VANCOUVER, BC, 21 August 2024 /CNW/ – (TSX: LUC) (BSE: LUC) (Nasdaq Stockholm: LUC) Please view PDF version.
Lucara Diamond Corp. (“Lucara” or the “Company”) is pleased to announce the discovery of an exceptional 2,492 carat diamond from its Karowe Diamond Mine in Botswana. This remarkable find, one of the largest rough diamonds ever unearthed, was discovered and recovered using the Company’s Mega Diamond Recovery (“MDR”) X-ray Transmission (“XRT”) technology, which was installed in 2017 to identify and preserve large, high-grade diamonds. The stone was recovered during the processing of EM/PK(S) kimberlite, the predominant ore type that Lucara will continue to focus on during the Company’s early years of underground mining.
This discovery underlines Karowe’s reputation as a world-class asset and reaffirms Lucara’s position as a leading producer of large, exceptional diamonds. This latest find joins an impressive list of other significant discoveries from the mine, including the 1,758-carat Sewelô and the 1,109-carat Lesedi La Rona.
William LambPresident and CEO of Lucara, commented on this historic discovery: “We are thrilled to have recovered this exceptional 2,492 carat diamond. This find not only demonstrates the remarkable potential of our Karowe Mine, but also justifies our strategic investment in state-of-the-art XRT technology. The ability to recover such a massive, high-quality stone intact demonstrates the effectiveness of our approach to diamond recovery and our commitment to maximizing value for our shareholders and stakeholders.”
Mr Lamb added: “This discovery strengthens Karowe’s position as a truly world-class diamond mine and underlines the continued success of our operations and underground development strategy.”
Botswana’s The diamond industry brings far-reaching socioeconomic benefits to the country that extend well beyond the mining sector. Its influence supports national development by funding important sectors such as education and healthcare.
This discovery symbolizes Botswana’s continuous rise as the world’s leading diamond producer. It not only represents the unprecedented wealth in Botswana’s soil, but also the remarkable progress the country has made in developing its diamond industry for the benefit of its citizens.
This press release has been reviewed and approved by Dr. Lauren FreemanPhD. Pr. Sci. Nat., Vice President of Mineral Resources for the Company and a “Qualified Person” as defined by National Instrument 43-101.
On behalf of the Board,
William Lamb
President and Chief Executive Officer
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ABOUT LUCARA
Lucara is a leading independent producer of large Type IIa diamonds of exceptional quality from its 100% owned Karowe diamond mine in BotswanaThe Karowe mine has been in production since 2012 and is the focus of the Company’s operations and development activities. Clara Diamond Solutions Limited Partnership (“Clara”), a wholly owned subsidiary of Lucara, has developed a secure, digital sales platform that ensures the provenance of diamonds from mine to finger. Lucara has an experienced board and management team with extensive expertise in diamond development and operations. Lucara and its subsidiaries operate transparently and in accordance with international best practices in sustainability, health and safety, environment and community relations. Lucara is certified by the Responsible Jewellery Council, complies with the Kimberley Process and has adopted the IFC Performance Standards and the World Bank Group Environmental, Health and Safety Guidelines for Mining (2007). Accordingly, the development of the Karowe Underground Extension Project (“UGP”) complies with the Equator Principles. Lucara is committed to maintaining high standards while delivering long-term economic benefits for Botswana and the communities in which the company operates.
This information is information that Lucara is required to publish under the EU Market Abuse Regulation. This information was submitted for publication via the agency of the contact person mentioned above on 21 August 2024at 2:00 p.m. Pacific Time.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release contain certain “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. Generally, any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance, often (but not always) using forward-looking terminology such as “expects,” “is expected,” “anticipates,” “estimates,” “intends,” “potential” or variations thereof, or state that certain actions, events, conditions or results “may,” “could,” “would,” “should,” “might” or “will” be taken, occur or be achieved (or the negative of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements.
Forward-looking information and statements are based on the opinions and estimates of management at the time the statements are made and by their nature involve assumptions and are subject to numerous known and unknown or inherent risks and uncertainties, many of which are difficult to predict and are generally beyond management’s control. These risks and uncertainties and other factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements and information.
In particular, the forward-looking information in this news release and the risks associated therewith may relate to general business and economic conditions, the project schedule and capital costs for the Karowe UGP, inaccurate geological assumptions regarding a mineralized area and its economic potential (including with respect to the size, quality and recoverability of mineral reserves and resources), the use and perceived benefits of the MDR XRT technology, the impact of supply and demand and price volatility of rough and polished diamonds, the impact of HB Antwerp’s renewed diamond sales agreement on the Company’s forecast revenues and sales channels, the costs and timing of deposit development and estimated future production, the Company’s ability to meet its obligations under the Rebase Amendments to its lenders, changes in interest and foreign exchange rates, expectations that the Karowe UGP will extend the mine life, forecasts of additional revenues, future production activities and revenue forecasts, costs of electricity and diesel, unexpected operating difficulties (including failure of plant, equipment or processes to perform according to specifications or expectations), increases in costs, unavailability of materials and equipment, actions of governments or delays in obtaining regulatory approvals, labor unrest or other industrial action, adverse weather conditions and unexpected events relating to health safety and environmental issues, the potential impact of economic and geopolitical risks and other risks and uncertainties described under the heading “Risks and Uncertainties” in the Company’s most recent MD&A and Annual Information Form, which is available on SEDAR+ at www.sedarplus.ca.
The Company believes that the expectations reflected in this forward-looking information are reasonable. However, no assurance can be given that these expectations will prove to be correct. Readers and investors are cautioned not to place undue reliance on these statements. The forward-looking information and statements contained in this press release are made as of the date of this press release and are subject to change after such date. Except as required by law, the Company disclaims any obligation to revise any forward-looking information and statements to reflect events or circumstances after the date of such information and statements. All forward-looking information and statements contained in this press release or incorporated by reference are subject to the cautionary statements set forth above.
SOURCE: Lucara Diamond Corp.
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