VANCOUVER, British Columbia,
Nov. 8, 2018 /PRNewswire/
-- (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm) Lucara
Diamond Corp. ("Lucara" or the "Company") today reports its results
for the quarter ended September 30,
2018.
View PDF version of News Release
HIGHLIGHTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2018
(All amounts are presented in USD)
- Karowe's overall performance with respect to ore and waste
mined, ore processed and carats recovered was within forecast for
the third quarter ended September 30,
2018:
-
- Ore and waste mined was 1.2 million tonnes and 3.9 million
tonnes respectively
- Ore processed totaled 0.73 million tonnes with a record 0.26
million tonnes processed in the month of September 2018
- 197 specials (single diamonds larger than 10.8 carats) were
recovered during the third quarter, representing 4.7% weight
percentage of total recovered carats, in line with expectations; 10
diamonds were recovered greater than 100 carats in weight
- Commercialization efforts at Clara are tracking according to
budget and plan with inaugural sales expected to commence in
November
- Quarterly sales revenue of $45.7
million (Q3 2017: $77.9
million) or $450 per carat (Q3
2017: $1,161 per carat) recognized
during the quarter. This revenue includes proceeds of $3.9 million received in July 2018 related to the Company's June tender.
Third quarter sales from 2017 included the sale of the Lesedi La
Rona ("LLR") for $53 million
($47,777 per carat), adjusting for
the sale of the LLR, the Q3 2017 average sales price was
$389 per carat.
- The operating cash cost for the nine months ended September 30, 2018 was $41.20 per tonne processed (2017: $32.40 per tonne processed) compared to the full
year forecast cash cost of $38-$42 per tonne
processed. Year to date operating cash cost per tonne processed was
impacted by higher than expected tonnes mined and processed, and an
increase in the cost per tonne mined due to the mining contractor
transition which commenced mid-year. Forecast costs for the 2018
fiscal year are still expected to be within guidance.
- Q3 2018 EBITDA of $18.2 million
(Q3 2017: $49.8 million) reflects
lower revenues attributable to a smaller volume and lower average
price of exceptional stones sold, as compared to Q3 2017 which
included the sale of the 1,109 carat LLR.
- Net income for the three months ended September 30, 2018 was $5.1 million ($0.01
per share) as compared to net income of $32.9 million ($0.09 per share) in the comparative quarter of
2017.
- As at September 30, 2018, the
Company had cash and cash equivalents of $31.1 million. The $50
million credit facility remains undrawn on September 30, 2018.
- 2018 guidance has been increased for tonnes of ore mined and
carats recovered; the remainder of the Company's guidance remains
unchanged for 2018.
Eira Thomas, President and CEO, commented: "Third quarter
operational performance at Karowe exceeded expectations with
respect to ore mined and carats produced, and reflects a seamless
transition, three months ahead of schedule, to our new mining
contractor, Trollope Mining Services. In parallel, we saw
higher asset availability and record utilization rates for the
process plant, positively impacting carat recoveries.
Growth initiatives, focused on Clara and the Karowe underground
expansion opportunity, also continued to pick up momentum during
the quarter. Clara commercialization efforts are now
complete, and we are pleased to be moving forward with our
inaugural diamond sale later this month. Clara is the world's
first secure, digital rough diamond sales platform to sell diamonds
individually, based on a customer's specific demand, and is
positioned to completely transform the diamond sales process,
creating efficiencies and unlocking significant value for producers
and manufacturers alike."
FINANCIAL
HIGHLIGHTS
|
|
|
|
|
|
Three months
ended
September 30
|
|
Nine months
ended
September 30
|
In millions of
U.S. dollars unless otherwise noted
|
2018
|
2017
|
|
2018
|
2017
|
|
|
|
|
|
|
Revenues
|
$
|
45.7
|
$
|
77.9
|
|
$
|
135.6
|
$
|
183.6
|
Net income for the
period
|
|
5.1
|
|
32.9
|
|
|
17.9
|
|
63.5
|
Earnings per share
(basic and diluted)
|
|
0.01
|
|
0.09
|
|
|
0.05
|
|
0.17
|
Cash on
hand
|
|
31.1
|
|
91.4
|
|
|
31.1
|
|
91.4
|
|
|
|
|
|
|
|
|
|
|
Average price per
carat sold ($/carat)1
|
|
450
|
|
1,161
|
|
|
564
|
|
960
|
Operating expenses
per carat sold ($/carat)1
|
|
185
|
|
229
|
|
|
208
|
|
231
|
Operating margin per
carat sold ($/carat)1
|
|
265
|
|
932
|
|
|
356
|
|
729
|
|
1Average
price per carat sold, operating expenses per carat sold and
operating margin per carat sold are Non-IFRS measures.
|
The Company achieved revenues of $45.7
million or $450 per carat for
its sales in the third quarter, yielding an operating margin of 59%
during the period. Included in the Q3 2018 revenue are
proceeds of $3.9 million from the
June RST which were received in July 2018. The third quarter
of 2018 saw Lucara host its first blended tender process in which
both regular and exceptional diamonds, recovered in the period
May-August, were sold achieving an average price per carat of
$467 from the sale of 89,461 carats
(Q3 2017: 64,289 carats), a 39% increase in the number of carats
sold as compared to the same quarter last year. Overall lower
revenues reflect natural variability in the number and quality of
exceptional diamonds recovered in any quarter. Lucara sold the LLR
during the third quarter of 2017 recognizing revenue of
$53 million ($47,777 per carat). Adjusting for the sale
of the LLR, the Q3 2017 average price per carat sold was
$389.
The increase in the number of carats available for sale in the
September tender follows commissioning of the sub-middles circuit
in Q3 2017 and increased efficiency in diamond recovery in the
smaller sizes during 2018. The number of carats recovered in
Q3 2018 (127,031 carats) was more than double the number of carats
recovered in Q3 2017 (62,425 carats). In Q3, Lucara also
began setting aside diamonds in the one to fifteen carat size range
in the better colors and qualities, for sale on Clara, Lucara's
secure digital rough diamond sales platform. The removal of
these diamonds from traditional tender sales will have an impact on
the overall achieved average sales price, however, these
differences will be captured and reconciled in the results reported
through Clara. The inaugural sale on Clara is planned and
tracking on schedule to take place later in November,
2018.
Operating expenses increased from $15.4
million in Q3 2017 to $18.8
million in Q3 2018 due to a combination of higher volumes of
ore mined and processed and an increase in the average cost per
tonne mined resulting from the transition between mining
contractors during the third quarter.
Revenue, EBITDA and earnings per share performance were as
expected and reflect the overall timing of the Company's sales
tenders and its transition to a blended sales tender process in
September 2018. Proceeds of $3.9
million from the June sale were received in July 2018.
The Company expects its 2018 revenue to be between $180 million and $190
million (2018 guidance: $170
million to $200 million).
RESULTS OF
OPERATIONS – KAROWE MINE, BOTSWANA
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|
|
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UNIT
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Q3-18
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Q2-18
|
Q1-18
|
Q4-17
|
Q3-17
|
Sales
|
|
|
|
|
|
|
Revenues
|
US$M
|
45.7
|
64.5
|
25.4
|
37.1
|
77.9
|
Proceeds generated
from sales tenders conducted in the quarter are comprised
of:
|
US$M
|
41.8
|
68.4
|
25.4
|
37.1
|
77.6
|
Sales proceeds
received during the quarter
|
US$M
|
45.7
|
64.5
|
25.4
|
37.1
|
77.9
|
Q2 2018 tender
proceeds received post Q2 2018
|
US$M
|
(3.9)
|
3.9
|
-
|
-
|
-
|
Q2 2017
tender proceeds received post Q2 2017
|
US$M
|
-
|
-
|
-
|
-
|
(0.3)
|
Carats sold for
proceeds generated during the period
|
Carats
|
89,461
|
87,467
|
63,317
|
69,358
|
64,289
|
Carats sold for
revenues recognized during the period
|
Carats
|
101,600
|
75,329
|
63,317
|
69,358
|
67,125
|
Average price per
carat for proceeds generated during the period**
|
US$
|
4673
|
7822
|
401
|
535
|
1,2071
|
Average price per
carat for proceeds received during the period***
|
US$
|
4503
|
8562
|
401
|
535
|
1,1611
|
Production
|
|
|
|
|
|
|
Tonnes mined
(ore)
|
Tonnes
|
1,217,016
|
702,825
|
630,242
|
624,749
|
386,906
|
Tonnes mined
(waste)
|
Tonnes
|
3,850,225
|
4,416,361
|
3,991,648
|
4,745,609
|
5,540,139
|
Tonnes
processed
|
Tonnes
|
728,962
|
698,303
|
599,407
|
631,777
|
591,196
|
Average grade
processed
|
cpht
(*)
|
17.4
|
11.7
|
12.6
|
10.2
|
10.6
|
Carats
recovered
|
Carats
|
127,031
|
81,507
|
75,698
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64,477
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62,425
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Costs
|
|
|
|
|
|
|
Operating costs per
carats sold (a non-IRFS measure)
|
US$
|
185
|
220
|
231
|
255
|
229
|
Capital
expenditures
|
US$M
|
2.2
|
3.0
|
4.0
|
9.6
|
10.8
|
|
(*) carats per
hundred tonnes
|
(**) Average price
per carat of $467 includes all sales tendered during the quarter
for proceeds of $41.8 million
|
(***) Average price
per carat of $450 includes all sales proceeds collected during the
quarter totalling $45.7 million, of which $3.9 million was received
from sales generated in the second quarter
|
(1)
|
This includes the
sale of the 1,109 carat LLR for US$53 million
|
(2)
|
This includes one EST
sale of $32.4 million in addition to an RST during the
quarter
|
(3)
|
This includes the
first blended sales tender in September 2018.
|
THIRD QUARTER OVERVIEW – OPERATIONS – KAROWE MINE
Safety: Karowe had no lost time injuries during the three
months ended September 30, 2018
resulting in a twelve-month rolling Lost Time Injuries Frequency
Rate ("LTIFR") of 0.
Production: Ore and waste mined during the three months
ended September 2018 totaled 1.2
million tonnes and 3.9 million tonnes respectively. Tonnage
processed was within forecast at 0.73 million tonnes, with a total
of 127,031 carats recovered. Ore processed was predominantly
from the South lobe. During Q3, a total of 197 specials
(single diamonds larger than 10.8 carats) were recovered including
10 diamonds greater than 100 carats in weight and two near-gem
quality diamonds greater than 300 carats. Recovered specials
equated to 4.7% weight percentage of total recovered carats during
the quarter, in line with expectations.
During the quarter, Lucara worked cooperatively with Aveng
Moolmans and Trollope Mining Services Pty ("Trollope") to implement
a transition of all mining services to Trollope. August was
the first month in which Trollope was responsible for all waste and
ore mining. Performance improved considerably through the
third quarter and has continued. Given the improved
performance realized during this period, waste mining is still
expected to be within guidance (13.0 to 16.0 million tonnes) for
the year. A change in the mine plan following the Mineral
Resource update mid-year has resulted in a larger volume of ore
mined than originally anticipated. The additional ore results
from waste mining in the north lobe. This ore is lower-grade
and has been stockpiled for processing at a later date.
Karowe's operating cash cost: Karowe's year to date
operating cash cost (see page 11 Non-IFRS measures) was
$41.20 per tonne processed (2017:
$32.40 per tonne processed) compared
to the full year forecast of $38-$42 per tonne
processed. The increase in cost per tonne processed compared
to the nine months ended September 30,
2017 reflects an increase in year-to-date tonnes mined
(2018: 14,808,317 tonnes mined vs. 2017: 12,069,815 tonnes mined)
and an increase in tonnes processed (2018: 2,026,672 tonnes
processed vs. 2017: 1,703,773 tonnes processed), combined with an
increase in the cost per tonne mined due to the mining contractor
transition which commenced mid-year. Forecast costs for the
2018 fiscal year are still expected to be within guidance, albeit
at the higher end.
Labour relations update: In July, the Botswana Mine
Workers Union notified Karowe management that a sufficient number
of eligible Karowe employees had been recruited to join the union,
thereby requiring the employer to recognize the union pursuant to
Section 48 of the Trade Unions & Employers' Organizations' Act
in Botswana. In Botswana, a
majority of currently operating mines are unionized. During
the third quarter, a number of meetings and joint training between
the union and Karowe management have taken place and an experienced
facilitator was appointed. Next steps will include a
Memorandum of Agreement which will govern the working relationship
between the two parties, followed by negotiation of a collective
agreement in 2019.
MINERAL RESOURCE UPDATE AND BOTSWANA EXPLORATION
Karowe Resource (AK06 kimberlite) Update
During Q2 2018, an updated mineral resource was announced for
the AK06 kimberlite. The updated Mineral Resource Estimate
was completed by Mineral Services Canada Inc. The estimate is
based on historical evaluation data combined with new sampling
results (microdiamond, bulk density and petrography) from recent
deep core drilling and from historical drill cores. New
delineation drill coverage and review of historical drill cores
supported an update of the internal geological model.
Production data (including a controlled production run from the
Eastern magmatic/pyroclastic kimberlite (("EM/PK(S)") unit) and
recent sales / valuation results have been incorporated into the
grade and value estimates, which have been made based on an updated
model of process plant recovery efficiency. The updated
Mineral Resource is reported based on the Canadian Institute of
Mining Definition Standards for Mineral Resources and Reserves as
incorporated by National Instrument 43-101 Standards of Disclosure
for Mineral Projects.
The updated Mineral Resource, valid at the cut-off date of
December 26, 2017, includes a
recoverable Indicated Mineral Resource at a 1.25 mm bottom cut off
size of 7.9 million carats hosted in 57.85 million tonnes at an
average grade of 13.7 cpht with an average modeled diamond value of
$673 per carat. The new base of
the Indicated Mineral Resource is 400 metres above sea level
("masl") (600 metres below surface). The updated Mineral
Resource also includes an Inferred Mineral Resource of
approximately 1.17 million carats hosted in 5.84 million tonnes at
an average grade of 20 cpht with an average modeled diamond value
of $716 per carat between 400 masl to
256 masl (base of current geological and resource model).
During Q3 2018, an updated Open Pit Mineral Reserve was declared
and a National Instrument 43-101 Technical Report was filed on the
SEDAR website (www.sedar.com). The in situ Mineral Reserve
for AK06 with an effective date of May 25,
2018 is within the probable category containing 19.84
Million tonnes with a recoverable grade of 13.08 carats per hundred
tonne for 2.60 Million carats with an average price per carat of $
624/ct. Life of Mine and
Working stockpiles contribute an additional 5.56 Million tonnes
with a recoverable grade of 6.7 carats per hundred tonne with an
average price of $625/ct. The
recoverable grade is based on the updated Mineral Resource estimate
as presented in the technical report (1.25 mm bottom cut off size -
BCOS) at 70% of in situ carats at 1.00 mm bottom cut off size.
These new results are being used for mine planning and to
support the preparation of current feasibility-level studies for
the potential development of an underground mine, after the
completion of the current open pit mine.
Botswana Prospecting Licenses:
In 2014, the Company was awarded two precious stone prospecting
licenses (PL367/2014 and PL371/2014). The prospecting licenses are
located within a distance of 15 km and 30 km from the Karowe
Diamond mine. The BK02 license was relinquished in Q3 2018
and the AK11/24 license was reduced by 50% in area and extended for
two periods until the third quarter of 2019.
AK11 & AK24
For AK11 during the third quarter, the Company completed
processing of the large diameter drilling ("LDD") sample (estimated
in-situ tonnage of 490 tonnes) at the Company's Bulk Sample Plant
located at the Karowe Mine. No diamonds were recovered during
processing and no further work will be conducted at AK11. At
AK24, four holes were sampled for microdiamonds and samples were
shipped to the Saskatchewan Research Council. Microdiamond
results are expected in early Q4 2018.
Sunbird Exploration Generative Project:
During Q2 2018, an agreement was signed with a Botswana company to focus on new kimberlite
discoveries within Botswana using
a proprietary UAV magnetometer platform to identify potential
targets. Data acquisition commenced during Q2 2018 and
continued through Q3 2018 with the drilling of selected targets
commencing in late Q3 2018. This work is being funded from
the original exploration budget of $6.0
million for fiscal 2018.
2018 OUTLOOK
This section of the MD&A provides management's production
and cost estimates for 2018. These are "forward-looking
statements" and subject to the cautionary note regarding the risks
associated with forward-looking statements.
The Company is increasing its 2018 forecast for ore mined from
2.5 – 2.8 million tonnes to 2.9 – 3.1 million tonnes. The
2018 mine plan was amended following the Mineral Reserve update
mid-year and additional, lower-grade ore has been mined and
stockpiled. The Company is also increasing the 2018 forecast
for diamonds recovered and sold, from 270,000 – 290,000 carats to
325,000 – 350,000 carats. This increase is due to better plant
performance resulting in a higher recovery of smaller diamonds,
which do not contribute materially to the Company's revenue.
Despite the increase in carats recovered, revenue is expected to be
in the range of $180 - $190 million (2018 guidance: $170 – $200
million). The remainder of the Company's 2018 forecast
remains unchanged as of September 30,
2018.
|
Karowe
Mine
|
Full Year –
2018
|
In millions of
U.S. dollars unless otherwise noted
|
|
Diamond revenue
(millions)
|
$180 to $190
(revised)
|
Diamond sales
(thousands of carats)
|
325 to 350
(revised)
|
Diamonds recovered
(thousands of carats)
|
325 to 350
(revised)
|
Ore tonnes mined
(millions)
|
2.9 – 3.1
(revised)
|
Waste tonnes mined
(millions)
|
13.0 to
16.0
|
Ore tonnes processed
(millions)
|
2.4 to 2.7
|
Total operating cash
costs(1) including waste mined(2) (per
tonne processed)
|
$38.00 to
$42.00
|
Operating cash costs
excluding waste mined (per tonne processed)
|
$21.00 to
$24.00
|
Botswana general
& administrative expenses including marketing costs (per tonne
processed)
|
$2.00 to
$3.00
|
Tax rate
|
22%
|
Average exchange rate
– USD/Pula
|
9.8
|
|
(1) Operating cash
costs are a non-IFRS measure.
|
(2) Includes ore and
waste mined cash costs of $2.90 to $3.20; processing cash costs of
$13.75 to $15.00 and mine-site departmental costs (security,
technical services, mine planning, health & safety, geology) of
$4.50 to $5.50 (all dollar figures in per tonne mined or
processed).
|
During 2018, efforts to fully gain access to the Cut 2 South
lobe ore require a large volume of waste to be mined which impacts
operating cash costs. The strip ratio is forecast to be
approximately 5.0-6.0 in 2018; the average strip ratio during the
nine months ended September 30, 2018
was 4.81 and capitalized production stripping costs totaled
$16.7 million.
Sustaining capital expenditures in 2018 are forecast to be up to
$11 million, which includes final
expenditures for the sub-middles XRT project audit facility
(completed during the three months ending March 31, 2018). As of September 30, 2018, a total of $9.2 million had been incurred.
A budget of up to $3.0 million was
approved for the completion of a pre-feasibility level study
("PFS") of the Karowe AK06 underground development. In
support of this study, geotechnical and hydrogeological drilling
under a budget of $26 million was
initiated and as of September 30,
2018, a total of $15.6 million
had been incurred. In addition, the Company completed and
reported an updated mineral resource estimate on June 26, 2018, re-classifying Inferred Resources
within the AK06 kimberlite from 600 to 400 masl to Indicated
Resources. It was subsequently determined that the updated
2018 resource in conjunction with the currently budgeted work
programs are sufficiently detailed to support conversion of the PFS
to a feasibility study ("FS"), which is now underway and expected
to complete in H2 2019. The geotechnical drilling program is
66% complete with approximately 15,000 metres of drilling
undertaken to the end of Q3 2018. Detailed geotechnical and
geological logging and sampling is continuing and an update on
progress and results will be reported before the end of the
year.
The Company also budgeted $6.0
million for advanced exploration work on the Company's
prospecting licenses in Botswana,
of which $2.6 million had been
incurred as of September 30,
2018. Please see "Mineral Resource Update and Botswana
Exploration" above.
CONFERENCE CALL
The Company will host a conference call and webcast to discuss
the third quarter results on Friday,
November 9, 2018, at 6:00 a.m.
Pacific, 9:00 a.m. Eastern,
2:00 p.m. UK, 3:00 p.m. CET.
Please call in 10 minutes before the conference call starts and
stay on the line (an operator will be available to assist you).
Conference ID:
4657837 / Lucara Diamond
Dial-In Numbers:
Toll-Free Participant Dial-In North
America: +1-844-892-6587
All International Participant Dial-In: +1-661-378-9938
Webcast
To view the live webcast presentation, please
log on using this direct link:
https://edge.media-server.com/m6/p/5ywtvyio
The presentation slideshow will also be available in PDF format
for download from the Lucara website www.lucaradiamond.com shortly
prior to the conference call.
On behalf of the Board,
Eira Thomas
President and Chief Executive Officer
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ABOUT LUCARA
Lucara is a leading independent producer
of large exceptional quality Type IIa diamonds from its 100% owned
Karowe Mine in Botswana. The Company has an experienced board
and management team with extensive diamond development and
operations expertise. The Company operates transparently and
in accordance with international best practices in the areas of
sustainability, health and safety, environment and community
relations.
ABOUT CLARA
Clara Diamond Solutions (Clara), wholly
owned by Lucara Diamond Corp, is a secure, digital sales platform
that uses proprietary analytics together with cloud and blockchain
technologies to modernize the existing diamond supply chain,
driving efficiencies, unlocking value and ensuring diamond
provenance from mine to finger.
The information in this release is accurate at the time of
distribution but may be superseded or qualified by subsequent news
releases.
The information in this release is subject to the disclosure
requirements of the Company under the EU Market Abuse
Regulation. This information was publicly communicated on
November 8, 2018 at 3:30pm Pacific Time.
NON-IFRS MEASURES
This news release refers to certain financial measures, such as
EBITDA, average price per carat sold, operating cost per carat
sold, operating margin per carat sold and operating cost per tonne
of ore processed which are not measures recognized under IFRS and
do not have a standardized meaning prescribed by IFRS. These
measures may differ from those made by other corporations and
accordingly may not be comparable to such measures as reported by
other corporations. These measures have been derived from the
Company's financial statements, and applied on a consistent basis,
because the Company believes they are of assistance in the
understanding of the results of operations and financial
position. Please refer to the Company's interim MD&A for
the third quarter, 2018 for an explanation of non-IFRS measures
used.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain of the statements made and contained herein and
elsewhere constitute forward-looking statements as defined in
applicable securities laws. Generally, these forward-looking
statements can be identified by the use of forward-looking
terminology such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible" and similar
expressions, or statements that events, conditions or results
"will", "may", "could" or "should" occur or be achieved.
Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made,
and they are subject to a number of known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievement
expressed or implied by such forward-looking statements. The
Company believes that expectations reflected in this
forward-looking information are reasonable but no assurance can be
given that these expectations will prove to be accurate and such
forward-looking information included herein should not be unduly
relied upon. In particular, this release may contain forward
looking information pertaining to the following: the estimates of
the Company's mineral reserve and resources; estimates of the
Company's production and sales volumes for the Karowe Mine;
processing capabilities, recovery rates, cash flows and sales
volumes for the Karowe Mine, including the potential effect of the
development and integration of the proposed underground mine at
Karowe on production, sales volumes and the expected life of mine;
estimated costs to construct the proposed Karowe underground
development and the timelines associated therewith; expected
exploration and development expenditures and expected reclamation
costs at the Karowe Mine including associated plans, objectives and
economic estimates; expectation of diamond prices and changes to
foreign currency exchange rate; expectations regarding the need to
raise capital; possible impacts of disputes or litigation, the
timing and ability of management to commercialize the Clara digital
sales platform and other forward looking information.
There can be no assurance that such forward looking statements
will prove to be accurate, as the Company's results and future
events could differ materially from those anticipated in this
forward-looking information as a result of those factors discussed
in or referred to under the heading "Risks and Uncertainties"' in
the Company's most recent Annual Information Form available at
http://www.sedar.com, as well as changes in general business and
economic conditions, changes in interest and foreign currency
rates, the supply and demand for, deliveries of and the level and
volatility of prices of rough diamonds, costs of power and diesel,
acts of foreign governments and the outcome of legal proceedings,
inaccurate geological and recoverability assumptions (including
with respect to the size, grade and recoverability of mineral
reserves and resources), and unanticipated operational difficulties
(including failure of plant, equipment or processes to operate in
accordance with specifications or expectations, cost escalations,
unavailability of materials and equipment, government action or
delays in the receipt of government approvals, industrial
disturbances or other job actions, adverse weather conditions, and
unanticipated events relating to health safety and environmental
matters).
Accordingly, readers are cautioned not to place undue reliance
on these forward-looking statements which speak only as of the date
the statements were made, and the Company does not assume any
obligations to update or revise them to reflect new events or
circumstances, except as required by law.
For further information: Investor and Public Relations, +1 604
678-5834, info@lucaradiamond.com; Sweden: Robert
Eriksson, Investor Relations, +46 701-112615,
reriksson@rive6.ch; UK: Ellen
Wilton, Citigate Dewe Rogerson, +44 (0)20 7282 2849,
ellen.wilton@Citigatedewerogerson.com