For immediate release
August 24, 2001
SNAP LAKE DIAMOND PROJECT UPDATE
August 24, 2001, Vancouver, BC — During
the course of a teleconference August 23 to discuss interim
results for DB Investments, Managing Director
Gary Ralfe stated from London that full production from
the Snap Lake Diamond Project would be delayed until 2006.
Speaking at the World Diamond Conference in Vancouver
later in the day, Richard Molyneux, president and CEO of
De Beers Canada restated the company's commitment to bring
the Snap Lake project into production as quickly as possible
and outlined the reasons for the change in the project
timeline.
"Our original schedule to achieve production at the
end of 2004 was optimistic," said Mr. Molyneux. "We
remain fully committed to developing a diamond mine at
Snap Lake yet feel it is appropriate to allow a little
more time for the permitting process, and for our team
to further delineate the resource within a technically
challenging kimberlite."
De Beers expects to receive the required regulatory approvals
in early 2003 but does not anticipate it will be in a position
to transport construction equipment and supplies over the
winter road in 2003. The company now intends to build production
in a phased approach that will see test mining begin in
2004 with full production slated for 2006.
Changes to the project timetable do not impact the company's
intention to submit the environmental assessment for the
Snap Lake Diamond Project to the Mackenzie Valley Environmental
Review Board in October of this year. While permits are
pending, the project team will continue to work closely
with regulators and other interested parties.
- 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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