Diamcor Mining Inc has announced that it sold a total of 8,274.47 carats for US$ 1,166,937.49 in two tenders held during the quarter ending on September 30, 2016 at an average price of US$ 141.03 per carat. The Company said that the realisation was consistent with its “expectations for the goods being offered, and reflects the continued price weaknesses in certain categories of rough diamonds”.

The rough diamonds delivered to tender in this quarter represented a ~171% increase when compared to 4,845.93 carats tendered and sold in the Company’s second fiscal quarter ending September 30, 2015, Diamcor reported.

It added that these tender sales were based on rough diamonds recovered prior to August 16th, 2016.  Rough diamonds recovered after August 16th and until September 30, 2016 will be recorded as rough diamond inventory on-hand for the second fiscal quarter ending September 30, 2016.

Giving further details, the Company said its first tender was held in July 2016 where it sold 3,626.19 carats of rough diamonds, for gross proceeds of US$ 537,619.55, resulting in an average price of US$ 148.26 per carat. 

Subsequently, a second, and final, tender for the quarter was held in September 2016. At this tender, 4,648.28 carats of rough diamonds were sold for gross proceeds of US$ 629,317.94, resulting in an average price of US$ 135.39 per carat. 

Diamcor reported that the rough diamonds tendered were the result of the continued processing of material in the +1.0mm to -26mm size fractions, along with initial limited processing of material from various larger size fractions during the period. 

The combined efforts currently underway are designed to support the continued advancement of objectives consistent with the recommendations of the updated NI 43-101 Technical Report filed by the Company on April 28, 2015, and to aid the Company in arriving at initial production decisions for the Project.