REG - Lucara Diamond Corp - LUCARA ANNOUNCES RECOVERY OF 692 CARAT GEM DIAMOND

Lucara DiamondAnnouncement

22/08/2023 07:00

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RNS Number : 9936J  Lucara Diamond Corp  22 August 2023

August 21, 2023

 

NEWS RELEASE

 

LUCARA ANNOUNCES RECOVERY OF 692 CARAT WHITE GEM QUALITY DIAMOND FROM THE
KAROWE MINE IN BOTSWANA

 

VANCOUVER, August 21, 2023 /CNW/ (LUC - TSX, LUC - BSE, LUC - Nasdaq
Stockholm)

 

Lucara Diamond Corp. ("Lucara" or the "Company") is pleased to announce the
recovery of a 692.3 carat diamond from its 100% owned Karowe Diamond Mine
located in Botswana (image attached).  The diamond, measuring 46.5 x 40.7 x
28.4 mm is described as a Type IIa high white gem, recovered in the MDR XRT
unit at Karowe from direct milling of ore sourced from the EM/PK(S) unit of
the South Lobe.  The 692.3 carat diamond represents the fourth +300 carat
diamond recovered year to date and shortly follows on the recovery of the
1,080 carat Type IIa white top gem earlier in August (link to pr).

 

William Lamb, CEO commented: "The successful track record of delivering some
of the World's largest diamonds continues with the recent recovery of a 692.3
carat diamond. This stone is the 20(th) diamond larger than 100 carats
recovered, during 2023, at Karowe. The recovery of large diamonds from the
EM/PK(S) lithology of the South Lobe strongly supports our expectations for
the underground project where the majority of material mined will constitute
this phase of kimberlite during the first years of Underground production."

 

This press release has been reviewed and approved by Dr. John Armstrong, Ph.D.
P.Geol., Vice-President, Technical Services of the Company and a "Qualified
Person" for the purposes of National Instrument 43-101.

 

On behalf of the Board,

William Lamb

President and Chief Executive Officer

 

 

 

Follow Lucara Diamond on Facebook (https://www.facebook.com/LucaraDiamond/) ,
Twitter (https://twitter.com/LucaraDiamond) , Instagram
(https://www.instagram.com/lucaradiamond/) , and LinkedIn
(https://www.linkedin.com/company/lucara-diamond-corp-)

 

For further information, please contact:

 

 Hannah Reynish       Investor Relations & Communications
                      +1 604 674 0272| info@lucaradiamond.com (mailto:info@lucaradiamond.com)

 Sweden               Robert Eriksson, Investor Relations & Public Relations
                      +46 701 112615 | reriksson@rive6.ch (mailto:reriksson@rive6.ch)

 UK Public Relations  Charles Vivian / Jos Simson, Tavistock
                      +44 778 855 4035 | lucara@tavistock.co.uk (mailto:lucara@tavistock.co.uk)

 

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 uses proprietary analytics together with cloud and
blockchain technologies to modernize the existing diamond supply chain,
driving efficiencies, unlocking value and ensuring diamond provenance from
mine to finger.  Lucara has an experienced board and management team with
extensive diamond development and operations expertise.  Lucara and its
subsidiaries operate transparently and in accordance with international best
practices in the areas of sustainability, health and safety, environment, and
community relations.  Lucara 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") adheres to the Equator Principles. Lucara is committed to
upholding high standards while striving to deliver long-term economic benefits
to Botswana and the communities in which the Company operates.

 

The information is information that Lucara is obliged to make public pursuant
to the EU Market Abuse Regulation and the Swedish Securities Markets Act. This
information was submitted for publication, through the agency of the contact
person set out above, on August 21, 2023 at 2pm Pacific Time.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain of the statements made and contained herein and elsewhere constitute
forward-looking statements as defined in applicable securities laws.
Generally, these forward-looking statements can be identified by the use of
forward-looking terminology such as "expects", "anticipates", "believes",
"intends", "estimates", "potential", "possible" and similar expressions, or
statements that events, conditions or results "will", "may", "could" or
"should" occur or be achieved.

Forward-looking statements are based on the opinions and estimates of
management as of the date such statements are made, and they are subject to a
number of known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be
materially different from any future results, performance or achievement
expressed or implied by such forward-looking statements. The Company believes
that expectations reflected in this forward-looking information are
reasonable, but no assurance can be given that these expectations will prove
to be accurate and such forward-looking information included herein should not
be unduly relied upon.  The value of the Company's shares, its financial
results and its mining activities are significantly affected by the price and
marketability of the diamonds recovered.  The sales price of a diamond is
determined by its characteristics.  While the Karowe Diamond Mine has
produced several large, high-value diamonds in excess of 100 carats, there is
no assurance that the diamonds recovered which are 100 carats or larger will
have the characteristics required to achieve a high sales price.  Statements
with respect to the length by which the Karowe underground expansion project
will extend the life of mine are based on key underlying assumptions
including, but not limited to: future diamond prices, future diamond
recoveries, expected operating and capital costs, the timing to achieve key
construction milestones, the availability of sufficient financing, people,
equipment and materials when needed for construction and operation of the
underground mine, the economic potential of a mineralized area, the size and
tonnage of a mineralized area, the estimation of mineral resources.

There can be no assurance that such forward looking statements will prove to
be accurate, as the Company's results and future events could differ
materially from those anticipated in this forward-looking information as a
result of those factors discussed in or referred to in Note 1 of the condensed
interim consolidated financial statements for the three and six months ended
June 30, 2023, and in the related interim MD&A under the headings
"Liquidity and Capital Resources", "COVID-19 Global Pandemic, Economic and
Geopolitical Risks" and under the heading "Risks and Uncertainties" in the
Company's most recent Annual Information Form, both available at
http://www.sedar.com, as well as changes in general business and economic
conditions, the ability to continue as a going concern, changes in interest
and foreign currency rates, changes in inflation, the supply and demand for,
deliveries of and the level and volatility of prices of rough diamonds, costs
of power and diesel, impacts of potential disruptions to supply chains, acts
of foreign governments and the outcome of legal proceedings, inaccurate
geological and recoverability assumptions (including with respect to the size,
grade and recoverability of mineral reserves and resources), and unanticipated
operational difficulties (including failure of plant, equipment or processes
to operate in accordance with specifications or expectations, cost
escalations, unavailability of materials and equipment, government action or
delays in the receipt of government approvals, industrial disturbances or
other job actions, adverse weather conditions, and unanticipated events
relating to health safety and environmental matters).

Accordingly, readers are cautioned not to place undue reliance on these
forward-looking statements which speak only as of the date the statements were
made, and the Company does not assume any obligations to update or revise them
to reflect new events or circumstances, except as required by law.

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