For immediate release
July 25, 2005
MEDIA RELEASE
DE BEERS TO ADVANCE THE GAHCHO KUÉ PROJECT
Toronto - Monday, July 25th, 2005 — De Beers Canada Inc. is pleased to confirm that funding totaling C$38.5 million has been approved to advance the Gahcho Kué joint venture project. These funds will cover a variety of work to be carried out over 2005 and 2006, which will include: initiation of the environmental assessment and permitting process, maintenance of ongoing environmental studies, consultation and stakeholder engagement, and further large diameter sample drilling on the 5034 and Tuzo kimberlites.
The decision to advance this project is based on the outcomes of over seven years of working culminating in the 18-month study which was completed in June 2005. "We are pleased at the positive outcome of the study and our decision to advance the project. Our intention is to make this our second diamond mine in the NWT, and believe the timing of the project is ideal for the long-term sustainability of the diamond industry in the north." said Richard Molyneux, President & CEO of De Beers Canada Inc.
During the past seven years De Beers has conducted extensive exploration and engineering work and has prioritized environmental baseline and socio-economic studies to prepare the project for the environmental assessment phase. The company will continue with community consultation and information sessions as the project progresses.
The additional large diameter drilling will be carried out on the 5034 and Tuzo kimberlites to improve confidence levels, and further geotechnical, hydrological and delineation drilling will be undertaken.
De Beers is spending $1.6 billion over the next four years to concurrently develop the Snap Lake diamond mine in the NWT and the Victor mine in northern Ontario in 2006. Together these projects represent a significant commitment to the diamond industry.
The Gahcho Kué project, approximately 300 km northeast of Yellowknife, is a joint venture between De Beers Canada Inc., Mountain Province Diamonds Inc and Camphor Ventures Inc.
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| For further
information contact: |
Linda Dorrington
Manager - Public and Corporate Affairs
De Beers Canada Inc.
Business Office: 416 645-1710 ext. 2107
Cell Phone: (416) 818-2254
Email: linda.dorrington@ca.debeersgroup.com
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