TIDM0QUI
RNS Number : 1587X
Lucara Diamond Corp
25 April 2019
April 25, 2019
PRESS RELEASE
LUCARA RECOVERS RECORD 1,758 CARAT DIAMOND FROM KAROWE
VANCOUVER, April 25, 2019/CNW/ - (LUC - TSX, LUC - BSE, LUC -
Nasdaq Stockholm)
Lucara Diamond Corp. ("Lucara" or the "Company") is pleased to
announce the recovery of a 1,758 carat diamond (pictures attached)
from its 100% owned Karowe Diamond Mine located in Botswana. One of
the largest diamonds in recorded history, the largest diamond
recovered in Botswana, and the largest diamond to be mined at
Karowe to date, the unbroken 1,758 carat stone was recovered
through Lucara's state of the art XRT circuit, commissioned in
April 2015. Weighing close to 352 grams and measuring 83mm x 62mm x
46mm, the diamond has been characterized as near gem of variable
quality, including domains of high-quality white gem. Further
detailed analysis is ongoing.
Since commissioning of the XRT circuit in 2015, a total of 12
diamonds in excess of 300 carats have been recovered at Karowe,
including 2 greater than 1,000 carats, from a total production of
approximately 1.4 million carats. Of the 12 +300 carat diamonds
recovered, 50% were categorized as gem quality with 11 sold to date
generating revenue in excess of US$158 million.
Eira Thomas, Lucara's CEO commented: "Lucara's technologically
advanced, XRT diamond recovery circuit has once again delivered
historic results. Karowe has now produced two diamonds greater than
1,000 carats in just four years, affirming the coarse nature of the
resource and the likelihood of recovering additional, large, high
quality diamonds in the future, particularly as we mine deeper in
the orebody and gain access to the geologically favourable EM/PK(S)
unit, the source of both of our record breaking, +1,000 carat
diamonds."
This press release has been reviewed and approved by Dr. John
Armstrong, Ph.D. P.Geol., Vice-President, Technical Services of the
Company and a "Qualified Person" for the purposes of National
Instrument 43-101.
On behalf of the Board,
Eira Thomas
President and Chief Executive Officer
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For further information, please contact:
Investor Relations & Public Relations +1 604 689 info@lucaradiamond.com
7842
Sweden: Ulrika Häggroth, +46 70 298 uhaggroth@rive6.ch
Investor Relations 6001
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.
The information in this release is accurate at the time of
distribution but may be superseded or qualified by subsequent news
releases.
This information is information that the Company is obliged to
make public pursuant to the EU Market Abuse Regulation and the
Swedish Securities Markets Act. This information was submitted for
publication, through the agency of the contact person set out above
on April 25, 2019 at 8:25am Pacific Time.
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 contains forward looking
information pertaining to the recovery of a 1,758 carat diamond,
the characterizations of that stone as a complex diamond of
variable colour and quality, including visible domains of white
diamond. In addition, this release contains forward looking
statements with respect to management's expectations about the
likelihood of recovering additional, high quality diamonds from the
Karowe Mine in the future. The value of the Company's shares, its
financial results and its mining activities are significantly
affected by the price and marketability of the diamonds recovered.
The sales price of a diamond is determined by its characteristics.
While the Karowe Diamond Mine has produced a number of large,
high-value diamonds in excess of 100 carats, there is no assurance
that the diamonds recovered which are 100 carats or larger will
have the characteristics required to achieve a high sales
price.
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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