For immediate release
August 22, 2005
MEDIA RELEASE
DE BEERS' VICTOR PROJECT ENVIRONMENTAL ASSESSMENT APPROVED
Toronto - August 22, 2005 — De Beers Canada Inc. is pleased to announce that the Environmental Assessment (EA) Comprehensive Study Report for the proposed Victor diamond mine in northern Ontario has been approved by the Federal Minister of the Environment. This approval is the culmination of an exhaustive three-year process which involved extensive studies and reviews with contributions from technical and environmental experts, Government departments, First Nations communities, the public and other stakeholders.
In June the Attawapiskat First Nation voted positively to ratify the Impact Benefit Agreement with De Beers. Construction of the C$982 million mine is set to begin in 2006 once the necessary federal and provincial permits have been granted.
"There has been an extensive collective effort over the last three years to ensure that the Victor mine will minimize impacts and maximize benefits for the people of northern Ontario. The First Nations communities in the region have been very involved in the EA process and traditional knowledge has been incorporated in the project design and future monitoring plans. Having successfully completed a number of major steps, we will now proceed with final permit applications to build the mine," said Jeremy Wyeth, Vice President of the Victor Project.
The Victor Project, will be the first diamond mine in Ontario and De Beers' second mine in Canada. It will take three years to construct and is scheduled to begin production at the end of 2008. Victor will produce approximately 6 million carats during the life of the mine and will employ about 600 people during construction and 400 during production. The Victor kimberlite is one of 18 pipes discovered on the property, 16 of which are diamondiferous. De Beers will continue with the evaluation of other priority kimberlites on the property which may extend the life of the mine.
"De Beers Canada will spend C$1.6 billion over the next four years to concurrently develop diamond mines at Snap Lake in the NWT and at Victor. De Beers Canada will be spending a further C$38.5 million to advance our Gahcho Kué joint venture project in the NWT to the permitting phase. Together these projects represent a very significant commitment to Canada and to the diamond industry," said Richard Molyneux, President & CEO of De Beers Canada 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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