DiamondCorp shares up 13% on SA Lace Mine news

Lace diamond mine is located 25km northwest of the Free State Province town of Kroonstad.

DiamondCorp said that, along with loans from a subsidiary of Tiffany's and the Industrial Development Corporation (IDC), it now has the cash required to push on with the 1.2 million tonne-a-year block cave development at Lace. "The loans from IDC and Tiffany & Co. illustrate confidence in Lace, with its above average gem content and potential for fancy lilac stones," Chief executive Paul Loudon said.

The shares were marked 0.5 pence higher to 4.25 pence, valuing DiamondCorp at $17.7 million (£10.3 million), Mining.com website says.

Read the full article on www.mining.com.