ENVIRONMENTAL APPROVAL – Victor diamond projects gets ‘Okay’

NORTHERN ONTARIO - Toronto's DE BEERS CANADA has received final environmental approval for its Victor diamond mine in the James Bay Lowlands, 90 km west of Attawapiskat.

Victor will be the first diamond mine in Ontario. It will take three years to get ready for production in 2008. The mine will produce approximately 6 million carats during its life and will employ about 600 people during construction and 375 during production. It is anticipated that the project will have a $6.7-billion effect on the gross domestic product of the province during its life.

The Victor kimberlite is one of 18 pipes discovered on the property, 16 of which are diamondiferous. De Beers will continue with the evaluation of other priority kimberlites on the property that may extend the life of the mine.

If the photos (at www.DeBeersCanada.com) of diamonds from the Victor project are anything to go by, these stones will be highly prized.