rough Diamond 1111 carat Lucara

LUCARA REPORTS STRONG DEMAND AND PRICING; COMMENCES THE SALES PROCESS FOR THE LESEDI LA RONA DIAMOND

Lucara Diamond Corp. has reported strong first quarter 2016 revenues of US$50.6 million or US$649 per carat and cash of US$144.3 million. This compares favorably to the company’s revenue for the comparable period of 2015 of US$29.6 million or US$278 per carat.

Following the end of the first quarter, the first exceptional stone tender achieved US$51.3 million, resulting in year to date revenue exceeding $100 million. Lucara Diamond Corp continues to forecast revenue between US$200 million and US$220 million for the year ending December 31, 2016. This excludes the anticipated sale of the two high value diamonds, the Lesedi La Rona and the 813 carat stone held in inventory at March 31, 2016.

The sale of the Lesedi La Rona diamond, the 1,109 carat stone discovered in November has commenced and will culminate in an auction during the month of June.

“Lucara’s high quality stones and production assortment has resulted in strong customer demand for our product generating revenues of over $100 million this year. With management’s focus on cost control we continue to achieve high operating margins and returns. Lucara’s exploration program continues to advance and with the deep drilling of the Karowe resource due to commence in the second quarter we are excited by the prospects for the remainder of 2016 and the potential organic growth opportunities,” enthuses Lucara Diamond Corp President and Chief Executive Officer William Lamb.

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