Lucara Brings in $24.7 Million From Exceptional Diamond Sale
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/03/13 -- Lucara
Diamond Corp. (TSX:LUC)(BOTSWANA:LUC)(NASDAQ OMX First North:LUC)
("Lucara" or the "Company") is very pleased to announce the results
from its second Exceptional Stone Tender. The special tender of
Karowe diamonds was completed on September 2, 2013 and consisted of
16 single stone lots. All 16 stones, totaling 1,028 carats were sold
for gross revenues of $24.7 million ($24,026 per carat), an
outstanding result. The highest value stone was a 135.4 carat diamond
which sold for $6.37 million with an additional 3 diamonds selling
for more than $2.5 million each.
The Company will hold one regular tender during the third quarter
where 80,000 carats will be on sale, including more than 30 single
stones larger than 10.8 carats.
William Lamb, President and CEO, commented:
"This sale demonstrates that the market remains very strong for large
and exceptional diamonds adding significantly to the value of Karowe
Mine which continues to outperform expectations. We could not be
happier with the result."
The Company is also pleased to announce the appointment of Dr. John
Armstrong as Vice President - Mineral Resources of the Company
effective as of September 3, 2013. Dr. Armstrong replaces Dr. Ott who
will be retiring but who will be retained on a consultancy basis.
John Armstrong has over 25 years of combined experience in mineral
exploration, mining and government. Dr. Armstrong has been involved
in the planning and execution of successful diamond exploration and
sampling programs ranging from generative to delineation and
valuation. Dr. Armstrong has strong capabilities in the assessment
and analysis of diamond size distributions, content modeling, and
Lucara is a well positioned new diamond producer. The Company has an
experienced board and management team with extensive diamond
development and operations expertise. The Company's two key assets
are the Karowe Mine in Botswana and the Mothae Project in Lesotho.
The 100% owned Karowe Mine is in production. The 75% owned Mothae
Project has completed its trial mining program.
On Behalf of the Board,
William Lamb, President and CEO
Lucara's Certified Advisor on NASDAQ OMX First North is Pareto Ohman
This Press Release contains "forward-looking information" that is
based on Lucara's expectations, estimates and projections as of the
dates as of which those statements were made. This forward-looking
information includes, among other things, statements with respect to
the use of the proceeds of the credit facility. Generally, this
forward-looking information can be identified by the use of
forward-looking terminology such as "outlook", "anticipate",
"project", "target", "believe", "estimate", "expect", "intend",
"should", "scheduled", "will", "plan", "would" and similar
expressions. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause
Lucara's actual results, level of activity, performance or
achievements to be materially different from those expressed or
implied by such forward-looking information and is developed based on
assumptions about such risks, uncertainties and other factors. A
discussion of factors that may affect Lucara's actual results,
performance, achievements or financial position is contained in the
filings by Lucara with the Canadian provincial securities regulatory
authorities, including Lucara's 2011 annual information form filed on
SEDAR on March 22, 2012.
Forward-looking statements are based on assumptions management
believes to be reasonable, including but not limited to the continued
general market conditions, development of the AK6 project, no
material adverse change in the market price of commodities and that
the costs of development and operation of the AK6 project will be
line with management's expectations. Although Lucara attempted to
identify important factors that could cause actual results to differ
materially from those contained in forward-looking statements, there
may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate. Accordingly, readers should not
place undue reliance on forward-looking statements. Lucara disclaims
any intent or obligations to update or revise publicly any
forward-looking statements whether as a result of new information,
estimates or options, future events or results or otherwise, unless
required to do so by law.
Lucara Diamond Corp.
+1 (604) 689-7842
+1 (604) 689-4250 (FAX)
Lucara Diamond Corp.
Investor Relations, Sweden
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