For immediate release
February 02, 2001
APPLICATIONS FILED FOR CANADA'S FIRST UNDERGROUND DIAMOND MINE
Yellowknife, NWT, February 02, 2001 - De Beers will file applications
today to the Mackenzie Valley Land and Water Board for
a water licence and land use permit to develop Canada's first underground
diamond mine
at Snap Lake in the Northwest Territories.
"This is a major milestone for De Beers in Canada
and we are committed to working diligently to move the
project through the permitting process as quickly as is
practical," said Richard Molyneux, president and chief
executive officer, De Beers Canada Corporation.
Located within the Camsell Lake property, approximately
220 kilometres northeast of Yellowknife, the Snap Lake
deposit is a shallow dipping kimberlite dyke best suited
to underground mining.
The permit and licence applications filed today estimate
initial production of 3000 tonnes per day for +20 years.
An optimization and development study will begin this month
to build detailed construction and mine plans. Project
plans are based on receiving permit approvals in the third
quarter 2002, enabling full mine production in 2004.
De Beers acquired 67.76 per cent of the Snap Lake
property as a result of a $305 million acquisition of Winspear
Diamonds Inc. in 2000. Earlier this week, the company completed
the purchase of the remaining 32.24 per cent share of the
project in a $171 million (US$114 million) transaction
with Aber Diamond Corporation.
- Ends -
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further information contact:
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Linda Dorrington
Manager - Public and Corporate Affairs
De Beers Canada
Email: linda.dorrington@ca.debeersgroup.com
Tel: (416) 645-1710 ext 412 / (905) 849-0619
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