Lucara Recovers Epic 2,492 Carat Diamond from the Karowe MINE
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August 21, 2024
NEWS RELEASE
LUCARA RECOVERS EPIC 2,492 CARAT DIAMOND FROM THE KAROWE MINE
VANCOUVER, B.C., August 21, 2024 /CNW/ (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm)
Lucara Diamond Corp. (“Lucara” or the “Company”) is thrilled to announce the recovery of an exceptional 2,492 carat
diamond from its Karowe Diamond Mine in Botswana. This remarkable find, one of the largest rough diamonds ever
unearthed, was detected and recovered by the Company's Mega Diamond Recovery (“MDR”) X-ray Transmission (“XRT”)
technology, installed in 2017 to identify and preserve large, high -value diamonds. The stone was recovered from the
processing of EM/PK(S) kimberlite, the dominant ore type that Lucara will continue to target during the first years of
the Company’s underground mining operations.
This discovery underscores Karowe's reputation as a world -class asset and reaffirms Lucara's position as a leading
producer of large, exceptional diamonds. This latest recovery joins an impressive roster of other significant finds from
the mine, including the 1,758 carat Sewelô and the 1,109 carat Lesedi La Rona.
William Lamb, President and CEO of Lucara, commented on this historic discovery: "We are ecstatic about the recovery
of this extraordinary 2,492 carat diamond. This find not only showcases the remarkable potential of our Karowe Mine,
but also upholds our strategic investment in cutting -edge XRT technology. The ability to recover such a massive, high -
quality stone intact demonstrates the effectivene ss of our approach to diamond recovery and our commitment to
maximizing value for our shareholders and stakeholders."
Mr. Lamb added, "This discovery reinforces Karowe's position as a truly world -class diamond mine and highlights the
continued success of our operational and underground development strategy. ”
Botswana’s diamond industry delivers wide-ranging socio-economic benefits to the country that extend well beyond
the mining sector. Its influence supports national development by funding critical areas such as education and
healthcare.
This discovery symbolizes Botswana's continued ascent as a global leader in diamond production. It represents not only
the unparalleled wealth found in Botswana's soil, but also the remarkable progress the nation has made in developing
its diamond industry for the benefit of its citizens.
This news release has been reviewed and approved by Dr. Lauren Freeman, PhD. Pr. Sci. Nat., Vice-President, Mineral
Resources 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
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For further information, please contact:
Vancouver Hannah Reynish, Investor Relations & Communications
+1 604 674 0272| [email protected]
Sweden Robert Eriksson, Investor Relations & Public Relations
+46 701 112 615 | [email protected]
UK Public Relations Charles Vivian / Jos Simson, Tavistock
+44 79 772 97903 | [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 acti vities. Clara Diamond Solutions Limited Partnership (“Clara”), a wholly -owned
subsidiary of Lucara, has developed a secure, digital sales platform that 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 is certified by the Responsible
Jewellery Council, complies with the Kimberley Process, and 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 l ong-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. This
information was submitted for publication, through the agency of the contact person set out above, on August 21, 2024,
at 2:00 p.m. Pacific Time.
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain of the statements made in this news release 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”, “estimates”, “intends”, “potential”, 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.
Forward-looking information and statements are based on the opinions and estimates of management as of the date
such statements are made, and by their nature involve assumptions, and are subject to several known and unknown or
inherent risks and uncertainties, many of which are difficult to predict and are usually beyond the control of
management. These risks and uncertainties and other factors may cause the actual results , performance or
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achievements of the Company to be materially different from any future results, performance or achievement
expressed or implied by such forward-looking statements and information.
In particular, forward-looking information in this release and risks related thereto may pertain to general business and
economic conditions, the project schedule and capital costs for the Karowe UGP, inaccurate geological assumptions of
a mineralized area and its economic potential (including with respect to the size, grade and recoverability of mineral
reserves and resources), the use and perceived benefits of the MDR XRT technology, the impact of the supply and
demand for, and the price volatility of, rough and polished diamonds, the impact of the renewed HB Antwerp diamond
sales agreement on the Company’s projected revenue and sales channels, cost and timing of the development of
deposits and estimated future production, the Company’s ability to meet its obligations under the Rebase Amendments
with its Lenders, changes in interest and foreign currency rates, expectations that the Karowe UGP will extend mine life,
forecasts of additional revenues, future production activity and forecasts of revenue, costs of power and diesel,
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, acts of foreign governments
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 , the potential impacts of
economic and geopolitical risks, and other risks and uncertainties describe under the heading “Risks and Uncertainties”
in the Company’s most recent MD&A and Annual Information Form available at SEDAR+ at www.sedarplus.ca.
The Company believes that the expectations reflected in this forward -looking information are reasonable, but no
assurance can be given that these expectations will prove to be correct. Readers and investors are thus cautioned not
to place undue reliance on such statements. Forward-looking information and statements contained in this news release
are made as of the date of this news release 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.