Now Casting Diamond Miners for Television Series: Looking for a group of independent miners in Canada!

Are you an independent diamond miner? Do you work on your own or with a small crew? Are you looking to start mining on your own? Do you work in an environment with big stakes and big rewards? If you have a big personality and have a thirst for adventure, we’d love to hear from you!

An award-winning TV production company is casting dynamic and aspiring individuals in a Canada diamond mining docu-series for an upcoming TV show! We’re especially interested in hearing from diamond miners who are not working with big corporations or are looking to start mining on their own.

Interested parties should contact us ASAP! Please include name, contact info, location, photos of yourself and links to any pertinent websites, blogs or videos of yourself. We look forward to hearing from you! Please use the form below:

Kennady Diamonds (TSXV:KDI) has provided an update on the summer drilling program at its Kennady North Project.

As quoted in the press release:

All but one of the latest drill holes completed since the last update dated August 11, 2016 have intersected kimberlite. In this latest round of drilling, Faraday 2 returned a 30.3m intersect of continuous kimberlite, with Faraday 3 producing three separate intersects of 18.3m, 20.7m and 28.7m.

President and CEO of Kennady Diamonds, Dr. Rory Moore commented: “Our exploration model continues to be validated at Kennady North, with eight of the nine latest drill holes intersecting kimberlite. We are pleased with our results to date and expect additional kimberlite to be intersected as we continue our summer program.”

At the Kennady North project, exploration and delineation drilling is presently being conducted from two land-based setups. One drill rig is focused on the Faraday 1-Faraday 3 kimberlite complex, and the second rig is active at Faraday 2. It is anticipated that over 8,000 meters of core drilling will be completed on the Faraday kimberlites by the end of the summer program, with the results incorporated into defining a diamond resource along the Kelvin – Faraday corridor.

Click here to read the full press release.

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Diamcor Mining (TSXV:DMI) has announced that it intends to complete a brokered private placement financing of up to 4,545,455 units at a price of $1.10 per unit for gross proceeds of up to $5 million.

As quoted in the press release:

Each Unit will consist of one common share (a “Share”) of the Company, and one-half of one common share purchase warrant (a “Warrant”). Each whole Warrant will entitle the holder thereof to purchase one Share at an exercise price of CDN$1.60 for a period of 36 months following the date of issuance.

The Company has engaged Echelon Wealth Partners Inc. (“Echelon”) as the sole agent for and on behalf of the Company for the Offering. Echelon will receive (i) a cash fee equal to 6% of the Proceeds raised from the Offering and (ii) that number of common share purchase warrants (the “Agent’s Warrants”) equal to 6% of the number of Units sold by Echelon pursuant to the Offering. Each Agent’s Warrant will entitle the holder thereof to purchase one Share at an exercise price of CDN$1.60 for a period of 36 months following the date of issuance. The Offering is subject to the approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. Securities issued pursuant to the Offering will be subject to a hold period of four months plus one day following the date of issuance.

Proceeds from the Offering will be used for the acquisition of additional operational equipment and materials to support the continued advancement of the Company’s Krone-Endora at Venetia Project, and for general and administrative purposes.

The securities sold in the Offering have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration under such Act or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Click here to read the full press release.

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Mountain Province Diamonds (TSX:MPV) has announced the filing of its results for the second quarter ended June 30, 2016.

As quoted in the press release:

Quarter ended June 30, 2016 Highlights

• Construction of the Gahcho Kué Diamond Mine was completed during the quarter; first ore was introduced to the diamond plant onJune 20, 2016; first commissioning diamonds were recovered on June 30, 2016; ramp up to commercial production is underway; and the mine is on track to achieve commercial production in January 2017.
• During the quarter ended June 30, 2016, the Company entered into agreements with third parties for the valuation, sorting and marketing of its share of the diamond production from the Gahcho Kué Diamond Mine. The Company expects to have its first sale of pre-commercial production diamonds during Q4 2016 and approximately every five weeks thereafter.
• At June 30, 2016, incurred costs of $995 million and commitments of $35.3 million on 100 percent basis had been incurred.
• For the three months ended June 30, 2016, the Company reported a net loss of $0.4 million or ($0.00) per share and for the six months ended June 30, 2016, the Company reported a net income of $18.4 million or $0.12 per share fully diluted.
• At June 30, 2016, the Company had cash and restricted cash totaling $124.4 million.
• At August 11, 2016, US$290 million of the US$370 million Loan Facility had been drawn.
• At August 11, 2016, the Gahcho Kué Diamond Mine has 451 full-time employees.

Click here to read the full press release.

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CanAlaska Uranium (TSXV:CVV) has reported that it has entered into a contract with Goldak Airborne Surveys to fly a low level high definition airborne magnetics survey over its 100 percent owned Alberta diamond exploration property.

As quoted in the press release:

Previous Alberta and Saskatchewan surveys show kimberlite targets on properties

In addition to the properties optioned to De Beers and Fjordland, the Company holds the West Carswell, Alberta, and Has Creek Diamond projects. These three large properties, collectively comprising over 290,000 acres, are immediately northeast of a group of kimberlite indicator minerals (KIM) discovered in the Fort McKay — Fort McMurray area in Alberta. The KIM’s are down-ice from CanAlaska’s properties; their source has yet to be discovered.

Alberta Diamond Project

CanAlaska holds 249,600 acres (99,840 ha) of Metallic and Industrial Mineral Permits in neighbouring Alberta where wide-spaced airborne magnetic surveys have been completed. These surveys show circular magnetic anomalies similar to those recognized from the Saskatchewan survey data.

Of special interest are at least two kimberlite style anomalies within the Alberta project in an area where the Saskatchewan and Alberta surveys overlap. The confirmation of these two targets and the recognition of anomalous features from the earlier wide-spaced Alberta survey data, indicates that the clusters of kimberlite-style features noted in Saskatchewan may continue into Alberta.

The proposed low level, high definition airborne surveys will provide the Company with location, size and clustering information concerning the kimberlite targets. At the current time, similar work is coming to a conclusion on the nearby properties currently optioned to De Beers under a $20.4 million earn-in deal with CanAlaska.

Click here to read the full press release.

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Kennady Diamonds (TSXV:KDI) has announced the summer drilling program on the Kennady North Project is underway.

As quoted in the press release:

Two diamond core drill rigs are conducting exploration and delineation drilling on the Faraday kimberlite bodies from land-based setups. One drill rig is drilling on the Faraday 1-Faraday 3 kimberlite complex, and the second is drilling on Faraday 2. Kimberlite has been intersected in the first two drill holes at Faraday 3 and the first drill hole on Faraday 2 is currently nearing the target zone. Core logging is underway and results will be reported at regular intervals throughout the program.

The President and CEO of Kennady Diamonds, Dr. Rory Moore commented: “The focus of our summer program is to define the extension of the Faraday bodies to the northwest as they extend from beneath Faraday Lake toward the shore.  We established in the last few drill holes of the winter drilling program that the Faraday 1 and 3 kimberlites merge at depth, and we are excited to determine whether the Faraday bodies have north-limb extensions similar to that defined at Kelvin.  The systematic drilling planned for the summer will ultimately determine the size and shape of these bodies.”

Kelvin Bulk Sample Processing
Processing of the 620-tonne Kelvin bulk sample through the dense media separation plant is also well underway. Approximately 40% of the bulk sample recovered during the 2016 winter program has been successfully processed at the Geoanalytical Laboratories Diamond Services of the Saskatchewan Research Council (“SRC”), with final grade results expected within the next four to six weeks. The Kelvin sample includes roughly 580 tonnes from Kelvin North limb and 40 tonnes from the Kelvin South limb. It is anticipated that diamonds totaling more than 1,200 carats will be recovered from the Kelvin sample. Valuation of the diamond parcel, which will be used for revenue modeling of the Kelvin North Lobe, is expected to be completed before the end of Q3 2016.

Click here to read the full press release.

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In a recent interview Dunnedin Ventures Inc. (TSXV:DVI) CEO and Director, Christopher Taylor, discussed the Kahuna Diamond Project in Nunavut, Canada. Kahuna is an advanced-stage, high-grade diamond project with an inferred resource of 4,018,000 carats of commercial-sized diamonds with an average grade of 1.01 carats per tonne. A wealth of historical data on the property coupled with ongoing work by Dunnedin points to significant upside potential for the project.

Watch the full interview:

Connect with Dunnedin Ventures Inc. (TSXV:DVI) to receive an Investor Presentation.

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Alrosa (MCX:ALRS), the world’s top diamond producer by output in carats, has unveiled the recovery of a 241.21 carat rough diamond from its Nyurbinsky open-pit mine in Russia.

The gem measures 38.64 millimeters by 27.34 millimeters by 25.46 millimeters and is translucent with a grey hue. Its intermediate and peripheral zones have cracks and contains graphite and sulphide inclusions, according to Alrosa.

The company said it is one of the largest rough diamonds recovered in the Russian Federation, and third largest found at the Nyurba Mining and Process Division.

Nyurba Mining and Process Division is one of Alrosa’s youngest divisions, which operates the Nakyn ore field and develops Nyurbinksy and Botuobinsky open-pit mines.

Aura’s Nuyrbinsky open-pit mine has been in operation since 2001. In January 2015, identified reserves totaled 36.9 million carats.

Year-to-date, shares of Alrosa have increased 26.47 percent—a $14.81 jump—to $70.75.

In other diamond news, the world’s largest diamond found by Lucara Diamond (TSX:LUC) last year could sell for $70 million at the Sotheby’s auction on June 29.

Last month, the Aurora fancy vivid green diamond set a record breaking price of $16.8 million at Christie’s Hong Kong Magnificent Jewels auction.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

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The world’s largest diamond, found by Lucara Diamond (TSX:LUC) last year could potentially sell for $70 million at Sotheby’s auction on June 29. The diamond will be on display at Sotheby’s this week in anticipation of the upcoming auction.

The gem, called Lesedi la Rona, was found by Lucara at its Karowe mine in Botswana last November.  Of note, Botswana is the world’s largest producer of diamonds.

At three billion years old, the diamond is 1,109 carats and the size of a tennis ball and is the largest discovered diamond in 100 years.

Upon last year’s discovery, William Lamb, president and CEO of Lucara, made the following statement:

This historic diamond recovery puts Lucara and the Karowe mine amongst a select number of truly exceptional diamond producers. The significance of the recovery of a gem quality stone larger than 1,000 carats, the largest for more than a century and the continued recovery of high quality stones from the south lobe, cannot be overstated. Our focus on mining the south lobe, which is delivering value beyond expectation, has been perfectly timed with the commissioning of our recent plant modifications, enabling the recovery of these large, high quality exceptional diamonds.

Lesedi La Rona is second only in size to the Cullinan diamond in the British Crown jewels.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

 

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Pangolin Diamonds (TSXV:PAN) has provided an update on its wholly-owned Motloutse Diamond Project east of the Orapa Diamond Mine in Botswana.

As quoted in the press release:

The AGA-01 kimberlite target was confirmed on the ground to be associated with a gravity anomaly which coincides with positive kimberlitic indicator minerals.  Sub-angular kimberlite indicator garnets with sculptured surfaces, denoting proximity to source, were optically identified from five soil samples collected directly over the gravity anomaly associated with the AGA-01 aeromagnetic anomaly. Both the gravity and soil sampling surveys at AGA-01 are being expanded to cover a larger area.

Additional kimberlite targets are being further developed using detailed gravity surveys expected to be completed by mid-June.  Once the gravity results have been interpreted, the drill program will commence and include the additional targets identified. It is anticipated that the percussion drill program will be completed before the end of July 2016.

The Motloutse Diamond Project covers the area where the first diamonds in Botswana were recovered in 1959.  It also includes the location where De Beers discovered its first diamonds in Botswana in 1962. The kimberlite source(s) of these diamonds have never been located.

Click here to read the full press release.

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Anglo American (LON:AAL) has announced the appointment of Bruce Cleaver as CEO of the De Beers Group following Philippe Meillier’s decision to step down after five years.

Mark Cutifani, CEO of Anglo American and Chairman of De Beers, said:

Together with our partners in De Beers, we congratulate Bruce Cleaver on his appointment as CEO of De Beers following Philippe Mellier’s decision to step down. Bruce’s leadership of De Beers’ strategy and its commercial and government relationships working alongside Philippe and over much of the last decade, combined with his time working with us to shape the new Anglo American strategy, provide strong continuity at an important stage in the diamond market’s recovery. The structural dynamics of the diamond market continue to improve, led by the strength of consumer demand for diamond jewellery. With the proven management team in place, De Beers is well positioned to maximise value for all its stakeholders across the diamond value chain.

As quoted in the press release:

Bruce Cleaver served as De Beers’ executive director responsible for strategy and commercial relationships until 2015, also serving as Co-Acting CEO for a year prior to Philippe Mellier’s appointment in 2011. He was appointed Group Director of Strategy and Business Development for Anglo American in 2015.

Click here to read the full press release.

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Lucara Diamond (TSX:LUC) has reported strong first quarter revenues for 2016 in the amount of $50.6 million, or $649 per carat and cash of $144.3 million.

As quoted in the press release:

HIGHLIGHTS

Financial:

• Revenue for the period was $50.6 million or $649 per carat (Q1 2015: $29.6 million or $278 per carat).
• EBITDA for the period was $30.7 million (Q1 2015: $11.9 million), with an EBITDA margin of 61%.
• Net cash position of $144.3 million (Q1 2015: $87.5 million, FY 2015: $134.8 million).
• Year to date costs at $25 per tonne ore processed continue to be well controlled and below forecast.
• First quarter 2016 earnings per share were $0.05 per share (Q1 2015: $0.02 per share).
• Following the end of Q1, the first exceptional stone tender achieved $51.3 million, resulting in year to date revenue exceeding $100 million.
• The Company completed the transfer of its shares of Mothae Diamonds Pty Ltd and the site bulk sample plant to the Government of Lesotho. In consideration, the Company was released from any rehabilitation liability for the Mothae Project, which had been accrued in the accounts for approximately $2 million.

Operational: Karowe Mine

• Mining of ore and waste stripping to open the pit at depth was largely in line with forecast.
• Diamond recovery remained strong with a total of 165 special stones (+10.8 carats) recovered during the period including 8 stones over 100 carats (Q1 2015: 6 stones).

Exploration:

• Sampling progressed well with kimberlite processed from BK02. Excavation and shipping of the BK02 sample was completed (approximately 5,500 tonnes). Results for BK02 are expected to be available during the first half of 2016.
• Bulk sampling activities at AK12 has commenced and will be followed by trenching at AK11 during Q2.
• Deep drilling of the Karowe AK6 resource is planned to commence in the second quarter.

CEO and President William Lamb said:

Lucara’s high quality stones and production assortment has resulted in strong customer demand for our product generating revenues of over $100 million this year. With management’s focus on cost control we continue to achieve high operating margins and returns. Lucara’s exploration program continues to advance and with the deep drilling of the Karowe resource due to commence in the second quarter we are excited by the prospects for the remainder of 2016 and the potential organic growth opportunities.

Click here for the full press release.

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Pangolin Diamonds Corp. (TSX VENTURE:PAN) (the “Company” or “Pangolin”) is pleased to announce the closing of a non-brokered private placement financing for aggregate gross proceeds of $693,453 (the “Offering”). Proceeds of the Offering will be used to continue the exploration program, inclusive of drilling, at the Company’s priority Malatswae diamond project during 2016. In addition, the proceeds of the Offering will provide working capital to the Company in order to further its exploration commitments at its other 100% owned diamond projects in Botswana.

According to the news:

The Offering consisted of 13,869,060 units of the Company (“Unit”) at a price of $0.05 per Unit. Each Unit consists of one common share in the capital of the Company (“Common Share”) and one Common Share purchase warrant (“Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.05 for a period of sixty (60) months from the date hereof. Insiders of Pangolin participated in the amount of $101,600 representing 14.7% of the total Offering.

Click here to view the full press release. 

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Dunnedin Ventures Inc. (TSXV:DVI) announced that company representatives will be meeting April 11-15, 2016 with the Nunavut communities of Rankin Inlet and Chesterfield Inlet to discuss proposed exploration  plans, seek their advice and collaborate on a Wildlife and Environment Monitoring and Mitigation Plan (WEMMP).  Dunnedin invites all local community members interested in discussing the Company’s plans to meet with Chris Taylor, Dunnedin’s CEO.  Locations and times of meetings have been published to community bulletin boards and provided to local groups.

As quoted in the press release:

The Company also reports that while its current exploration permit remains in effect until mid-2017, it also submitted a multi-year exploration permit application in December 2015, well in advance of the current permit’s expiry.  The proposed work pertains to speculative future activities that are contingent upon current results, not to its current exploration program.  Upon review, the Nunavut Impact Review Board (NIRB) recommended that the Company should meet with members of the local communities to explain the Company’s plans and to seek advice including traditional knowledge that may be incorporated into the Company’s proposed exploration activities. The Company is currently updating its application with input from the communities as recommended by the NIRB.  Over the coming months, the updated application will be reviewed by Indigenous and Northern Affairs Canada (INAC) to determine if it is acceptable as submitted, requires further changes, or should be resubmitted.  

The Company notes that some community members have raised concerns with the NIRB about a mineral exploration camp abandoned by now defunct Shear Minerals Ltd.  The camp is not located on Dunnedin’s mineral claims and is several kilometres away from the nearest diamond occurrences and proposed exploration areas.  Dunnedin has no legacy or current involvement with the site, but is sympathetic with these concerns and has included up-to-date best practices in its exploration permit application that it is now updating with local guidance to minimize any potential impacts of its proposed work.

Dunnedin Ventures CEO, Chris Taylor, stated:

We submitted a multi-year exploration permit application almost two years before required, in order to ensure Dunnedin has ample time to work within regulatory guidelines and incorporate any guidance from local groups. Changes have recently been made to Nunavut’s mineral exploration regulations, and we decided to be proactive as it will take time for companies, government and local interests to adapt.  I would like to apologize on behalf of the Company for not having yet consulted with all community members at the time of our application’s submission.  We look forward to building meaningful relationships with both communities, and to integrating local knowledge into our application to ensure an effective and responsible program.  I invite anyone who is interested to meet with me in Rankin Inlet and Chesterfield Inlet during the week of April 11 to 15.

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VANCOUVER, BRITISH COLUMBIA–(Marketwired – April 7, 2016) – Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) (TSX:PGD) is pleased to report the outcome of the 2015 Chidliak Resource Development Program for the CH-6 kimberlite pipe at the Company’s 100 percent owned Chidliak Diamond Project, Nunavut, Canada. The Inferred Mineral Resource estimated for the upper 260 metres of the CH-6 kimberlite pipe has increased substantively:

• Tonnage increased by 40 percent from 3.32 million to 4.64 million tonnes, and
• Contained carats increased by 33 percent from 8.57 million to 11.39 million carats.

The revised resource includes a newly identified zone which currently is estimated to contain 3.15 million carats in 0.76 million tonnes, for an estimated grade of 4.16 carats per tonne. Additional tonnage classified as a Target for Further Exploration (“TFFE”) of 2.34 to 3.75 million tonnes has also been identified to a depth of 380 metres below surface at CH-6.

Mr. Tom Peregoodoff, Peregrine’s President and CEO said “When we planned the 2015 Resource Development Program for the CH-6 kimberlite, the challenge was to design a cost effective program that would make a material difference to the Chidliak project. With a simple two hole program and additional microdiamond sampling of existing core, we have exceeded the targeted resource expansions we initially envisaged. The 33 per cent uplift in the CH-6 diamond resource announced today should have a positive material impact on the outcome of the Preliminary Economic Assessment (“PEA”). Work continues on the maiden Inferred Mineral Resource for the CH-7 kimberlite and I look forward to its completion in early May and its incorporation into the PEA.”

CH-6 INFERRED MINERAL RESOURCE UPDATE AND TFFE ESTIMATE

The Company announced an Inferred Mineral Resource of 8.57 million carats in 3.32 million tonnes for the CH-6 kimberlite on January 26, 2015. On February 26, 2014, the Company announced an average price per carat of US$213 for 1,013.5 carats of CH-6 diamonds as valued by WWW International Diamond Consultants Ltd (“WWW”).

The 2015 Resource Development Program for CH-6 was comprised of the drilling and representative microdiamond sampling of two core holes totalling 520 metres in length, as well as additional microdiamond sampling from archived drill core. Results for 1,071.9 kg of microdiamond sampling were released on November 17, 2015 together with guidance that 1.0 to 1.2 million tonnes, or 2.5 to 3.1 million carats, could be added to the CH-6 resource base.

The updated Inferred Mineral Resource for the CH-6 kimberlite is provided in the following table.

CH-6 KIMBERLITE INFERRED MINERAL RESOURCE ESTIMATE*

	Tonnes (millions)	Grade (carats per tonne)	Carats (millions)	Tonnage Increase** (%)	Carat Increase** (%)
CH-6 Total	4.64	2.45	11.39	40	33
* stated at 1.18 mm square-mesh sieve bottom cut-off and diamond recoveries as experienced in the 2010 and 2013 CH-6 bulk sampling programs. The updated CH-6 Inferred Resource extends from surface to an elevation of 420 metres above sea level, or approximately 260 metres depth below surface.
** relative to January 26, 2015 CH-6 Inferred Resource of 8.57 million carats in 3.32 million tonnes

The updated resource estimate for CH-6 was generated by Mineral Services Canada Inc. (“Mineral Services”) based on a recently completed comprehensive review of geological attributes, microdiamond and bulk sampling results for the CH-6 kimberlite pipe. This work has confirmed the previous interpretation of the major geological units at CH-6 which remain recognized as the volumetrically dominant KIM-L and the subordinate KIM-C units, the latter unit which currently remains classified as TFFE. The data review by Mineral Services included a detailed spatial analysis of microdiamond size frequency and abundance which has delineated two distinct grade domains within KIM-L on the basis of the available extensive sample coverage. The estimated Mineral Resources for these individual domains are documented in the table below.

The volumetrically dominant domain, referred to now as “normal grade” KIM-L (KIM-L.NG) comprises approximately 84 per cent of the currently estimated KIM-L tonnage above 260 metres of depth and has an estimated global diamond grade of 2.12 carats per tonne based on integration of the results of the 2013 trench bulk sample (see January 16, 2014 new release) with the available extensive microdiamond sample coverage. The resource estimate factors in a minor amount of internal dilution and accounts for the variability in grade within the domain, as indicated by variations in microdiamond stone frequency.

The second domain defined by the Mineral Services’ analysis is comprised of a continuous, near-vertical zone of higher grade KIM-L (“KIM-L.HG”) that occupies the southern to southwestern segment of the CH-6 pipe. The KIM-L.HG domain has been defined entirely on the basis of microdiamond data and is characterised by a predominance of markedly higher microdiamond stone frequency values, as well as consistently higher bulk density relative to the KIM-L.NG domain. The spatial extent of this domain has been conservatively modeled as an irregular cylindrical feature estimated to contain 0.76 million tonnes of kimberlite that has an estimated global diamond grade of 4.16 carats per tonne containing an estimated 3.15 million carats. Further work is required to establish the geological basis for the observed increase in diamond content within the KIM-L.HG domain and its full tonnage potential.

CH-6 KIMBERLITE INFERRED MINERAL RESOURCE ESTIMATE* BY INTERPRETED GRADE DOMAIN

Domain	Tonnes (millions)	Grade (carats per tonne)	Carats (millions)	Tonnage Increase** (%)	Carat Increase** (%)
CH-6 KIM-L.NG	3.88	2.12	8.24
CH-6 KIM-L.HG	0.76	4.16	3.15
CH-6 Total	4.64	2.45	11.39	40	33
* stated at 1.18 mm square-mesh sieve bottom cut-off and diamond recoveries as experienced in the 2010 and 2013 CH-6 bulk sampling programs. The updated CH-6 Inferred Resource extends from surface to an elevation of 420 metres above sea level, or approximately 260 metres depth below surface.
** relative to January 26, 2015 CH-6 Inferred Resource of 8.57 million carats in 3.32 million tonnes

NI 43-101 standards and Canadian Institute of Mining and Metallurgy guidelines stipulate that a Mineral Resource needs to have a “reasonable prospect of economic extraction”. JDS Energy and Mining Inc. (“JDS”) have created a first-order Whittle open pit to 260 metres depth based on the updated CH-6 Inferred Resource and have integrated appropriate mining and related costs, as well as the US$213 per carat average price for CH-6 diamonds. JDS concludes that the updated CH-6 resource satisfies the “reasonable prospect of economic extraction” criterion.

The 2015 Resource Development Program for CH-6 did not specifically address the KIM-C geological unit, nor any portion of the CH-6 kimberlite pipe deeper than 260 metres from surface, both of which currently remain classified as TFFE. The TFFE of the CH-6 kimberlite is now estimated to comprise 2.34 to 3.75 million tonnes of kimberlite to 380 metres depth based on previous work, and is presented in the table below. Insufficient exploration has been completed to delineate any portion of the CH-6 TFFE as a mineral resource and it is uncertain if further exploration will result in conversion of the TFFE to a mineral resource.

CH-6 KIMBERLITE TARGET FOR FURTHER EXPLORATION

Domain	Depth (m below surface)	Low-case Tonnes (millions)	High-case Tonnes (millions)
CH-6 KIM-L	260-380	1.27	2.40
CH-6 KIM-C	80-260	0.19	0.25
CH-6 KIM-C	260-380	0.88	1.09
CH-6 TFFE		2.34	3.75

CH-7 RESOURCE ESTIMATE

The Company and Mineral Services are progressing their work to build a robust geological model for the CH-7 kimberlite, with the aim to convert a significant portion of the 3.72 to 6.01 million tonne TFFE established for CH-7 to a maiden Inferred Mineral Resource. The work includes a detailed analysis similar to that completed for the CH-6 kimberlite. A second iteration of the geological model is currently being finalised and Peregrine expects that a maiden resource estimate for CH-7 will be available in early May 2016.

The 2014 and 2015 resource development program for the CH-7 kimberlite comprised 1,968.0 metres of core drilling in 11 holes, 584.8 metres of narrow-diameter reverse-circulation (“RC”) drilling in 36 surficial delineation holes, 1,212.1 metres of large-diameter RC drilling in six holes which resulted in the extraction of 814 tonnes of kimberlite, and the collection of 3,585.2 kg of microdiamond samples together with requisite geological logging and data collection.

The CH-7 kimberlite, located approximately 15 kilometres southeast of CH-6, has a surface expression of approximately one hectare. Key results to date for the 2015 Resource Development Program include diamond grades for large diameter drill samples (stated at a 1.18 mm bottom cut off) ranging from 0.76 to 1.31 carats per tonne for the five major geological units in CH-7 (see January 12, 2016 news release), and a base model average price of US$114 per carat, ranging up to a high model average price of US$155 per carat for 735.75 carats valued by WWW (see March 8, 2016 news release).

QUALIFIED PERSONS

Dr. Tom Nowicki of Mineral Services Canada Inc. prepared the CH-6 Inferred Resource estimate and reviewed and verified the CH-6 tonnage estimates. Dr. Nowicki is a Professional Geologist and an independent, external Qualified Person and a consultant to Peregrine. Mr. Dino Pilotto of JDS Energy and Mining Inc. is a Professional Engineer and an independent, external Qualified Person that consults to Peregrine.

Dr. Nowicki and Mr. Pilotto have reviewed this release and approve of its contents.

ABOUT PEREGRINE DIAMONDS

Peregrine Diamonds is a TSX listed diamond exploration and development company with assets located in northern Canada and Botswana.

Peregrine Diamonds core asset is its 100 percent-owned, 513,249 hectare Chidliak project, located 120 kilometres from Iqaluit, the capital of Nunavut where 71 kimberlites have been discovered to date with eight being potentially economic. An Inferred Mineral Resource of 11.39 million carats in 4.64 million tonnes of kimberlite at an average grade of 2.45 carats per tonne has been defined for a portion of the CH-6 kimberlite. In addition, a Target for Further Exploration (“TFFE”) of 2.34 to 3.75 million tonnes of kimberlite to a depth of 380 metres below surface has been identified at CH-6. An independent diamond valuation by WWW International Diamond Consultants, of a 1,013 carat parcel of diamonds from CH-6 returned an average market price of US$213 per carat and modeled prices that range from a minimum of US$162 per carat to a high of US$236 per carat, with a base model price of US$188 per carat (all using the February 24, 2014 price book). A TFFE of 3.72 to 6.01 million tonnes to a depth of 290 metres has been estimated for the CH-7 kimberlite. An 814.0 tonne drilled bulk sample representing four of five geological units in the CH-7 kimberlite pipe returned 717.65 carats of diamond at grades ranging from 0.76 to 1.31 carats per tonne. A 47.2 tonne surface mini-bulk sample from the remaining geological unit at CH-7 returned a grade of 1.00 carat per tonne. An independent diamond valuation by WWW International Diamond Consultants, of a 735.75 carat parcel of diamonds from CH-7 returned an average market price of US$100 per carat and modelled prices that ranged from a minimum of US$94 per carat to a high of US$155 per carat, with a base model price of US$114 per carat (all using the February 1, 2016 price book). A TFFE of 1.27 to 3.19 million tonnes to 250 metres depth has been estimated for the CH-44 kimberlite pipe. The TFFEs identified above are conceptual in nature and are not Mineral Resources. It is uncertain whether further exploration will result in any of these tonnages being delineated as Mineral Resources.

Peregrine Diamonds controls eleven diamond prospecting licenses in Botswana that cover 661,330 hectares.

Peregrine Exploration, a wholly owned subsidiary of Peregrine Diamonds, holds the 8,493 hectare Lac de Gras project in the Northwest Territories, located approximately 27 kilometres from the Diavik Diamond Mine. The nine hectare 72.1%-owned DO-27 kimberlite, located at Lac de Gras, hosts an Indicated Mineral Resource of 18.2 million carats of diamonds in 19.5 million tonnes of kimberlite at a grade of 0.94 carats per tonne and it is open at depth.

For information on data verification, exploration information and resource estimation procedures see the technical reports entitled, “2015 Technical Report for the Chidliak Project, 66° 21′ 43″ W, 64° 28′ 26″ N Baffin Region, Nunavut” dated February 23, 2015, and “Peregrine Diamonds Ltd. Lac de Gras Project Northwest Territories, Canada NI 43-101 Technical Report” dated July 15, 2014, both of which are available on SEDAR and the Company’s website.

For further information, please visit www.pdiam.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including, without limitation, statements relating to proposed exploration and development programs, funding availability, anticipated exploration results, grade of diamonds and tonnage of material, resource estimates, anticipated diamond valuations and future exploration and operating plans are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company.

Forward-looking statements are made based upon certain assumptions by the Company and other important factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of diamonds, anticipated costs and ability to achieve goals. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, but are not limited to: receipt of regulatory approvals; anticipated timelines for community consultations and the impact of those consultations on the regulatory approval process; market prices for rough diamonds and the potential impact on the Chidliak Project; and future exploration plans and objectives.

Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, uncertainties relating to availability and cost of funds, timing and content of work programs, results of exploration activities, interpretation of drilling results and other geological data, risks relating to variations in the diamond grade and kimberlite lithologies; variations in rates of recovery and breakage; estimates of grade and quality of diamonds, variations in diamond valuations and future diamond prices; the state of world diamond markets, reliability of mineral property titles, changes to regulations affecting the Company’s activities, delays in obtaining or failure to obtain required project approvals, operational and infrastructure risk and other risks involved in the diamond exploration and development business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.

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VANCOUVER, BC–(Marketwired – April 05, 2016) –  North Arrow Minerals Inc. (TSX VENTURE: NAR) is pleased to provide an update on results from the 2015 till sampling program at its 100% owned Mel Diamond Project in Nunavut. The project area is located less than 10 km from tide water on the Melville Peninsula, approximately 140 km south of the community of Hall Beach and 210 km northeast of the community of Naujaat (Repulse Bay) which is also the location of North Arrow’s Qilalugaq Diamond Project.

A total of 228 till samples were collected in August 2015 as part of a program designed to better define two unsourced kimberlite indicator mineral (KIM) trains within the project. Visual picking results have been received from 175 of the 227 till samples and include numerous highly anomalous samples including four samples returning in excess of 100 KIM grains and one sample returning over 200 grains. Initial microprobe analyses have confirmed these grains as mantle-derived pyrope and eclogitic garnets and magnesium ilmenite KIMs. For comparison, the most highly anomalous sample from previous till sampling had returned 22 KIM grains. Initial interpretation of the distribution of these anomalous samples suggests that the northernmost KIM train is resolving into at least two and possibly four discrete indicator mineral trains. These till sampling results are highly encouraging as the 2015 till sampling program has been successful in drawing closer to multiple, potential kimberlite bedrock sources. Results from the remaining samples are expected over the next several weeks and will be used to identify targets for follow up exploration, including further till sampling, ground geophysics and drill testing.

The 2015 till samples were processed at Microlithics Laboratories Inc., an independent mineral processing laboratory located in Thunder Bay, Ontario. Heavy mineral concentrates were sent for final KIM extraction to I&M Morrison Geological Services Ltd. in Delta, British Columbia, an independent mineral sorting and petrographic laboratory. Quality assurance protocols, security and actual operating procedures for the collection, processing, transport and recovery of kimberlite indicator minerals conform to industry standard Chain of Custody provisions. As part of North Arrow’s ongoing QA/QC programs, heavy mineral concentrates and other materials are subject to audit. North Arrow’s diamond exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo., President and CEO of North Arrow and a Qualified Person under NI 43-101. Mr. Armstrong has reviewed the contents of this press release.

About North Arrow Minerals

North Arrow is a Canadian based exploration company focused on the identification and evaluation of diamond exploration opportunities in Canada. North Arrow’s management, board of directors and advisors have significant successful experience in the Canadian diamond industry. In addition to the Mel Project, North Arrow is also evaluating each of the Pikoo (SK), Qilalugaq (NU), Redemption (NT), Lac de Gras (NT), Luxx (NU) and Timiskaming (ON/QC) Diamond Projects.

North Arrow Minerals Inc.

/s/ “Kenneth A. Armstrong”
Kenneth Armstrong
President and CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility
 for the adequacy or accuracy of this release.

This news release contains “forward-looking statements” including but not limited to statements with respect to North Arrow’s plans, the estimation of a mineral resource and the success of exploration activities. Forward-looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to general economic and market conditions; closing of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in mineral resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. Although North Arrow has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. North Arrow undertakes no obligation or responsibility to update forward-looking statements, except as required by law.

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Tango Mining Ltd. (TSXV:TGV) announced that Bothma Diamonte CC has made a binding offer to acquire African Star Minerals (Pty) Ltd., which owns the South Africa-based Oena diamond project, for US$3 million. Tango holds a 51-percent stake in Oena.

As quoted in the press release:

In connection with the agreement with Bothma for the purchase of African Star, Tango has entered into a Binding Term Sheet and Sale and Acquisition Agreement – Contracting (“Stage 1 Agreement”) whereby Bothma will continue the alluvial diamond bulk-sampling program at the Oena Project, and following that will enter into, a Stage 2 Sale and Acquisition Agreement – Share Sale and Purchase (“Stage 2 Agreement”) whereby Bothma will complete the acquisition of African Star. The Company’s Kwena Group operational team, and in particular Mr. Theodor Boshoff, will continue as the Tango representative during the bulk-sampling program. Tango will receive a minimum of 15% of the proceeds of all diamond sales for a term of the longer of 12 months and/or until a Section 11 approval is obtained.

Tango’s sale of African Star is subject to the approval of the TSX Venture Exchange and to the approval of the Minister of Mineral Resources pursuant to Section 11 of the Mineral and Petroleum Resources Development Act No. 28 of 2002, Republic of South Africa and completion of the Stage 2 Agreement.

Click here to read the full Tango Mining Ltd. (TSXV:TGV) press release.

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Botswana Diamonds plc (LSE:BOD) announced the start of an exploration program in Botswana. It will first focus on the company’s licenses in the Orapa area, and then on its licenses in the Gope area.

As quoted in the press release:

The exploration programme is being led by a team from Alrosa, our 50/50 joint venture partner, supported by an experienced BOD team.

Geologists have begun sampling on PLs 260 and 210.  PL 260 covers an area of 25 sq km between the Karowe and Orapa diamonds mines.  It contains 3 kimberlites AK21, AK22 and AK23, known to contain diamonds.  Alrosa and BOD have evaluated existing data and agreed that significant potential exists on the block.  A soil sampling geophysics, diamond drilling and reverse circulation wide diameter drill programme is ongoing and will continue on the block until the end of April.  The two/three wide diameter holes have a target depth of 300 metres.  A 90 tonne bulk sample will be analysed in a bulk sampling plant in Botswana.

A second team is deployed to PL 210 where two holes were drilled in 2015.  Targeted geophysics and soil sampling are designed to select drill sites for diamond drilling, which will commence in early April.  There are extensive Kimberlitic Indicator Minerals (KIMs) on PL 210 and we hope that the new drilling programme will identify the source.

On the completion of sampling and geophysics on PLs 210 and 260 the teams will move to the Gope Region.  Follow up work will be conducted on PLs 135, 136 and 137, where anomalies were confirmed in 2015. 

Early stage fieldwork will also start shortly on the new Gope licences obtained in late 2015.

Click here to read the full Botswana Diamonds plc (LSE:BOD) press release.

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Rapaport reported that Sotheby’s expects to sell a blue diamond ring owned by the late Shirley Temple for $25 to $35 million. The auction house will also soon be selling the De Beers Millennium Jewel 4 at a separate sale in Hong Kong.

As quoted in the market news:

The cushion-cut, 9.54-carat, fancy deep blue, VVS2 diamond ring will be offered at Sotheby’s Magnificent Jewels auction in New York on April 19, according to a statement by the company March 18. The estimated price translates as up to $3.7 million per carat.

The child star’s father bought the ring for her for $7,210 in 1940 around the time of her 12th birthday and the premier of her film The Blue Bird. The film may have inspired him to pick a blue diamond, as colored diamonds were not as popular at the time as they are now, Sotheby’s said.

“It’s remarkable to have one stone illustrate the dramatic shift in attitude towards colored diamonds over the course of the last century,” Gary Schuler, co-chairman of Sotheby’s jewelry division for the Americas, said.

Click here to read the full Rapaport report.

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North Arrow Minerals Inc. (TSXV:NAR) announced that ground geophysical surveys and drilling are currently taking place at the Northwest Territories-based Redemption diamond project.

The company is exploring at Redemption under an option agreement with Arctic Star Exploration Corp. (TSXV:ADD).

As quoted in the press release:

The Redemption Diamond Project is located in the Lac de Gras region of the Northwest Territories, approximately 32 km southwest, and 47 km west of the Ekati and Diavik diamond mines, respectively. Ground geophysical surveys will be completed this week and drilling is expected to continue through to the end of April, 2016. Drilling is focused on the discovery of a kimberlite bedrock source to the South Coppermine indicator mineral train.

Click here to read the full North Arrow Minerals Inc. (TSXV:NAR) press release.

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Reuters reported that diamond companies operating in Zimbabwe’s Marange fields have been ordered to halt operations immediately because their licenses have expired.

As quoted in the market news:

The diamond fields, located in the eastern part of the country close to the Mozambican border, are mined by nine joint-venture companies, each with a 50% stake, while the government holds the other half.

“Since they no longer hold any titles, these companies were notified this morning to cease all mining activities with immediate effect,” Walter Chidhakwa told reporters and executives from the affected mines.

The new State-owned Zimbabwe Consolidated Diamond Company will now hold all the diamond claims in the country, Chidhakwa said, adding that the move was an imperative of national economic development.

Click here to read the full Reuters report.

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Prima Diamond Corp. (TSXV:PMD) announced that it’s entered into an agreement to acquire the Utah-based Green Energy lithium property. The vendors of the property are Zimtu Capital Corp. (TSXV:ZC) and Mesa Exploration Corp. (TSXV:MSA).

The company is also proposing a share consolidation and a non-brokered private placement; furthermore, it said it’s entered into settlement agreements with various creditors.

Highlights of the property are as follows:

The Green Energy Lithium Property encompasses 4,160 acres and is located 15km west of the city of Moab.  The Property exists over an extensive area with historic fluid analysis assays ranging from 81-1,700 mg/l lithium in saturated brines.  The brine was discovered in the 1960’s when over pressurized oil exploration wells encountered blow-outs upon drilling.  Approximately 20 wells have been drilled on the Green Energy Property.  Of these, 5 have analytical data for lithium.

Historic exploration of the property was conducted by Fidelity Exploration and Production Co., U.S Borax, King Oil Co. and Amerada Co. since the 1960’s. In March 2011, Mesa Exploration completed a NI 43-101 technical report which reviewed the geology and historic work performed on the property. This review concluded that there exists a historic resource estimate of 15 million barrels of brine containing 96,000 tons of sodium, 158,000 tons of potassium (302,400 tons of KCl), 5,750 tons of lithium (30,535 tons of Li2CO3), 157,000 tons of calcium and 147,000 tons of magnesium (576,450 tons of MgCl2)  (Gwynn, 2008).

Click here to read the full Prima Diamond Corp. (TSXV:PMD) press release.

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CanAlaska Uranium Ltd. (TSXV:CVV,OTCQB:CVVUF) announced that it’s acquired via staking about 75 kimberlite targets in Saskatchewan’s Athabasca Basin.

As quoted in the press release:

The claims staked by CanAlaska cover kimberlite style targets developed from a high resolution airborne geophysical survey carried out on behalf of the Saskatchewan Geological Survey. The 2011 airborne magnetic survey reveals a series of discrete magnetic anomalies with a shallow signature northeast of the Carswell structure and close to a large crustal structure, the Grease River Shear Zone. The Saskatchewan Kimberlite Indicator Mineral sampling (KIM) programs reached close to the Carswell structure, but the most northern samples remain southeast of the down-ice trend from these magnetic anomalies.

There is has been no known kimberlite exploration in the Athabasca Basin and limited general exploration in the project area. The Fort McKay-Fort McMurray KIM trend in Alberta is dominated by chromite, but contains also some pyrope and eclogitic garnets. These appear to be down-ice from the targets identified by CanAlaska in the northwestern Athabasca within the Athabasca sandstone. The basement rocks below the Athabasca sandstone in the project area are classified as Rae Province. The Rae Province rocks host diamondiferous kimberlites in Nunavut. The Buffalo Hills and the Birch Mountain kimberlite fields in Alberta appear to lie on the same structural trend as the project area.

Peter Dasler, president of CanAlaska Uranium, commented:

These 75 circular targets fit all the geophysical criteria of kimberlites, and the clustering of the targets around major geological structural features within the Rae Province basement rocks is added impetus for immediate investigation. I want to thank Dr. Karl Schimann, CanAlaska’s V.P. Exploration, who researched and identified the targets which were later confirmed by further geophysical interpretation by CanAlaska’s contract geophysicist Dr. Jules Lajoie. We have some distance to go to establish whether these targets are kimberlites, and then whether they contain diamonds, but we are very encouraged by large number of distinct targets and the existence of indicator minerals to the southwest.

Click here to read the full CanAlaska Uranium Ltd. (TSXV:CVV,OTCQB:CVVUF) press release.

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Anglo American plc (LSE:AAL) released its preliminary 2015 results, and they show that it incurred a loss attributable to equity shareholders of $5.6 billion, up significantly from $2.5 billion in 2014.

Group underlying EBITDA came in at $2.2 billion, down 55 percent from 2014 on the back of “sharply weaker commodity prices.” Underlying earnings were $827 million, while group revenue came in at $23 billion.

Commenting on the results, Chief Executive Mark Cutifani said:

The global economic environment and its impact on prices have presented the industry with significant challenges during 2015. Against the strong headwinds of a 24% decrease in the basket price of our products for the year as a whole, our ongoing intense focus on operational costs and productivity delivered a $1.3 billion EBIT benefit in the year, providing some mitigation. Overall, our copper equivalent unit costs reduced by a further 16% in US dollar terms, representing a 27% total reduction since 2012.

Anglo also announced “detailed and wide-ranging measures that will sustainably improve cash flows and materially reduce net debt.” The plan involves honing the company’s focus on its “core portfolio” of diamond, PGMs and copper assets.

Highlights are as follows:

Focus on De Beers, PGMs and copper

• Materially streamlined core portfolio of 16 assets
• Improved competitive profile – advantaged cost positions, world class ore bodies and balance of geographic and end markets
• Asset quality, mineral endowment options and scale to support future opportunities
• Differentiated, premium positioning for expanding consumer product-based markets

Portfolio transformation under way

• Nickel, Niobium and Phosphates, and Moranbah and Grosvenor metallurgical coal disposal processes under way
• Further progress made on other previously announced disposal processes, including certain platinum and thermal and metallurgical coal operations in South Africa and Australia

Click here to read more about the company’s 2015 results.
Click here to read more about the company’s portfolio adjustments.

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Carats is an international diamond brokerage firm based in Vancouver, BC, specializing in engagement and investment-grade diamonds. Since 1989 the company has built its business on delivering exceptional service and the finest quality diamonds at the best prices. Carats brokers have well-established connections across the global diamond markets as well as direct access to mines and cutters including in South Africa, Australia, Canada and Russia. In line with its mission to become a major global diamond supplier, Carats expanded into the Southeast Asian market in 2015.

Carats diamond brokers have a strong reputation for providing highly knowledgeable client education and guidance from “engagement to investment.” Carats is a 16-year member of the Better Business Bureau, which has recognized the company’s commitment to quality customer service and education by awarding Carats its highest rating each year.

As Canada’s first direct distributor from the world-class Argyle diamond mine, Carats has the top collection of natural fancy colored diamonds in the nation—including rare pink diamonds and the popular champagne colored diamonds. In 2017, Carats will be launching its natural fancy colored diamonds exchange to give its clients wider access to the fastest grown hard asset class in the world.

Investment Highlights

• The world’s fastest growing hard asset class.
• Considered currency all over the world.
• The most concentrated form of wealth on the planet – nothing is smaller and more valuable.
• Stealth Wealth: Countries around the world do not require the disclosure of colored diamond investment to government authorities.
• Have significantly increased in value over the past few years.
• Expected to continue to appreciate in value on rising demand and falling supply.

Connect with Carats Diamonds to receive an Investor Presentation.

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(IDEX Online News) – De Beers has announced that fourth quarter production fell to 7.1 million carats – a 16-percent year-on-year decrease from the same period in 2014.

 

At De Beers’ largest mining unit, Debswana, production decreased 21 percent to 4.7 million carats in the quarter, down from 6 million carats in the fourth quarter of 2014. The company explained that the fall was due to the reduced production output, in line with trading conditions, at Jwaneng and Orapa.

 

In South Africa, output increased slightly to 1.5 million carats compared to 1.4 million carats over the same period in 2014. Venetia production declined, but Voorspoed and Kimberley, the sale of which to Ekapa Minerals was recently confirmed, produced more than in the corresponding quarter a year previously.

 

De Beers’ Namibian unit produced 405,000 carats compared to 496,000 in the same quarter in the prior year – which represents an 18-percent reduction.

 

Canadian output declined to 439,000 – a drop of 8 percent from 479,000 carats a year previously.

 

De Beers’ production for 2015 decreased 39 percent to 19.9 million carats.

 

Rough diamond sales volume increased from 3 million carats in the third quarter of 2015 to 3.6 million carats in the fourth. According to the company, the rough price index was 8 percentage points lower in 2015 compared to 2014, with index falling 15 percent over the course of the year. With an improved quality average product mix, the average realized price climbed 5 percent to $207 per carat.

(IDEX Online News) – A delegation from the Gem and Jewellery Export Promotion Council (GJEPC) has met with the Union Minister of Finance, Shri Arun Jaitley, to discuss some of the critical issues facing the gems and jewelry sector in India and to offer their solutions.

 

During the meeting, which was led by GJEPC chair Praveenshankar Pandya, the group requested the introduction of a Special Turnover Tax regime for the diamond industry with 0.75 percent tax on sales turnover (computing net income as 2.5 percent of turnover, available up to 6 percent of income) as is common in Belgium and Israel.

 

According to GJEPC, such an approach would be tax neutral and encourage companies in Belgium and Dubai, especially those run by NRIs to shift their manufacturing to India, which is currently taking place in China.

 

The GJEPC chair also urged the government to permit the Sale of Rough Diamonds at the SNZ in Mumbai by implementing a 0.25 percent tax on sales turnover achieved at SNZ by foreign mining companies. This, he pointed out, would generate a new area of tax collection by shifting such sales from Belgium, Israel and Dubai.

 

“By attracting international manufacturing business to India… we can tap an additional market share of approximately around $20 billionn (in FY 2018-19) thereby helping the government garner more tax collection in the long run. This will also help create jobs for 1.56 million Indians by 2018-19 in the gems and jewelry sector while preserving skill and talent of our labor force. This will help in tackling trade deficit and current account deficit through higher exports,” said Pandya.

 

The chairman also urged the government to include the gem and jewelry segment under the Interest Subvention Scheme and Merchandise Exports from India Scheme (MEIS). He said that the gold jewelry sector had huge potential, and suggested that jewelers should be involved under the government’s Gold Monetisation Scheme.

 

He also said that the current 2 percent difference between import duty on gold dore bars and gold bars was too high and suggested it should be brought down to 0.25 percent.

(IDEX Online News) – Lucapa diamonds has sold the ninth parcel of alluvial diamonds from its Lulo Diamond Project in Angola.

 

The 178-carat parcel, the smallest to date, generated gross revenues of AUD$420,000 ($295,970) – an average selling price of AUD$ 2,360 ($1,663).

 

This latest sale included the 66.4-carat Lulo diamond, the recovery of which the company announced in December, but not the recently recovered 133.4-carat stone from Mining Block 6.

 

Total gross revenues from the sale of 10,372 carats of Lulo diamonds is AUD$19.2 million ($15.5 million) – or AUD$1,855 ($1,310) per carat.

 

Lucapa’s next sale of Lulo diamonds is scheduled for February.

(IDEX Online News) – IDEX editor Danielle Max puts some questions to newly elected Israel Diamond Exchange (IDE) president Yoram Dvash and discovers his thoughts on a range of subjects pertaining to the Israeli industry.

 

Danielle Max: What can the Israeli industry do to be more proactive in promoting itself and strengthening its position in the near and long term?

Yoram Dvash: Our strength is in our resilience. We need to concentrate on what we are and have proven to be good at. In manufacturing, we are now a lean industry, but we are recognized worldwide as manufacturers and traders of large fancy-shaped and fancy colored diamonds. While that often headlines our promotional efforts, we also remain one of the leading trading centers for a wide variety of polished goods. Buyers know that when they come to Israel or buy from Israeli traders, they are offered not only an excellent product, but can also rely on top quality service. The Israeli diamond business community has a solid reputation for developing long-term, valuable relationships with their buyers, going the extra mile.

 

In the long term, I see our industry developing more vertically integrated products. By teaming up with leading jewelry manufacturers, houses and designers, our members will become better integrated and more aware of what trends and developments are current and about to emerge. This is not an easy task. Diversify your goods and multiply your sales – that could very well be our motto.

 

Trade events, such as the upcoming International Diamond Week in Israel (IDWI) are successful, but how much international trade takes place and how much is local dealers trading with each other?

With regard to the IDWI, the next one taking place in mid-February, we need to keep our eyes on the ball. That means that first and foremost, the IDWI needs to be a platform to attract buyers for those goods that we manufacture here in Israel. Of course, while we endeavor to be a one-stop-shop for all diamonds, we also need to be realistic. Israel is recognized as the source for fancy-shaped and fancy colored diamonds. That is our forte. At the same time, we excel in high quality polished round diamonds in larger sizes, often in the commercial qualities that do well in the Americas.

 

IDWI takes place on the trading floor, where it indeed also has important value for the local market. In a center comprised of four towers, with more than 1,200 offices and with up to 20,000 people coming through the doors on a daily basis, it is not easy to know everybody or know what is out there on the local market, in spite of all technological and online access. During the five days of the IDWI, the floor gives traders the opportunity to take stock of and network with others whom they may not ordinarily meet and greet.

 

Having said that, the chief goal is to generate international sales and business.

 

Next month, we will decide if we are staying with the biannual model or will make it an annual event. While the costs of the IDWI are much lower than that of a full-fledged trade show, we’ll need to review the costs and the benefits. We’ll also look into how to bring the show to the next level. With a new and dynamic board that is highly motivated to make a significant contribution, I am confident that we will come up with a number of initiatives that will make the International Diamond Week the most exclusive diamond platform in the market.

 

Can you speak to the importance of these local events for small and medium-sized enterprises that may not have the money to travel to bigger events worldwide? How much has it changed the way they do business – how could it change in the future?

This is definitely one of the arguments in favor of the IDWI. Since I am a strong supporter of the smaller manufacturers… I am intent on assuring that they will continue to have a platform such as IDWI that they can use to gain international exposure.

 

But I also am encouraging the smaller manufacturers to think out of the box and to look how they can work with partners abroad, using the Internet and social media. Even as a one-man or one-woman operation, you are not bound by your geographical location, especially if you are producing singular and special pieces. At the bourse, we are aware of these needs and offer instruction courses and help in opening up new worlds and venues of communications to all of our members.

 

Can you say something about the Presidents Consultative Council that you have set up? How come nothing like this has been established before?

Those who have been at the helm of the IDE in the past, in different times and different circumstances, have accumulated a lot of experience. I would be daft not to draw on their knowledge, ideas and analysis of the current situation and I am happy they agreed to come onboard.

 

Of course, I will make the final calls with the board and together we will steer the bourse in the right direction. But I will take any help I can get, as the interests of the members and the wellbeing and success of their businesses is the reason I have been elected to this job.

 

You were quoted as saying “In the coming years, our industry will be going through many changes and will be facing a very different landscape in the markets in which we source, manufacture and sell our diamonds,” can you speak about the changes that you foresee and the way the Israeli industry can adapt to them

I’ve already spoken about manufacturing, but we all know that to be a successful manufacturer, one needs reliable and sustainable sources of rough diamonds. Unlike the past, there are multiple suppliers of rough who use a variety of sales methods. That poses a serious challenge to manufacturers. Therefore, to remain competitive and efficient in manufacturing, it is obvious that we need to attract more direct rough diamond supplies to Israel. During the past years, we’ve seen several efforts to attract more tenders and auctions to Israel, which have taken place during two editions of the Israel Rough Diamond Week.

 

It’s a tall order, but then this board has not been elected to sit on its hands and we will therefore do our utmost to increase rough diamond supplies to our industry and trade.

 

With regard to sales, we all know that to sustain the entire diamond supply pipeline, from miner to retailer, we need to rekindle the global consumer’s desire for diamonds and diamond jewelry. For almost a decade and a half, since De Beers stopped funding generic diamond promotion and canceled its Diamond Promotion Services worldwide, we have, as an industry, not stepped into the void. A few years ago, the World Federation of Diamond Bourses established the World Diamond Mark Foundation (WDM). The WDM is founded on the premise that diamonds and diamond jewelry can and must perform significantly better in the luxury product consumer market. To reach that goal, the industry – from diamond producers to retail jewelers – needs to act, in unison, to promote, advertise and market diamonds and diamond jewelry more effectively and visibly to the end-consumer.

 

Bourses will be asked to step up to the plate and support the WDM’s work in the retail market. A few months ago, I was asked to join the WDM board and I have agreed to do so.

 

We live not only in the “new normal economy,” but also in a new consumer world. Jewelers are competing with a very wide range of consumer products. In past June, WFDB president Ernest Blom said in a speech that he had yet “to see a young person queuing up all night to be the first in line to buy a jewelry item in the same way that youngsters do for the latest smartphone or tablet.” It exemplifies the need for promotion and advertising of diamonds. While the WDM’s activities are aimed at the retailer, we must take a vivid interest and, when asked, give our shoulders in support.

 

At the upcoming International Diamond Week, we will hold a Diamond Marketing Panel with the participation of the chairman of the Diamond Producers Association; Alex Popov, WDM chair; the renowned British jewelry designer Stephen Webster and the managing director of the World Diamond Council, where we will hear what progress is being made in generic promotion and advertising.

 

I know one of your main goals is to promote Ramat Gan as a strong manufacturing base once again. How feasible is this and what plans are in the pipeline to achieve this goal?

I think there is general agreement that a diamond center like ours is not complete without a solid manufacturing base. During the past few years, I have been deeply involved in the creation of the Modern Manufacturing Center (MMC), a new training and service center for diamond polishing. The new 400-square-meter manufacturing center provides a subsidized work environment for up to 100 polishers, access to an abundance of advanced technological systems, laser cutting and automatic round polishing, with teaching staff on site. The idea is to offer IDE members, especially small and medium sized companies, the ability to polish their rough diamonds in Israel, at prices competitive with or even cheaper than offshore locations. The facility has been in operation over a year and it is a great success. We are now planning to open an additional facility especially geared to the needs of manufacturers of large stones.

 

I believe that we need to preserve and further develop our manufacturing base. It’s no secret that Israeli polishers have a high level of expertise and craftsmanship. We need to build on the skills and experience we have accumulated over the past decades and these facilities are doing just that. I have committed myself to expand this project and broaden our manufacturing base.

(IDEX Online News) – RioZim Group Limited has injected $60 million into the Murowa Diamond Mine, according to a report in Zimbabwe’s Chronicle newspaper.

 

The investment, which is thought to be released over a four-year period, comes in addition to the receipt of $6 million worth of open cast mining equipment for the Zvishavane-based diamond mine. The 28 pieces of equipment include bulldozers, dump trucks, excavators and graders.

 

It was reported in October that RioZim was mothballing the Murowa mine, amid increasingly difficult and uncertain trading conditions, partly as a result of the Zimbabwean government’s attempts to merge the country’s seven mines into one consolidated mining outfit.

 

However, Murowa chairman Lovemore Chihota said at a ceremony for the unveiling of the mining equipment that the investment in the mine was evidence there was great potential in the country and diamond mining in particular.

 

RioZim, a Zimbabwe Stock Exchange listed company, assumed full control of Murowa after Rio Tinto relinquished its 78-percent stake in June.

(IDEX Online News) – Anglo American plc has announced that De Beers’ first Sight of 2016 improved significantly to $540 million – more than double the final Sight of 2016, valued at $248 million.

 

The company said that a number of factors influenced the increase in polished prices, including a positive US holiday retail season, lower levels of rough purchases in the fourth quarter of 2015, which saw a reduction of manufacturing. According to Anglo American, rough demand picked up as cutting and polishing factories ramped up their activity.

 

“We are encouraged by the result of the first sales cycle of 2016, and will keep working closely with our customers to deliver sustainable improvements in the diamond industry in 2016,” said De Beers Group chief executive Philippe Mellier.

 

This is the first time that De Beers has released precise Sight sales figures.

(IDEX Online News) – Kennady Diamonds Inc has reported diamond recovery rates from its Faraday 2 kimberlite of 4.48 carats per ton – the highest commercial grade yet recovered at the 100-percent owned Kennady North project.

 

The three largest diamonds recovered from Faraday 2 are described as, 1.43-carat off-white transparent hexahedron with no inclusions, 1.02-carat off-white transparent broken aggregate with inclusions and 0.28-carat off-white transparent dodecahedron with inclusions.

 

“We are very pleased with these exceptionally high diamond recovery results, which confirm that the Faraday kimberlites have the potential to host high grade diamond resources,” said Kennady president and CEO, Patrick Evans. 

 

The company announced that the Kelvin North Lobe 500 ton bulk sample was on schedule, and expected to be completed by the end of March. Kennady also said that due to a $48 million non-brokered private placement, the company is fully funded until the end of 2017.