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DMR
DMR
DMR - Diamond Core Resources Limited - Update on projects and general progress
report
DIAMOND CORE RESOURCES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013468/06)
Share code: DMR ISIN Number: ZAE000076956
("Diamond Core" or "the company")
UPDATE ON PROJECTS AND GENERAL PROGRESS REPORT
Diamond Core Resources Limited ("the Company") is pleased to advise of the
progress made on projects within its portfolio, as well as provide a general
progress report regarding matters within the Company.
Commenting on the current status and general progress of the portfolio of
diamond projects being developed by the company, Theo Botoulas, CEO of the
Company stated that "the completion of the Dense Media Separation (DMS) module
at Paardeberg East is another significant milestone that enables the Company to
treat its tailings and oxidised kimberlite in the run up to full production. The
pit continues to be `made safe` and mapping of the PK1 pipe is in the process of
being completed. Bulk sampling sites are being identified by the Company
geologist. Bulk sampling of the PK1 and PK3 areas will commence early in the
new year. All work is being conducted and reported according to the SAMREC Code.
The ability of the Company to conduct its own bulk sampling programmes is a key
part of the ongoing exploration process of systematically searching for
economically viable opportunities to bring into production, and will be used to
sample not only the Paardeberg East kimberlites but all potential kimberlite
targets in our immediate area of interest."
For more information and a photo gallery of the Paardeberg East project, please
visit our website on www.diamondcore.co.za.
Key achievements:
* Paardeberg East
* Commencement of commissioning of the 50 ton per hour DMS module at
Paardeberg East site, as well as the final recovery unit;
* Completion of the dewatering operations in the PK1 pit, a small supply of
water being retained in the eastern lobe for use in the metallurgical
process;
* Completion of overburden stripping and making safe of the western lobe of
the Paardeberg East PK1 pit;
* Commencement of overburden stripping and `making safe` of the damaged
sidewalls on the eastern lobe of the Paardeberg East PK1 pit.
* Commencement of tailings retreatment operations through the 50 ton per hour
DMS module whilst `making safe` of pit continues
* In excess of 150 000 tonnes of kimberlite excavated from the upper
extremity of the PK1 pit on the Western Lobe stockpiled onto the sampling
pads;
* Infrastructural development completed
* Continuation of exploration activities and identification of targets for
drilling;
Silverstreams
* Infrastructural development commenced
* Layout of drilling grid for infill drilling on the channel feature at
Silverstreams;
Other
* Review and planning for the Uitdraai and De Kalk alluvial exploration
sites;
* Ongoing exploration on primary targets in the Company portfolio, in
particular Skeyfontein and Kuiltjespan;
* Continued implementation and integration of the Company into the fabric of
the Northern Cape via numerous BEE initiatives;
* Completion of infrastructure and services in support of the operational
function and the creation of administrative functions ranging from
financial controls to IT.
Projects
* The projects are detailed in order of operational priority, as:
* Paardeberg East kimberlite project which is held in Diamond Core Mining and
Exploration (Pty) Limited, a 100 percent held subsidiary of the Company.
Our objective to commission this project by the last quarter of this year
as a regional bulk sampling and trial mining facility, is on track.
* Silverstreams alluvial project held in Sandstraat Eksplorasie (Edms) Bpk,
a 50 percent held subsidiary. The objective is to commission this project
by the first quarter of 2007..
* Uitdraai alluvial project which is owned via a 50 percent subsidiary
Prieska Diamond Mining (Pty) Limited. Construction of this project will
commence, by the end of the first quarter or early in the second quarter of
2007, once the two projects detailed above have been commissioned
* De Kalk alluvial project held in Samadi (Douglas) Exploration (Pty)
Limited, a 50 percent held subsidiary. Construction of this project will
commence once the first two projects detailed above have been commissioned,
by the end of the first quarter or early in the second quarter of 2007.
* The Skeyfontein kimberlite project held by Dikeing Mining (Pty) Limited, a
50 percent held subsidiary, on which some additional exploration work will
be done.
* The "blue sky" projects housed in both DCR Kimberlite and Alluvial Projects
(Pty) Limited, as well as Samadi Exploration (Pty) Limited, will be
implemented by way of a parallel strategy to the above projects with a
budgeted R 1,5 million for initial work. This includes Silverstreams
kimberlite exploration, the Koa Valley Project and Kuiltjespan, on which
SENS announcements have been made previously.
28 February 2007
Epsom Downs
Sandton
Sponsor
River Group
Date: 01/03/2007 08:03:58 Produced by the JSE SENS Department.
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