Star Diamond acquires Buffalo Hills project in Alberta
Located approximately 400 kilometres northwest of Edmonton, the Buffalo Hills project includes 21 mineral leases covering 4,800 hectares.
Lucara Diamond Corp. (TSX: LUC)(BOTSWANA: LUC)(NASDAQ OMX First North: LUC) is pleased to report results of the Karowe diamond sale completed on September 10, 2012. A total of 48 lots were put up for sale containing 52,231 carats of diamond. All lots were sold, including the 741 carats withheld from the previous sale for an average price of $257 per carat yielding gross proceeds of $13.4 million. The highest value stone sold was a 16.44 carat diamond which sold for $460,484 or $28,010 per carat.
The diamonds were sold on tender with pre-sale viewings in Gaborone and Antwerp. Viewings in Antwerp were held at the offices of Bonas-Couzyn. The large size of the diamond parcel sold results in part from the 7 week operating period since the close of the most recent sale in July, as compared to the normal 5 week sales cycle.
Mr. William Lamb, CEO of Lucara, noted, “We are pleased with the results of the third sale of Karowe diamonds. The excellent value obtained confirms the high quality of the Karowe production. This is especially significant in the current depressed state of the rough diamond market. The success of the sale complements the ongoing successes at Karowe. For the month of August, design capacity through the process plant was achieved, exceeding our forecast. Infrastructure projects previously reported remain on track and are also contributing to the advances being made on the mine.”
The Company expects carat production at Karowe to meet or exceed the previously published forecast for 2012. To ensure consistency of sale parcels, the Company has decided to hold fewer sales of larger sales volumes over the remainder of the year. It is anticipated that two more sales of Karowe diamonds will take place in 2012 with the next sale being held in November.
