De Beers Sells South African Prospecting Rights

(IDEX Online News) - Diamond giant De Beers finalized the sale of the Krone-Endora Project at Venetia, in South Africa to Diamcor Mining Inc. The Project consists of the prospecting rights over the farms Krone 104 and Endora 66 with a combined area of approximately 5,888 hectares directly adjacent to De Beers' Venetia diamond mine.

Diamcor announced that the registration at the South African Department of Mineral Resources has been completed and the purchase payment has been released from escrow, closing the acquisition of the Krone-Endora Project.

The deposits at Krone and Endora have been identified as both an upper alluvial deposit, as well as a rare lower eluvial deposit, both proposed to have originated from the higher grounds of the adjacent Venetia kimberlites.

An early exploration report on an area of about 310 hectares states that it has an inferred resource estimate of 54.3 million tonnes of diamond-bearing gravels and 1.3 million carats of diamonds.

Diamcor plans to identify additional resources and determine a current market diamond price estimate for the project.