REG - Lucara Diamond Corp - LUCARA UNVEILS DIAMOND RECOVERIES FROM KAROWE MINE

Lucara DiamondAnnouncement

21/02/2024 14:15

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RNS Number : 9787D  Lucara Diamond Corp  21 February 2024

February 21, 2024

 

NEWS RELEASE

 

LUCARA UNVEILS DIAMOND RECOVERIES FROM ITS KAROWE MINE

 

VANCOUVER, BC - February 21, 2024 /CNW/ (LUC - TSX, LUC - BSE, LUC - Nasdaq
Stockholm)

 

Lucara Diamond Corp. ("Lucara" or the "Company") is pleased to announce the
recovery of a 320-carat, 111-carat, and two +50-carat stones from its 100%
owned Karowe Diamond Mine located in Botswana (image attached). These diamonds
were recovered from the direct milling of EM/PK(S) kimberlite ore from the
South Lobe during a recent production run that saw additional recoveries of
numerous, smaller +10.8 carat diamonds of high value.

 

The 320-carat is a stunning, gem-quality, top light brown diamond while the
111-carat diamond is described as a magnificent Type IIa white stone of high
quality. The two +50-carat stones add to these recent recoveries and are also
Type IIa white diamonds. These recoveries add to the collection of significant
diamonds recovered at Karowe and further solidifies Lucara's reputation as a
leader in the recovery of large, high-quality diamonds.

 

The recoveries from the EM/PK(S) unit highlight the continued success of
Lucara's mining operations at the Karowe Diamond Mine and re-enforce the
development of the underground mine which will target >95% EM/PK(S) ore
 during the first three years of underground production. The Company's
adoption of advanced diamond recovery technology has enabled the continued
identification and retrieval of these extraordinary diamonds and strong
resource performance.

 

William Lamb, President and CEO of Lucara Diamond Corp., commented on the
recent discoveries, stating:

 

"These diamond recoveries from the EM/PK(S) domain of the South Lobe further
validate the quality and potential of the Karowe Diamond Mine. We are thrilled
with the consistent success we continue to achieve in uncovering large,
high-value diamonds, reaffirming Lucara's position as a leading producer of
large high-quality gem diamonds. Our team's dedication to innovation and
operational excellence continues to drive our success, and we look forward to
delivering further value to our stakeholders through these extraordinary
discoveries."

 

Lucara Diamond Corp. remains committed to responsible and sustainable mining
practices while delivering exceptional value to its shareholders and
stakeholders.

 

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/) ,
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(https://www.linkedin.com/company/lucara-diamond-corp-)

 

For further information, please contact:

 

 Vancouver            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 which ensures 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 Project 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 February 21, 2024 at 6:00 a.m. Pacific Time.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain of the statements made herein contain certain "forward-looking
information" and "forward-looking statements" as defined in 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) using forward-looking terminology such as "expects", "is expected",
"anticipates", "believes", "plans", "projects", "estimates", "budgets",
"scheduled", "forecasts", "assumes", "intends", "strategy", "goals",
"objectives", "potential", "possible" or variations thereof or stating that
certain actions, events, conditions or results "may", "could", "would",
"should", "might" or "will" be taken, occur or be achieved, or the negative of
any of these terms and similar expressions) are not statements of historical
fact and may be forward-looking statements.

In particular, forward-looking information and forward-looking statements may
include, but are not limited to, information or statements with respect to the
anticipated benefits of the Diamond Sales Agreement, including the ability to
achieve regular cash flows and the ability to achieve better pricing  than
available through tender. .

Forward-looking information and statements are based on the opinions and
estimates of management as of the date such statements are made, and they are
subject to several 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, including risks
related to changes in the market for diamond sales. 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 correct.
Certain risks which could impact the Company and its performance under the
Diamond Sales Agreement are discussed under the heading "Risks and
Uncertainties" in the Company's most recently filed Interim MD&A and, in
the Company's most recent Annual Information Form available at
http://www.sedar.com (the "AIF").

The foregoing is not exhaustive of the factors that may affect any of our
forward-looking statements. Forward-looking statements are statements about
the future and are inherently uncertain, and our actual achievements or other
future events or conditions may differ materially from those reflected in the
forward-looking statements due to a variety of risks, uncertainties, and other
factors, including, without limitation, those referred to in this news
release.

Although the Company has attempted to identify important factors that could
cause actual actions, events, or results to differ materially from those
described in forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended.
The forward-looking statements contained in this news release are based on the
beliefs, expectations, and opinions of management as of the date of this
disclosure. There can be no assurance that forward-looking statements will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, readers and
investors should not place undue reliance on forward-looking statements.
Forward-looking information and statements are made as of the date of this
disclosure and accordingly 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 or incorporated by reference in this news
release are qualified by the foregoing cautionary statements.

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