Diamondcorp provides updates

DiamondCorp plc, the South African diamond mining company, has recovered 27,103 carats of diamonds from Lace tailings re-treatment in the first six months of 2008. The company has also recovered a 34.84 carat non-gem diamond.

The company has claimed recoveries averaged 6.1 carats per hundred tonnes and approximately 70% of diamonds recovered were gem quality.

The company has sold 19,214 carats of gem diamonds at tender in Johannesburg for US$1.163 million, at an average price of US$61 per carat.

Providing exploration details, the company said that accelerated development of phase II underground mining at the Lace Diamond mine is now 14 months ahead of original schedule.

DiamondCorp CEO Paul Loudon said, ‘DiamondCorp’s operations have progressed significantly over the past six months. First pass recoveries from the tailings re-treatment operation are now in line with original estimates and issues with power supply and the re-crush circuit have been addressed.

At the same time, the development of the Lace underground project is now 14 months ahead of the original schedule, with initial kimberlite recovery from the Lace Satellite pipe expected by September 2008, he said.

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