodecahedron, which sold for US$8,486 per carat.
The diamond analysis of the product from various trenches on the Silverstreams
bulk sampling site was undertaken by the independent consultants on an ongoing
basis during 2008. The sample size comprised 152 stones and the size frequency
distribution of the diamond population recovered from the various sampling
trenches indicated a plot typical of a Middle Orange River deposit. Such
deposits tend to be characterized by the recovery of large diamonds.
Specifically, the current size frequency distribution of Silverstreams is
plotting to the right of the consolidated graph of the deposit. If production
remains in the same geological area there is a high probability of more coarse
diamonds of plus 50 carats being found. This opinion is also supported by the
plus 2 carat data from the forecasting analysis.
PAARDEBERG EAST TENDER SALES - KIMBERLITE BULK SAMPLING PROJECT AREAS PK5, PK1
EAST, PK1 WEST AND PK2 KIMBERLITE BODIES
SITE TOTAL STONES AVG. SIZE TOTALVALUE AVG. VALUE
WEIGHT (NUMBER) (CARATS PER (US$) (US$ PER
(CARATS) STONE) CARAT)
PAARDEBERG 602.91 1,847 0.33 243,285 404
EAST- PK5
PAARDEBERG 44.98 195 0.23 4,171 93
EAST- PK1
WEST
PAARDEBERG 28.66 133 0.22 5,361 187
EAST - PK2
TOTAL 676.55 2,175 0.31 252,817 374
The PK5 kimberlite body size frequency distribution plotted for samples in
this tender is similar to that plotted for samples in the previous tender,
indicating the consistency of the mineralisation 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 of US$404 per carat
achieved. This includes the 33.75 carat stone (comprising 6% by weight)
referred to under "Highlights" above which achieved a value of US$145,669
(comprising 60% by value).
The ongoing analysis of the diamonds from the various PK5 samples,
representing distinct kimberlite facies, continues to be undertaken by
independent consultants.
The size frequency distribution specifically for the PK5 sample is plotting
to the right, or in the coarser fraction of the consolidated graph of the
PK5 deposit. This suggests that there is a high probability of more special
stones (+10.8 carats) and at least another +30 carat in the next 3,000 carats.
These specials will help sustain the high average carat price achieved for
the PK5 kimberlite.
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.
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.
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.
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.
Note to editors: Photographs 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.
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 and Associates, +27 11 880-3924
Johannesburg
8 August 2008
Sponsor
River Group
Forward-Looking Statements: 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: 08/08/2008 08:11:01 Produced by the JSE SENS Department.
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