| Wed 3 Dec 2008, 17:10 | | BCD - BRC Diamondcore Ltd - BRC Diamondcore Issues Bulk Sampling Update |
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BCD
BCD
BCD - BRC Diamondcore Ltd - BRC Diamondcore Issues Bulk Sampling Update
BRC DIAMONDCORE LTD.
(Incorporated in Canada)
(Corporation number 627115-4)
Share code: BCD & ISIN Number: CA05565C1095
("BRC DiamondCore" or "the Company")
BRC DIAMONDCORE ISSUES BULK SAMPLING UPDATE
Toronto, Canada and Johannesburg, South Africa - December 3, 2008 - BRC
DiamondCore Ltd. (the "Company") (TSX: BCD, JSE: BCD) has implemented a
strategic suspension of bulk sampling at its projects in South Africa`s
Northern Cape province in view of current depressed diamond prices.
The Company intends to minimize any negative impact of these suspensions on
its workforce. All plant and equipment will be maintained and receive
appropriate refurbishment in anticipation of a resumption of bulk sampling
operations at the Company`s Silverstreams alluvial project in early January
2009, with its Paardeberg East kimberlite and De Kalk alluvial projects
expected to resume operations as diamond prices recover.
Dr. Mike de Wit, President of BRC DiamondCore, said: "While there is a clear
short-term need to conserve cash in light of current market conditions, we
anticipate a recovery in rough diamond prices in 2009. This, together with a
stronger US Dollar exchange rate against our operating currency and lower
energy costs, should position us more favourably in the year ahead."
In keeping with the Company`s commitment to developing its human capital, the
shutdown period will be effectively utilized in continuing HIV/AIDS awareness
and in-house training sessions at the South African projects.
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 Jones, Vice President, Corporate Development, (416) 366-2221 or 1-800-
714-7938.
In Johannesburg:
James Duncan, Russell and Associates, +27 11 880-3924.
Pretoria
3 December 2008
Sponsor
Pretoria
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 the resumption of bulk sampling operations
and the Company`s operating plans) 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, uncertainties relating to the
availability and costs of financing needed in the future, uncertainties
relating to future diamond prices, the possibility that future exploration
results will not be consistent with the Company`s expectations, changes in
equity markets, foreign currency fluctuations, inflation, political
developments in South Africa or the DRC, changes to regulations affecting the
Company`s activities, 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: 03/12/2008 17:10:01 Produced by the JSE SENS Department.
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