VANCOUVER, BC, August 21, 2024 /CNW/ – (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm)
Lucara Diamond Corp. (“Lucara” or the “Company”) is pleased to announce the recovery 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-quality diamonds. The stone was recovered during the processing of EM/PK(S) kimberlite, the predominant ore type that Lucara will continue to target 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.
Commenting on this historic discovery, William Lamb, President and CEO of Lucara, said: “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 cutting-edge 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 reinforces Karowe’s position as a truly world-class diamond mine and underlines the continued success of our operational and underground development strategy.”
Botswana’s diamond industry brings far-reaching socio-economic benefits to the country that extend well beyond the mining sector. Its influence supports national development by funding vital sectors such as education and healthcare.
This discovery symbolizes Botswana’s continued rise as a world-leading diamond producer. It represents not only the unprecedented wealth found 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 news release has been reviewed and approved by Dr. Lauren Freeman, PhD. 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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This information is information that Lucara is required to publish under the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person named above on August 21, 2024 at 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 and often (but not always) use 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” (or the negative of any of these terms and similar expressions) be taken, occur or be achieved.) are not statements of historical facts 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), cost increases, unavailability of materials and equipment, acts of governments or delays in obtaining government 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.
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For further information please contact:
Vancouver
Hannah Reynish, Investor Relations & Communications
+1 604 674 0272| [email protected]
Sweden
Robert Eriksson, Investor Relations & Public Relations
+46 701 112 615 | [email protected]
Public Relations UK
Charles Vivian / Jos Simson, Tavistock
+44 79 772 97903 | [email protected]
ABOUT LUCARA
Lucara is a leading independent producer of large, exceptional quality Type IIa diamonds from its 100% owned Karowe diamond mine in Botswana. The 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 processing. 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’s Environmental, Health and Safety Guidelines for Mining (2007). Accordingly, the development of the Karowe Underground Expansion 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 it operates.
