The projected diamond content is consistent with what we see

In early March 2016, DiamondCorp reported that, as a new study of the Lace mine in South Africa showed, which belongs to it by 74%, its total resource is 38.48 million tons at a level of up to 920 meters.

This is 16 percent more than the 33.12 million tons received in March 2012, although those figures were for a depth of up to 855 meters.

The company then claimed that the projected diamond content was based on the fact that the enrichment plant would be equipped with sieves with cells measuring 1.25 mm instead of previous sieves with 1.00 mm cells.

The company also indicated that the diamond content will decrease, although the value of the carat of extracted raw materials will be higher.

The volume of diamond mining from this resource at a sieve size increased to 1.25 mm was estimated at 9.39 million carats compared to 13.39 million carats with a sieve size of 1.00 mm.

DiamonCorp stated that within the total resource the volume of 2.21 million tonnes in the UK4 area was classified as reserves at levels from 230 to 370 m.

"The new data on resources and reserves gives a lot more confidence in preliminary data on the content of diamonds and their cost per carat at the Leys field," said Paul Loudon, chief executive officer of the company. "This confirms the possibility of obtaining a high operating profit, which will increase with increasing production depth, which was one of the factors that attracted us in this project from the very beginning."

"The projected diamond content is consistent with what we see when we increase production in UK4, and the actual cost per carat that will be achieved will be known when we start selling diamonds in Antwerp in the last week of March," he added.

As can be seen from the above words, the company showed great confidence in the future of the Leys mine, until a catastrophe erupted at the end of last year.

In October 2016, Lace Diamond Mines received a notification from the South African Department of Natural Resources (DMR) about the closure of underground works after a fire in a dump truck that was extinguished without any damage.

Before the incident, the company stated that in the very near future it was going to seek additional financing of £ 500,000 to fulfill urgent financial obligations in order to continue trading as an operating enterprise.

She also sought to attract additional equity and / or borrowed capital from one or more parties in the amount of £ 2.5 million to £ 3.0 million in the near future in order to cover the expected cash outlays needed to fund its operations before entering the industrial Production and achieving positive cash inflows from operations.

Its troubles began to increase when a third party, with whom negotiations for the provision of convertible debt obligations were at an advanced stage, withdrew from these negotiations due to unfavorable changes in the prices of the company's shares after the fire.

In addition, at the end of 2016, DiamondCorp began reorganizing its Lace Diamond Mines (LDM) manufacturing subsidiary after the suspension of trading its shares in the Alternative Investment Market (AIM) market of the London Stock Exchange and the Alternative Exchange Alternative Exchange of the Johannesburg Stock Exchange (JSE), which slowed down the clarification of its financial position after the flood in the Leys mine.

According to the company, in November two powerful thunderstorms hit the Leys mine and almost 90 mm of rain fell there in just an hour.

This, according to the company, caused overloading of pumping systems of the mine and flooded the production level 310 m to the roof of the reservoir.

DiamondCorp reported that over an open pit and access roads to the mine received more than 10,000 cubic meters. M of water.

According to the company, it was necessary to restore the drilling rig for deep hole drilling, which worked during the flooding, and repair the power supply system.

Undoubtedly, with the advent of 2017, DiamondCorp hoped that all of its adversities would remain in the past.

But, when this date came, the placement of shares was delayed, "bringing the phantom of bankruptcy", according to Mining Weekly.

DiamondCorp said on January 27 that it is postponing the placement of its shares until January 31 to give the State Corporation Industrial Development (IDC), South Africa, the time for the entry into force of the provisional terms of the relevant treaty, and give the Association of Mining And Construction Union, AMCU) to issue the documents and finally agree on the principled agreement that it adhered to with the union.

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