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The Company's experienced Management and operational team has an established history of successful diamond production and supply of rough diamonds to the world market, and the completion of various exploration programs. Recent operations at the Company's So Ver mine ran on a 24/7 basis until the project was successfully completed in early 2007. The Company has been planning carefully over the past 24 months for its targeted return to production and believes it can achieve an increased production level via the De Beers Krone-Endora at Venetia acquisition, which closed February 28th, 2011 Now that the acquisition is complete, the Company is targeting an immediate move to trial-mining at Krone-Endora at Venetia, with a view to outlining an initial production target of 10,000 carats per month within 12 months of the project's starting date. The initial NI43-101 estimates on the included areas of Krone-Endora have been reported at 54 million tonnes of diamondiferous gravels and 1.3 million carats. Given these estimates, the Company believes the project has the potential to achieve sustained operations for 10+years.
In conjunction with the planned trial-mining exercises, the Company also plans to complete a drilling program on additional areas of interest at Krone-Endora at Venetia, which will allow the Company to determine the full potential of the project and determine its ultimate production targets. The Company is also involved in additional discussions aimed at the potential acquisition of other production based diamond projects aimed at allowing the Company to achieve a targeted aggregate production number of 25,000 - 30,000 carats per month within 24-36 months.
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