Diamcor's acquisition of the Krone-Endora diamond project in South Africa, adjacent to De Beers' Venetia Diamond Mine, has been completed, the company announced Monday.

The diamond deposits in the Korne 104 and Endora 66 properties are alluvial, with an additional eluvial (lower) level, both of which are believed to originate from the Venetia kimberlites.

Current analysis of the site indicates the presence of over 54 million tons of diamondiferous gravel containing 1.3 million carats of rough diamonds.

Now that the deal is closed, Diamcor plans to proceed with drilling and sampling programs, which will help determine a current market diamond price estimate for the Krone-Endora project.

Diamcor Mining is a publicly traded diamond company that focuses on acquiring and operating diamond projects in South Africa, rather than on high-cost kimberlite exploration ventures.