Delrand Resources Limited

Delrand Resources Limited

August 16, 2009 20:00 ET

BRC DiamondCore Reports Second Quarter 2009 Results


Toronto, Canada - August 17, 2009 - BRC DiamondCore Ltd. (the "Company") (TSX - "BCD"; JSE - "BCD") reported a net loss of $2,062,000 ($0.08 per share) and $3,544,000 ($0.14 per share) respectively for the three and six month periods ended June 30, 2009 (compared to a net loss of $1,193,000 or $0.05 per share and $4,631,000 or $0.20 per share for the three and six month periods ended June 30, 2008 respectively).

The Company's expenses for the second quarter included the costs associated with the retrenchment of employees. These costs are at an end now. Even though the Company has placed its operations on a care and maintenance basis, there are still significant costs such as surface use rentals payable to the land owners, electricity, security, fuel etc. Depreciation also continues even though the assets are not in use. As well, costs incurred in South African rand increased due to the 17% increase in the value of the rand against the Canadian dollar over the quarter.

The Company continues to focus on its prospective Tshikapa project in the Democratic Republic of the Congo.

The Company's unaudited interim consolidated financial statements as at and for the three and six month periods ended June 30, 2009 and the related management's discussion and analysis have been filed on SEDAR at www.sedar.com.

As per the listing requirements of the JSE Limited, the following announcement was issued by the Company in South Africa on August 17, 2009 on the Securities Electronic News Service under the heading "BRC DiamondCore's Sale of Alluvial Diamond Projects - Renewal of Cautionary": "Further to the cautionary announcements issued, on 6 May 2009, 20 May 2009 and 3 July 2009 respectively, shareholders are advised that negotiations are ongoing and that they should continue to exercise caution when dealing in their securities until a further announcement in made."

BRC DiamondCore Ltd. is an African-focused diamond explorer active in South Africa and the Democratic Republic of the Congo. Led by a management team with extensive experience in diamond exploration and mine development, the Company has a broad spectrum of projects ranging from advanced stage trial mining operations through grass-roots exploration. The Company's projects comprise both prospective alluvial gravels and primary kimberlite targets. 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, www.brc-diamondcore.com, or contact:
In Toronto: Martin D. Jones, Vice President, Corporate Development, (416) 366-2221 or 1-800-714-7938.
In Johannesburg: Brian P. Scallan, Vice President, Finance +27 11 9582885.