Finally, Mining has started at Lucara's 100 % percent owned Karowe Mine in Botswana. Said to have the highest occurrence rate of IIA diamonds in the world. It will be very interesting to see the results as analysts and competitors alike all praise the company for starting a world class diamond mine in roughly a year and a half. Recent diamond values have recently been re-appraised to be 24 percent higher in value. Along with speculation of up to a 40 percent increase in Carats per hundred ton mined, Lucara may quickly appreciate in value.
As international diamond sales continue to support the theory of a soon to come shortfall in supply, pure diamond play producers are sure to reap the rewards.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 11, 2012) - Lucara Diamond Corp. (TSX:LUC)(BOTSWANA:LUC)(NASDAQ OMX First North:LUC) ("Lucara" or the "Company") is pleased to provide an update on the construction and commissioning activities at its wholly owned Karowe Mine in Botswana.
Construction of the process facilities and associated infrastructure is on schedule, and was sufficiently complete at the end of Q1 2012 to allow for commissioning activities to commence in April.
All sections of the process plant have been individually operated with run-of-mine ore with a number of these sections having already been run at or above design capacity. To date, as part of the commissioning process, more than 5,000t of ore has been processed through the front-end of the plant. Mining activities are significantly advanced with more than 280,000t of stockpiled ore being available to support the commissioning and ramp-up activities.
The team at Karowe continue to make excellent progress on commissioning activities. Hand-over to operations will commence once all sections of the process plant are operating as a single system.
Ramp-up to steady state full production will continue through Q2 2012.
Mr. William Lamb, President and CEO of Lucara Diamond Corp., commented, "This is a significant milestone for Lucara. The first diamond production from Karowe edges us closer to being part of an exclusive group of diamond producers. Our focus over the coming months will be to drive towards sustainable production."