DIAMOND DEVELOPMENT – Ontario chooses Aboriginal company to value Victor diamonds

ONTARIO - The GOVERNMENT OF ONTARIO has chosen DIAMONDS INTERNATIONAL CANADA (Dican), a Canadian company with majority Aboriginal ownership, to value the diamonds produced at DE BEERS CANADA's Victor diamond mine when production begins later this year.

Dican also serves as official diamond valuer in the Northwest Territories and Nunavut. It is owned 51% by the Aboriginal Diamond Group and 49% by WWW International Diamond Consultants in the United Kingdom.

A year ago, in May 2007, the Ontario government declared its determination to collect a 13% royalty on all diamonds produced in the province. The move was met with opposition, but the government persisted. The royalty will apply to the single Ontario diamond mine, the Victor mine in the James Bay area.

A presentation about the Victor mine is posted at www.DeBeersCanada.ca.