DIAMOND DEVELOPMENT NEWS Snap Lake Receives Permit

NORTHWEST TERRITORIES DE BEERS CANADA has the final permit in hand and will now proceed with development of the Snap Lake diamond project 220 km northeast of Yellowknife. The Class A Water Licence was received from the Minister of Indian and Northern Affairs earlier this week.

Phase One pre-production development will focus on underground development and bulk sample plant testing. The plant equipment was moved to the site on the winter road earlier this year. Construction will probably begin in 2005 and will cost $490 million. The daily mining rate will be 3,000 tonnes at full production with an estimated life of 20 years.

Check for employment opportunities at www.DeBeersCanada.com.

De Beers is in the process of negotiating impact benefits agreements with four aboriginal groups who will be affected by a mine at Snap Lake.