Johannesburg, South Africa — MININGREVIEW.COM — 19 November 2008 – BRC DiamondCore Limited (BRC) – a growth-focused African diamond explorer, created through the merger of BRC Diamond Corporation of Toronto and DiamondCore Resources of Johannesburg – has dropped its plans to raise Can$3 million (almost R21 million) through a private share placing, and is instead focusing on finding new partners to help fund its operations in South Africa and the Democratic Republic of Congo (DRC).
BRC president and CEO Mike de Wit said that the company was in negotiations to find a partner to help fund its exploration activities in the south of the DRC, similar to the way it had struck a deal with Rio Tinto over the exploration of its properties in the north of that country. He added that the deal, if negotiated, could generate some funds to be used on BRC’s South African operations which – according to the company’s just-published report for the September quarter – are undergoing a strategic review.
De Wit suggested that it was possible that additional partners in South Africa might get involved in BRC’s operations. He declined to name the parties until the negotiations had been completed which, he said, could take another three to four weeks.
Likely partners could include De Beers and Gem Diamonds, because both groups are among the few diamond producers with available cash at this point and, significantly, both have exploration operations adjacent to BRC’s properties at Tshikapa in the southern DRC.