Delrand Resources Limited

Delrand Resources Limited

May 03, 2011 20:00 ET

BRC DiamondCore Announces Financing

Toronto, Canada - May 4, 2011. BRC DiamondCore Ltd. (the "Company") (TSX - BCD; JSE - BCD) announces that it proposes to carry out a non-brokered private placement of up to 7,500,000 units of the Company at a price of Cdn$0.08 per unit for proceeds to the Company of up to Cdn$600,000. Each such unit is to be comprised of one common share of the Company and one warrant of the Company, with each such warrant entitling the holder to purchase one common share of the Company at a price of Cdn$0.11 for a period of three years. Closing of this financing (the "Financing") is subject to receipt of all necessary approvals, including the approval of the Toronto Stock Exchange. The Company intends to use the proceeds from the Financing for general corporate purposes.

BRC DiamondCore Ltd. is an African-focused diamond explorer with projects in the Democratic Republic of the Congo (the "DRC"). Led by a management team with extensive experience in diamond exploration and mine development, the Company works in a systematic and responsible manner to discover, assess and develop diamond resources for the benefit of its shareholders and local stakeholders.

For further information, please visit our website,, or contact:
In Toronto: Arnold T. Kondrat, Director, (416) 366-2221 or 1-800-714-7938.
In Johannesburg: Brian P. Scallan, Vice President, Finance, +27 82 902 6273 or +243 991772978.

Forward-Looking Information: Statements in this press release announcing the proposed Financing are forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to complete the proposed Financing, the need to satisfy regulatory and legal requirements with respect to the proposed Financing, risks related to the exploration stage of the Company's projects, political developments in the DRC, market fluctuations in prices for securities of exploration stage companies, uncertainties about the availability of additional financing, changes in equity markets, changes in commodity markets, and the other risks involved in the mineral exploration business. Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.