Lucara Diamond Corp. Reports Q1 2012 Results; To Sell 1st Botswana Gems In June

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VANCOUVER - Lucara Diamond Corp. is pleased to report results and highlights for the first quarter period ended March 31, 2012. Lucara Diamonds, which mines the gems in Botswana, will sell up to 40 000 ct at the first diamond auction from its newly commissioned Karowe mine in June, the Toronto- and Gaborone-listed company said on Thursday. William Lamb, President and Chief Executive Officer, commented, “This is a pivotal time for the Company. This quarter marks Lucara’s transition from development stage to a producing diamond mining company.”

 

 

 

 

 

 

 

 

William Lamb, President and Chief Executive Officer, commented, “We now have an operating mine that is already proving up the quality of the asset. Karowe means ‘precious stone’, and given the high level of interest shown from the industry, it is a very suitable name. I’m proud to say that since the inception of Lucara we have achieved every objective we have set out to accomplish – a track-record we intend on maintaining.”

HIGHLIGHTS:

 

KAROWE MINE

• Greater than 10,000 carats of diamonds were recovered from 28,000 tonnes of ore processed during April from the North Lobe where the grade in the upper benches is expected to exceed 32cpht. The ore mined during April had a resource grade of 34cpht.

• Several large diamonds have been recovered including nine special stones larger than 10.8 carats. The three largest stones recovered are 26.57 carats, 25.88 carats and 24.59 carats. Diamonds recovered are of high quality and show strong crystal shapes.

• Commissioning activities at the Karowe mine were completed during April 2012 and the process facilities have been handed-over to operations. Ramp-up to full production is in progress with a target of 50% of the design throughput during May and 75% in June.

• Karowe’s inaugural diamond sale will be held in early June with a total of six sales planned during 2012. It is expected that up to 40,000 carats will be available at this sale.

• The construction of the Karowe Mine is forecast to be completed within budget at an estimated cost of $120 million. Expenditure to March 31, 2012 was $93 million with further expenditures of $24.5 million committed.

Posted by WoodlawnPost on May 12 2012. Filed under Diamonds, Investments. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.