[miningmx.com] — LUCARA Diamond Corp said on Monday the commissioning of its Karowe mine processing plant was progressing according to schedule and that first production diamonds have been uncovered.
“The quantity and grade of diamonds recovered during the very first ore run has been outstanding and reinforces our high expectations for this new state-of-the-art mine,” read a company statement.
Karowe is based in Botswana
“Over 5,300 carats of diamonds have been recovered from ore mined from the upper benches of the North Lobe of the deposit, which has an estimated grade of greater than 32 carats per hundred tonnes which is double the average deposit grade.
“Several large diamonds have also been recovered including 4 special stones larger than 10.8 carats. The three largest stones recovered are 25.88 carats, 16.55 carats and 14.56 carats.”
Said William Lamb, CEO of Lucara: “The diamonds recovered show some very strong crystal shapes which we look forward to providing to the market in June. Diamond production and the processing of ore through the entire plant signals the transition of Lucara to a producing company – this is a very proud moment for us all.”
Lucara intends to have its first sale of diamonds recovered from the Karowe Mine during the first two weeks of June 2012.
The company also said it has signed a definitive agreement with The Bank of Nova Scotia for a $25m revolving term credit facility with a maturity date of March 16, 2014, which may be extended.
Up to $15m is available immediately, with the remaining $10m available following delivery of security over the company’s Karowe assets, which is expected during the second quarter of this year.
