Diamcor’s DMI Acquires DBCM Alluvial Property

De Beers Consolidated Mines Limited finalized the sale of the Krone-Endora alluvial project to Diamcor Mining Inc., for $1.45 million after receiving final necessary approvals.

The Acquisition will be completed through Diamcor's South African subsidiary, DMI Minerals South Africa, in which Diamcor holds a 70 percent stake. The remaining 30 percent are held by Nozala Investments, a 100 percent women-owned entity with an estimated 500,000 women shareholders.

Nozala is Diamcor's Black Economic Empowerment (BEE) partner.

The project is located immediately adjacent to the north side of the De Beers’ Venetia diamond mine in the Limpopo Province of South Africa. It consists of the alluvial fan sediments from the adjacent Venetia kimberlite pipes and covers an area roughly five square kilometers in size.

De Beers completed extensive exploration work on the Venetia alluvial flows and decided that the project did not fit its current strategic focus. The miner decided to offer the project to emerging junior miners, explorers and Women in Mining groups, according to Diamcor.

The Venetia diamond mine produces approximately 9 million carats per year, making it South Africa's largest diamond producer.