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Market update on Lace Mine November diamond sale
DIAMONDCORP PLC
AIM share code: DCP & JSE share code: DMC
ISIN: GB00B183ZC46
(Incorporated in England and Wales)
(Registration number 05400982)
(SA company registration number 2007/031444/10)
("DiamondCorp", “the Group” or "the Company")
LACE MINE NOVEMBER DIAMOND SALE
DiamondCorp, the Southern African diamond development and exploration company, is
pleased to announce completion of the first sale of diamonds recovered from tailings re-
treatment activities at the Lace diamond mine in the Free State province of South Africa.
The November diamond sale included the first diamonds sold to Tiffany & Co. subsidiary
Laurelton Diamonds, Inc. under the Company’s Offtake Agreement.
A total of 6442.04 carats were sold for gross proceeds of $278,574.30, representing sales
proceeds of $43/carat.
The diamonds sold comprised 5,026.72 carats recovered prior to and during the
commissioning of the Lace recovery plant, and 1,415.32 carats run of mine recovered after
plant modifications were made to increase the bottom screen cut size in the plant.
The diamonds recovered after the modifications comprised a coarser stone size distribution
and achieved a price of $63/carat. Management considers this price to be a fair benchmark
for the economics of the tailings retreatment operation in 2014.
Overall diamond market conditions are subdued and prices are soft in small size fractions.
Nonetheless, management forecast that tailing retreatment operating costs can be reduced
from R32 per tonne to R22 per tonne once three shifts are operating. As a result, the
Company is proceeding with a ramp up to a three-shift operation by the end of January 2014.
Plans are in place to increase tailings throughput to more than 150,000 tonnes per month in
the first half of 2014 by the introduction of in-pit screening. If recoveries remain in the order of
5 carats per hundred tonnes (cpht) the in-pit screening has the potential to increase
production to 7,500 carats per month which will allow a significant proportion of the tailings to
be re-treated prior to the underground mine achieving full production.
Income from the Lace beneficiation joint venture with Distinctive Choice 1235 cc netted
$20,361 in October,
Development of the underground mine at Lace, operated by DiamondCorp’s 74% subsidiary
Lace Diamond Mines (Pty) Limited is fully financed for the 47 level block cave. Mining
remains on track and within budget. In head office, management have made extensive cost
savings which have enabled the Company to defer any fund raising to cover corporate
overheads until 2014.
Contact details:
DiamondCorp plc
Paul Loudon, CEO
Tel: +27 (0) 828 246 897
Euan Worthington, Chairman
Tel: +44 (0) 7753 862 097
UK Broker & Nomad
Panmure Gordon (UK) Limited
Dominic Morley/Adam James
Tel: +44 (0) 207 886 2500
JSE Designated Advisor
Sasfin Capital (a division of Sasfin Bank Limited)
Sharon Owens
Tel: +27 (0) 118 097 762
3 December 2013
Johannesburg
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