ENVIRONMENTAL ASSESSMENT – Victor diamond project gets nod

NORTHERN ONTARIO - ENVIRONMENT CANADA has given its stamp of approval to the environmental assessment study for DE BEERS CANADA's Victor diamond mine in the James Bay Lowlands. Construction on the $982-million project is set to begin in 2006 once the necessary federal and provincial permits have been granted.

According to the project facts posted at www.DeBeersCanada.com, a plant treating 7,000 tonnes of ore daily will produce 600,000 ct of diamonds annually. The project will employ 600 people during construction and create 380 permanent jobs when commercial production rates are achieved in 2008.

"De Beers Canada will spend $1.6 billion over the next four years to concurrently develop diamond mines at Snap Lake in the NWT and at Victor. De Beers Canada will be spending a further $38.5 million to advance our Gahcho Ku joint venture project in the NWT to the permitting phase. Together these projects represent a very significant commitment to Canada and to the diamond industry," said Richard Molyneux, president & CEO of De Beers Canada.