Diamcor Eliminates Disruptions to Processing Volumes and Recoveries Caused by Eskom Power Outages

KELOWNA, BC / ACCESSWIRE / July 12, 2023 / Diamcor Mining Inc. (TSX.V:DMI)(OTCQB:DMIFF)(FRA:DC3A) ("Diamcor" or the "Company"), a Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds, announced today that it has completed the reconfiguration of its existing generator systems at its Krone-Endora at Venetia diamond mine project (the "Project"). These efforts are aimed at addressing the negative impacts to processing volumes and diamond recoveries, along with associated revenues, experienced in recent months due to increased power outages or load-shedding in South Africa. With these initiatives now complete, the Company has the ability to process material moving forward as required without dependence on the Eskom supplied power grid.

"The increased frequency and uncertainty of power supply at the Project was significantly limiting our ability to process material and generate diamond recoveries and associated revenues in recent months and required a solution to eliminate these issues moving forward," stated Mr. Dean H. Taylor Chief Executive Officer of Diamcor. "Overcoming these issues is a significant milestone which allows us to now aggressively resume advancing our ongoing trial mining efforts, processing volumes, and the bulk-sampling efforts on the greater areas of the Project," added Mr. Taylor.

The existing generator systems were originally installed to address short-term power outages, however given the increased frequency of daily power outages experienced over the past few quarters, addressing this issue became a key priority for the Company. In addition to the reconfiguration of the existing power systems, refinements to the Project's screening and processing facilities are also expected to further reduce power requirements and lower operating costs for the long-term.

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds. The Company's primary focus is on the mining and development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers' Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world's top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.