HomeDiamonds & GemstonesLucara's Karowe mine produces first diamonds

Lucara’s Karowe mine produces first diamonds

Lucara Diamond
Corp’s Karowe mine
in Botswana
Vancouver, Canada — 24 April 2012 – Emerging new diamond producer Lucara Diamond Corporation has announced that the commissioning of its Karowe mine processing plant in Botswana is progressing on schedule, and that the mine’s first production diamonds have been recovered.

“The quantity and grade of diamonds recovered during the very first ore run has been outstanding and reinforces our high expectations for this new state-of-the-art mine,” read a company statement released here.

“Over 5,300 carats of diamonds have been recovered from ore mined from the upper benches of the North Lobe of the deposit, which has an estimated grade of greater than 32cpht, that’s double the average deposit grade,” the statement continued.

“Several large diamonds have also been recovered, including four special stones larger than 10.8 carats. The three largest stones recovered are 25.88 carats, 16.55 carats and 14.56 carats.”

Lucara CEO William Lamb said the diamonds recovered showed some very strong crystal shapes which would be released to the market in June. “Diamond production and the processing of ore through the entire plant signals the transition of Lucara to a producing company – this is a very proud moment for us all,” he added.

Lucara intends to have its first sale of diamonds recovered from the Karowe Mine during the first two weeks of June 2012.

The company also revealed that it had signed a definitive agreement with The Bank of Nova Scotia for a US$25 million revolving term credit facility with a maturity date of 16 March 2014, which might be extended.

Up to US$15 million was available immediately, with the remaining US$10 million available following delivery of security over the company’s Karowe assets, which was expected during the
second quarter of this year.

Source: Lucara Diamond Corp. For more information, click here.