DIAMOND DEVELOPMENT NEWS Snap Lake Clears Public Hearing Hurdle

YELLOWKNIFE, Northwest Territories Public hearings into DE BEERS' application for a water licence and land use permit for the Snap Lake diamond mine were held at the end of January. The company anticipates that the approvals will be received by April 2004 and that construction will start next year. The environmental assessment approval was received in September 2003.

Full production from the Snap Lake underground mine is expected in 2007. De Beers' estimated capital cost of $490 million will create a 3,000-tonnes/day operation to recover over 1.5 million carats/year. The mine will provide 550 permanent jobs and pump close to $100 million into the local economy annually for 20 years.

A small gallery of photos from Snap Lake may be viewed at www.debeerscanada.com.