CSR: Shear Diamonds signs accord with Nunavut Resources

NUNAVUT - Edmonton-based Shear Diamonds, that his hoping to reopen the Jericho diamond mine, has signed a mutual co-operation agreement with Nunavut Resources Corp. The NRC is an Inuit-owned corporation dedicated to achieving participation and ownership in the territory's major resource developments.

The agreement was signed by Shear president Pamela Strand and NRC chairman Charlie Evalik. It is the first agreement of this kind to be signed with the NRC. It sets out specific provisions for the benefit of both parties in the examination o infrastructure and other development opportunities associated with the potential reopening of the Jericho mine.

The Jericho diamond mine is Nunavut's first and only diamond mine. It is located 420 km northeast of Yellowknife and is accessible by air all year and by winter road. The project was mined from 2006 to 2008, and produced 780,000 ct of diamonds from 1.2 million tonnes of kimberlite mined from the open pit operation. Over $200 million was invested in the development of the Jericho operations including the construction of a 2,000-t/d diamond recovery plant, maintenance facility, fuel farm, and offices and accommodation for 225 personnel.

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