Lucara Announces Recovery of Fourth Diamond IN Excess of 1,000 Carats from the Karowe MINE IN Botswana, a 1,080 Carat Type Iia White Gem Quality Diamond from the South Lobe
August 8, 2023
NEWS RELEASE
LUCARA ANNOUNCES RECOVERY OF FOURTH DIAMOND IN EXCESS OF 1,000 CARATS FROM THE
KAROWE MINE IN BOTSWANA, A 1,080 CARAT TYPE IIA WHITE GEM QUALITY DIAMOND FROM
THE SOUTH LOBE
VANCOUVER, August 8, 2023 /CNW/ (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm)
Lucara Diamond Corp. (“Lucara” or the “Company”) is pleased to announce the recovery of a 1,080.1 carat diamond
from its 100% owned Karowe Diamond Mine located in Botswana (image attached). The diamond, measuring 82.2 x
42.8 x 34.2mm is described as a Type IIa top white gem of high quality, recovered in the Coarse XRT unit at Karowe
from direct milling of o re sourced from the M/PK(S) unit of the South Lobe. The 1,080.1 carat diamond represents
the fourth +1,000 carat diamond recovered from the South Lobe of the AK6 kimberlite since 2015 . Other notable
recoveries include the 1,758 carat Sewelô (2019), a 1,174 carat diamond (2021), and the 1,109 carat Lesedi La Rona
(2015).
Eira Thomas, CEO commented: “Lucara is extremely pleased to be reporting the recovery of a nother large, high
quality gem diamond in excess of 1,000 carats in size, representing our fourth diamond over 1,000 carats since 2015.
As we progress mining deeper in the open pit and transition to underground mining, exclusively in the South Lobe,
the preponderance of large, high value stones is increasing, consistent with the resource model and underpins the
strong economic rationale for investing in the Underground expansion that will extend the mine-life out to at least
2040.”
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,
Eira Thomas
President and Chief Executive Officer
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For further information, please contact:
Hannah Reynish Investor Relations & Communications
+1 604 674 0272| [email protected]
Sweden Robert Eriksson, Investor Relations & Public Relations
+46 701 112615 | [email protected]
UK Public Relations Charles Vivian / Jos Simson, Tavistock
+44 778 855 4035 | [email protected]
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 ar eas 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 8, 2023 at 2:00pm 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 a s "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 c an 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
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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 di ffer materially from those anticipated in this forward -looking information as a result of
those factors discussed in or referred to under the heading “COVID-19 Global Pandemic, Economic and Geopolitical
Risks” in the Company’s most recent MD&A 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 stat ements 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.