Diamcor Mining Discovers 92-Ct Diamond at Venetia Project

(IDEX Online News) – Diamcor Mining Inc. has recovered the first large gem-quality diamond in the +10.8 carat category from its Krone-Endora at Venetia project in South Africa – a 91.65 carat octahedron diamond.

The diamond is being assessed by an independent expert for quality and color characteristics. The miner says it expects the stone to prove to be the most significant diamond recovered to date from the project.

“We are very pleased with the recovery of a diamond of this size and quality, which again confirms the potential of the project to produce large quality diamonds”, said President and CEO Dean Taylor.

In addition to its overall size, its near perfect octahedron shape is extremely rare and not typically seen in diamonds of this size,” he added.

Diamcor acquired the Krone-Endora at Venetia project from De Beers Consolidated Mines in February 2011, consisting of the prospecting rights over approximately 5,888 hectares next to De Beers' Venetia diamond mine in South Africa.

The miner in 2011 signed a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of the New York-based jeweler, for the purchase up to 100 percent of the future production of rough diamonds from the Krone-Endora at Venetia project at then current prices to be determined by the parties on an ongoing basis. 

Tiffany & Co. Canada provided the company with substantial financing to advance the project as quickly as possible.