Lucara Diamond Corp. ("Lucara" or the "Company") is pleased to announce the recovery of an unbroken 998 carat high white clivage diamond from its 100% owned Karowe Diamond Mine located in Botswana (image attached).  The diamond, measuring  67x49x45mm, was recovered from direct milling of ore sourced from the EM/PK(S) unit of the South Lobe, and follows a notable series of diamond recoveries during this recent production run, including a number of top quality clivage and gem quality stones of 273, 105, 83, 73, and 69 carats in weight. The EM/PK(S) forms an important economic driver for the proposed underground mine at Karowe and continues to produce large gem quality diamonds in line with expectations, a further testament to the strong resource performance at Karowe. View PDF version

The 998 carat diamond was recovered in the MDR ("Mega Diamond Recovery") XRT circuit that allows for diamond recovery post primary crushing and prior to milling. This recovery represents the second +500 carat diamond recovered from this circuit in 2020. Year to date, Karowe has produced 31 diamonds greater than 100 carats including 10 diamonds greater than 200 carats comprising of the 549 carat Sethunya, and the 998 carat diamond. In accordance with the partnership between Lucara and HB Antwerp regarding all diamonds greater than 10.8 carats produced from Karowe, both companies are evaluating the next steps in order to maximise the value of this rare large diamond.

Eira Thomas, CEO commented: "Lucara is extremely pleased with the continued recovery of large high quality diamonds from the South Lobe of the Karowe mine. To recover two +500 carat diamonds in 10 months along with the many other high quality diamonds across all the size ranges is a testament to the unique aspect of the resource at Karowe and the mine's ability to recover these large and rare diamonds. Operations at Karowe have continued through 2020 and operational challenges, due to Covid-19 restrictions, have been met with professionalism by the team. We look forward to a safe finish to 2020 and continued success at Karowe as we remain focussed on strong operations to ensure maximum resource performance."

This press release has been reviewed and approved by Dr. John Armstrong, Ph.D. P.Geol., Vice-President, Technical Services of the Company and a "Qualified Person" for the purposes of National Instrument 43-101.