| Thu 22 Oct 2009, 15:50 | | BCD - BRC Diamondcore Ltd - Announces sale of its South African subsidiary |
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BCD
BCD
BCD - BRC Diamondcore Ltd - Announces sale of its South African subsidiary
BRC DIAMONDCORE LTD.
(Incorporated in Canada)
(Corporation number 627115-4)
Share code: BCD & ISIN Number: CA05565C1095
("BRC DiamondCore" or "the Company")
BRC DIAMONDCORE ANNOUNCES SALE OF ITS SOUTH AFRICAN SUBSIDIARY
Toronto, Canada and Johannesburg, South Africa - October 22, 2009 - BRC
DiamondCore Ltd. ("BRC" or the "Company") (TSX - "BCD"; JSE - "BCD") announces
that it has sold all of its shares in its wholly-owned South African subsidiary,
Diamond Core Resources (Pty) Ltd (in liquidation) ("DCR"), for nominal
consideration plus, if the offer of compromise referred to below is approved by
the court, for value of US$500,000. DCR was the holding company for the
Company`s South African projects and was put into liquidation by court order on
July 3, 2009. The terms of the sale contemplate that the purchaser enters into
an offer of compromise with the creditors of DCR. The previously announced
heads of agreement with KIG Mining Plc has been cancelled.
The Company`s projects in the Democratic Republic of the Congo are unaffected by
this sale transaction.
BRC DiamondCore Ltd. is an African-focused diamond explorer with projects in the
Democratic Republic of the Congo. Led by a management team with extensive
experience in diamond exploration and mine development, 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: Brian P. Scallan, Vice President, Finance, +27 11 9582885.
JOHANNESBURG
22 OCTOBER 2009
Date: 22/10/2009 15:50:01 Produced by the JSE SENS Department.
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