In the media

DiamondCorp tenders show strong demand for Lace Diamonds

25 June 2009

Source: Diamond Intelligence

South African diamond miner DiamondCorp plc tendered 1,533.95 carats of gem diamonds, including a 14.74-carat clear white stone, in Johannesburg in May and achieved an estimated US$120,000 (R963,541), representing a price of US$79 per carat. The dollar per carat exceeded the management's revised forecast but was slightly lower than forecast on a rand per carat basis due to the strengthening of the rand.

Additionally, 292.61 carats of non- or near-gem diamonds were recovered. The non-gem diamonds were tendered and sold at US$3.74 per carat. A further 2,367.51 carats of gem diamonds recovered earlier in the year from tailings re-crush were also tendered and sold for an estimated US$110,000 (R890,368), representing US$47 per carat.

"Demand for the Lace diamonds in May was strong as cutters and polishers sought to fill holes in inventories," says Paul Loudon, DiamondCorp Managing Director and Chief Executive Officer. "We expect prices to remain around these levels for the remainder of 2009, but no significant price appreciation is anticipated until the second half of 2010."

In other news, DiamondCorp has reached an agreement with a Botswana exploration company, Geoperspectives (Pty) Limited to earn a 77.5 percent interest in three diamond exploration licenses in Botswana. The licenses total 109.2 sq km and contain nine known kimberlites.

DiamondCorp can earn its interest in the joint venture by completing a definitive feasibility study within five years on developing a new diamond mine in the project area. The primary exploration target is kimberlite J-01 within License PL071/2007, which is approximately 8km southeast of De Beers Jwaneng Mine. Previous limited exploration indicates J-01 has a possible size of 9.9 hectares and a potential grade of 35 carats per hundred tonnes.

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