Diamcor Secures Long-Term Water Use License at Venetia

(IDEX Online News) – South African-based diamond miner Diamcor Mining Inc. has announced that its application for a water use license to support long-term diamond mining operations at its Venetia Project has been secured. The South African Department of Water and Sanitation (DWAS) granted the request and the water use license provides the company with the required approval for all requested items in its application.

Following approval of the water use license, Diamcor will now be able to 410, 148 cubic meters of water per year from seven boreholes – the amount the company estimated that it needed to support a processing target of 300,000 tons per month. The license is valid for a period of 15 years, subject to standard reporting and compliance requirements.

The company aims to complete the testing and evaluation of the full targeted design capacity of its processing facilities and to compile data from higher processing rates by the end of the fiscal quarter.

“The granting of the WUL represents the culmination of a multi-year effort in the ongoing advancement of our Project, marks the achievement of yet another significant milestone, further de-risks the project, and most importantly, provides us with the desired allocation of water to support the targeted design capacity of the processing facilities installed at the project for the long-term,” said Diamcor CEO Dean H. Taylor.

Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines in February 2011.