Diamcor Mining, the Canadian, publically traded junior diamond mining company, has just received a full Mining Right from the Department of Minerals and Resources in South Africa for its Krone-Endora Venetia project licence.
The Mining Right has a 30-year term and grants the company the exclusive right to mine and recover minerals on the mining area encompassing 657.71 hectares within the project’s total area of 5,888 hectares. The company has also submitted an additional application for a Mining Right over the remaining areas of the project.
Diamcor Mining. has a proven history of supplying rough diamonds to the world market. Krone-Endora was successfully acquired from De Beers in February of 2011 and is located directly adjacent to the third largest diamond mine in the world, DeBeers flagship Venetia mine.
The near surface nature of the deposits provides the potential for a low-cost mining operation with near-term diamond production from a known high-quality diamond source. To date, Diamcor has financed, developed and completed the design, construction and installation of extensive infrastructure at the project to support the project’s advancement.
The company plans to complete trial mining exercises, and additional bulk sampling and exploration exercises, to assist it in arriving at final production decisions for the project.
Tiffany’s has First Right to purchase
Diamcor has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada to purchase up to 100% of the future production of rough diamonds from Krone-Endora. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided Diamcor with financing to advance the project.