Issued and Outstanding Shares: 120,320,746
KELOWNA, BC / ACCESS CABLE / Jul 29, 2022 / Diamcor Mining Inc. (TSXV.DMI / OTCQB-DMIFF / FRA-DC3A)(the “Company“) announces that due to the continuing delays in South Africa noted below, the Company will be unable to file its audited financial statements and related management discussion and analysis for the year ended March 31, 2022 (collectively, the “Disclosure of financial information“) on or before the prescribed filing deadline of July 29, 2022 as required by National Instrument 51-102 – Continuous Disclosure Obligations.
The Company’s mining operations are located in South Africa, which has been experiencing Stage 6 load outages (also known as rolling blackouts) this month by the state-owned electricity company Eskom. Reasons for the late submission include the inability to complete the South African portion of the company’s annual audit in the normal time frames as a result of ongoing delays related to Eskom’s implemented power load shedding, and the inability of Canadian auditors to complete their audit due to reliance on completion of audit work in South Africa.
The Company is working with its auditors on the remaining items to enable the audit of the financial statements for the year ended March 31, 2022 to be completed. The Company anticipates that it will be in a position to file its Financial Disclosure by March 31, 2022. August 2022. The Company confirms that it will comply with the alternative reporting guidelines included in National Policy 12-203: Management Cease-and-Drop Orders, while remaining in non-compliance with a specified requirement.
The Company has filed an application with the British Columbia Securities Commission and the Alberta Securities Commission requesting that they issue a cease and desist order of management against the directors, officers and insiders of the Company in lieu of an order cease trading against the Company and all of its security holders.
As has been widely reported, South Africa’s state-owned power provider, Eskom, was forced to implement significant load shedding measures over a period of several weeks. Load shedding measures varied based on power reduction requirements, but resulted in power outages several times a day over a period of weeks. The frequency of these blackouts limited the ability of most businesses in South Africa to operate normally and resulted in various operational and administrative delays for the Company.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a publicly traded junior diamond mining company that trades on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The company has a well-established production and operating history in South Africa and extensive prior experience in supplying rough diamonds to the world market.
About the Tiffany & Co. alliance
The Company has established a long-term strategic alliance and priority right of refusal with Tiffany & Co. Canada, a New York-based subsidiary of the world famous Tiffany & Co., to purchase up to 100% of Krone-Endora’s future rough diamond production at the Venetia Project at current prices to be determined by the parties on an ongoing basis. Along with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company listed on the Paris Stock Exchange. Values Exchange (Euronext) under the symbol LVMH and on OTC under the symbol LVMHF. For additional information about Tiffany & Co., visit their website at www.tiffany.com.
About Krone-Endora in Venice
In February 2011, Diamcor acquired the Krone-Endora Project in Venetia from De Beers Consolidated Mines Limited, consisting of prospecting rights to the Krone 104 and Endora 66 farms, representing a combined surface area of approximately 5,888 directly adjacent hectares. to De Beers. the iconic Venetia diamond mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora Project in Venetia covering 657.71 hectares of the total Project area of 5,888 hectares. The Company has also submitted a mining right application over the remaining areas of the Project. The deposits occurring on the Krone and Endora properties have been identified as a higher grade “alluvial” basal deposit that is overlain by a lower grade upper “eluvial” deposit. The deposits are proposed to be the result of direct change (relative to “Eluvial” deposit) and erosion (relative to “Alluvial” deposit) of material from higher ground in adjacent Venetia Kimberlite areas. Deposits at Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 meters from surface to bedrock, allowing for a very low-cost mining operation with the potential for short-term diamond production. run from a known high. quality source. Krone-Endora also benefits from significant infrastructure development and services that already exist due to its location directly adjacent to the Venetia mine.
Qualifying Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is the Manager of Exploration and Special Projects for Diamcor Mining Inc., and the Qualified Person under National Instrument 43-101 responsible for supervising the execution of Diamcor projects exploration programs and member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this Press release and approval of its content.
On behalf of the Board of Directors
Mr. Dean H. Taylor
President and CEO Diamcor Mining Inc.
[email protected]
Phone (250) 864-3326
www.diamcormining.com
Forward Looking Information Statement
This press release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or developments in the industry, to differ materially from anticipated results, performance or achievements. , expressed or implied in such forward-looking statements. statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “could”, “may”, “could” or “should” occur.
Forward-looking statements in this document include statements about the Company’s intent to file the Financial Disclosure by August 31, 2022 and all other statements that are not statements of historical fact.
Although the Company believes that the forward-looking information contained in this press release is reasonable based on information available as of the date hereof, by their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ. , performance or achievements, or other future events, are materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. By their nature, these statements involve a variety of known and unknown assumptions, risks, uncertainties and other factors, which may cause actual results, activity levels and achievements to differ materially from those expressed or implied by such statements.
Examples of such assumptions, risks and uncertainties include, but are not limited to, assumptions, risks and uncertainties associated with adverse industry events; future legislative and regulatory developments; COVID-19 and other assumptions, risks and uncertainties.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, THEREFORE, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDULY ON THE FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY ON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY CHOOSE, IT MAKES NO COMMITMENT TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, EXCEPT AS REQUIRED PURSUANT TO APPLICABLE LAW.
The Canadian Stock Exchange has neither approved nor disapproved the content of this news release.
WE LOOK FOR SAFE HARBOR
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FONT: Mining Diamcor Inc.
See source version at access cable.com:
https://www.accesswire.com/710304/Diamcor-Announces-Application-for-a-Management-Cease-Trade-Order