Diamcor Mining Inc. (TSXV: DMI) has announced that further to its release on December 14, 2010, the parties to the transaction have received confirmation the registration of the cession documents for Krone and Endora have been completed with the Department of Mineral and Petroleum Titles Registration Office of the South African Department of Mineral Resources.
With this final condition of closing satisfied and the final approval from the TSX Venture Exchange granted, the funds for the transaction have now been released from escrow, and the acquisition of the Krone-Endora Project at Venetia has now been closed.
The Krone-Endora Project (the "Project") at Venetia consists of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beer's flagship Venetia Diamond Mine in South Africa. The deposits which occur on the properties of 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. De Beers previously completed various exploration efforts on an initial area of interest comprised of approximately 310 hectares of the properties, the results of which were reported in an initial Independent National Instrument 43-101 Technical Report (the "NI43-101 Report") filed by the Company on July 30, 2009. Based on the work completed to date, the current NI43-101 Report provided an inferred resource estimate of 54,258,600 tonnes of diamond-bearing gravels and 1.3 million carats of diamonds for this area of interest alone.
With the acquisition now closed, the Company plans to proceed immediately with the extended drilling and bulk sampling programmes recommended by the NI43-101 Report which are aimed at identifying additional resources which have not yet been quantified, and determining a current market diamond price estimate for the Project. These efforts will be used by the Company to support the filing of a new and updated NI43-101 Report, to identify potential areas for the more extensive planned and recommended move to near-term trial-mining exercises, and to aid in determining the future long-term production targets for the Project. The Company plans to release additional details on the work programmes in the coming weeks.
Source: Diamcor Mining Inc.