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Lucara projects US$ 200 million revenue from Karowe in 2018

Lucara Diamond Corp. has announced its operating guidance for 2018. The company has forecasted that the revenue would be in the range of US$ 170 million to US$ 200 million, excluding the sale of significant high quality exceptional stones. While the diamonds recovered and sold are forecast between 270,000 to 290,000 carats from its Karowe mine in Botswana.

‘To date the Karowe mine has produced and sold the world’s two highest value rough diamonds, the Lesedi La Rona and the Constellation for a combined value of US$ 116.1 million dollars as well as selling 7 rough diamonds in excess of US$ 10 million each,’ the company stated.

For 2018, the company is forecasting ore mined guidance at to 2.5 – 2.8 million tonnes compared to 2017 forecast of 1.4 – 1.6 million tonnes. Karowe mine operating cash costs are expected to be between US$ 38 – US$ 42 per tonne processed as the company continues to advance the major push back to fully access south lobe ore. Operating cash costs, excluding waste mining is expected to be US$ 21 – US$ 24 per tonne processed.

William Lamb, president and CEO commented, “The Company is forecasting to mine robust volumes from the high value south lobe and continuing waste mining to complete the push back at the Karowe mine to fully access south lobe ore. In 2018, we continue to advance our internal growth projects including the pre-feasibility study for an underground mine at Karowe as well as our exploration portfolio. Following the successful completion of the MDR and sub-middles projects as well as the expected completion of the cut 2 waste push back in early 2019, operating and capital costs are forecast to be significantly reduced going forward contributing to free cash flow in future periods.”

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