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Diamcor Announces Initial Sale of Rough Diamonds Recovered from Krone-Endora at Venetia

Diamcor Announces Initial Sale of Rough Diamonds Recovered from Krone-Endora 
at Venetia 
/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES, TO "U.S. 
PERSONS" OR TO UNITED STATES OF AMERICA NEWS SERVICES./ 
TSX.V Symbol (DMI) 
KELOWNA, Nov. 27, 2012 /CNW/ - Diamcor Mining Inc. (TSX-V.DMI) (the "Company") 
is pleased to announce the initial tender and sale of 3,579.58 carats of rough 
diamonds for total gross proceeds of $510,829.00 (US), or (US)$142.71 per 
carat on average, from the Company's Krone-Endora at Venetia Project (the 
"Project"). The initial rough diamonds sold were recovered in conjunction 
with the previously announced ongoing testing and commissioning exercises 
underway, with the vast majority being from the recovery, screening, and 
processing of material only in the +1.0mm to -10mm size fractions of the 
lower-grade surface to 10 meter depths of the K1 area of the Project. 
Despite the fact no material above 10mm in size has yet been processed by the 
Company, of the 3,579.58 carats tendered, 362 individual rough diamonds with a 
combined weight of 659.33 carats were recorded at 1.0 carat in size or 
larger. Below is a summary of the rough diamonds 1.0 carat or larger 
tendered and sold: 


    --  264 diamonds (total 352.82 carats) between 1 and 2 carats in
        size
    --  58 diamonds (total 138.78 carats) between 2 and 3 carats in
        size
    --  23 diamonds (total   81.02 carats) between 3 and 4 carats in
        size
    --  13 diamonds (total   56.09 carats) between 4 and 5 carats in
        size
    --  1 diamond of 5.37 carats
    --  1 diamond of 7.37 carats
    --  1 diamond of 8.05 carats
    --  1 diamond of 9.83 carats

The quantity, size frequency distribution, quality assessment, and initial 
price achieved by the rough diamonds recovered and sold to date, meet or 
exceed the Company's expectations. The NI43-101 Technical Report previously 
filed by the Company on July 30, 2009 identified the upper areas of the 
deposit as being lower-grade, and provided an estimate of (US)$70.00 per carat 
on average. It should however be noted that these testing recoveries, and 
sales, do not form part of the initial NI43-101 Technical Report filed by the 
Company in July 30, 2009, and thus no grade, price, or quality determination 
is intended by the Company due to the nature and purpose of the processing of 
this material.

"The initial tender and sale of rough diamonds and revenue generated from the 
Krone-Endora at Venetia Project marks yet another important milestone for our 
Company" commented Diamcor President and Chief Executive Officer, Mr. Dean H. 
Taylor, "With this important milestone achieved, our focus has already shifted 
to the recovery and screening of material from the higher-grade, lower areas 
of the deposit, and the procurement, delivery and installation of additional 
equipment to enhance overall recoveries and allow for the effective treatment 
of material in the +10mm size fractions", added Mr. Taylor.

As previously announced on November 16, 2012, the Company secured an 
additional $4.0M in financing from its long-term strategic alliance partner, 
world famous premier luxury jewellery and specialty retailer Tiffany & Co. 
At that time, the Company announced that, as part of the commissioning and 
testing exercises, various equipment manufacturers and engineering firms had 
continuously evaluated material from the deposit and the current quarrying and 
in-field screening equipment and had performed tests on new equipment using 
material from the Project. The Company believed that the deployment of 
additional dry-scrubbing and screening equipment would not only more 
efficiently treat material in the +10mm size fraction, but also further 
enhance the treatment of all material and provide operational efficiencies and 
enhance recoveries over the long-term. In line with these objectives, the 
Company is proceeding with the procurement and delivery of various pieces of 
additional dry-scrubbing and screening equipment, associated conveyor 
structure, heavy equipment, and items aimed at achieving the desired 
objectives. The Company will provide information on these efforts in a 
separate news release in the coming weeks.

Project Status Overview:

The extensive planning, development and construction of site infrastructure at 
Krone-Endora at Venetia was successfully completed over a period of less than 
18 months, which has positioned the Company to now further advance the 
development of the Project and pursue near-term production. Following the 
completion of the above-mentioned commissioning and testing exercises, the 
Company plans to focus on achieving targeted staged monthly operational 
increases through a move to trial mining to provide the Company with 
production and cash flow. The Company anticipates that the move to full 
scale mining will coincide with the confirmation by the South African 
Department of Mineral Resources of the issuance of a mining right which has 
been applied for and is currently in process. In conjunction with the full 
scale mining exercises, the Company also plans to carry out a bulk sampling 
programme on new areas of the Project not previously accounted for in the 
initial NI 43-101 Technical Report filed by the Company as part of the 
acquisition process. These efforts are designed to support the future filing 
of an updated NI 43-101 Technical Report, and to assist Management when 
developing long-term production targets and decisions for the Project.

Strategic Tiffany & Co. Alliance:

As announced on March 29, 2011, the Company has established a long-term 
strategic alliance and first right of refusal with world famous New York based 
Tiffany & Co. to purchase up to 100% of the future production of rough 
diamonds (excluding Specials, individual stones of 10.8 carats or greater) 
from the Krone-Endora at Venetia Project at current prices to be determined by 
the parties on an ongoing basis. In conjunction with this right of first 
refusal, Tiffany & Co. also provided the Company with substantial financing to 
advance the Project as quickly as possible. This right of first refusal was 
modified in conjunction with the additional $4.0 Million financing from 
Tiffany & Co. announced on November 16, 2012 such that the Company may sell 
for its own account the standard assortments derived from the first three 
shipments of diamonds produced from the Project, subject to certain 
conditions. This initial tender and sale of 3,579.58 carats falls within 
this modified right of first refusal arrangement. Tiffany & Co. is a 
publically traded company which is listed on the New York Stock Exchange under 
the symbol TIF. Originally founded in 1837, the Tiffany's name is now 
globally recognised as one of the premier luxury jewellery and specialty 
retailers in the world. Through Tiffany & Co. and various other 
subsidiaries, the company is engaged in product design, manufacturing, and 
retailing activities on a global basis. As of July 31, 2012 Tiffany & Co. 
operated 260 stores and boutiques in the Americas, Japan, Asia-Pacific, and 
Europe and engages in direct selling through internet, catalog and business 
gift operations. For additional information on Tiffany & Co., please visit 
their website at www.tiffany.com.

About Krone-Endora at Venetia:

On February 28, 2011, Diamcor successfully acquired the Krone-Endora at 
Venetia Project from De Beers Consolidated Mines Limited, consisting of the 
prospecting rights over the farms Krone 104 and Endora 66, which represent a 
combined surface area of approximately 5,888 hectares directly adjacent to De 
Beers' flagship Venetia Diamond Mine in South Africa. De Beers previously 
completed various exploration efforts on initial areas of interest comprised 
of approximately 307 hectares, a summary of which was reported in an initial 
Independent NI 43-101 Technical Report filed by the Company on July 30, 
2009. The deposits which occur on the properties of Krone and Endora have 
been identified as a rare, higher-grade "Alluvial" basal deposit which is 
covered by a lower-grade upper "Eluvial" deposit. The deposits are proposed 
to be the result of the direct-shift (in respect to the "Eluvial" deposit) and 
erosion (in respect to the "Alluvial" deposit) of an estimated combined 1,000 
m (1 km) of material from the higher grounds of the adjacent Venetia 
Kimberlite areas. The deposits on Krone-Endora occur in two layers with an 
average total depth of less than 15.0 metres from surface to bedrock, allowing 
for a very low-cost mining operation to be employed with the potential for 
near-term diamond production from a known high-quality source. Krone-Endora 
also benefits from the significant development of infrastructure and services 
already in place due to its location directly adjacent to the Venetia Mine. 
Since acquiring Krone-Endora the Company has completed the construction and 
installation of extensive infrastructure at the Project, along with the 
installation of a purpose built modular processing plant. Commissioning of 
the processing plant is now underway, and the Company's current efforts are 
designed to be a continuation of the ongoing advancement of the Project.

About Diamcor Mining Inc:

Diamcor Mining Inc. is a fully reporting publically traded junior diamond 
mining company which is listed on the TSX Venture Exchange under the symbol 
V.DMI, and on the OTC QX International under the symbol DMIFF. The Company 
has a well-established operational and production history in South Africa, and 
extensive experience supplying rough diamonds to the world market. Rather 
than exposing itself to the high risks and costs associated with exploration, 
the Company's focus is on the identification, acquisition, and operation of 
unique diamond projects with near-term production potential such as the 
Krone-Endora at Venetia Project. For additional information on Diamcor, 
please visit our website at www.diamcormining.com.

Qualified Person Statement:

Mr. James P. Hawkins (BSc., P.Geo), is Manager of Exploration & Special 
Projects for Diamcor Mining Inc., and the Qualified Person in accordance with 
National Instrument 43-101 responsible for overseeing the execution of 
Diamcor's exploration programmes and a Member of the Association of 
Professional Engineers and Geoscientists of Alberta ("APEGA"). Mr. Hawkins 
has reviewed this press release and approved of its contents.

On behalf of the Board of Directors

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc. DTaylor@diamcormining.com

Phone:(250) 864-3326
Website:www.diamcormining.com

This press release contains certain forward-looking statements. While these 
forward-looking statements represent our best current judgement, they are 
subject to a variety of risks and uncertainties that are beyond the Company's 
ability to control or predict and which could cause actual events or results 
to differ materially from those anticipated in such forward-looking 
statements. Further, the Company expressly disclaims any obligation to 
update any forward looking statements. Accordingly, readers should not place 
undue reliance on forward-looking statements. This news release is not for 
dissemination in the United States, to "U.S. Persons" or to United States of 
America news services.

WE SEEK SAFE HARBOUR

Neither TSX Venture Exchange nor its Regulation Services Provider (as that 
term is defined in policies of the TSX Venture Exchange) accepts 
responsibility for the adequacy or accuracy of this release.

Mr. Dean H. Taylor President & CEO Diamcor Mining Inc. 
DTaylor@diamcormining.com

Phone:(250) 864-3326 Website:www.diamcormining.com

SOURCE: Diamcor Mining Inc.

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CO: Diamcor Mining Inc.
ST: British Columbia
NI: MNG PCS 

-0- Nov/27/2012 17:33 GMT