SUSTAINABLE DEVELOPMENT Snap Lake impact benefit agreement signed

NORTHWEST TERRITORIES DE BEERS CANADA and the NORTH SLAVE METIS ALLIANCE have signed an impact benefit agreement (IBA) for the Snap Lake diamond project 220 km northeast of Yellowknife. The agreement establishes business contracts, training and employment opportunities, scholarships and financial benefits for the North Slave Mtis.

This is the third IBA concluded by De Beers for Snap Lake. The first one was completed with the Yellowknives Dene First Nation in November 2005 and the other with the Tlicho Government in March 2006.

The Snap Lake mine (see www.DeBeersCanada.com) will employ 500 people during full production and will produce 1.5 million carats/year. It will be the first completely underground diamond mine in Canada and De Beers' first mine outside of Africa. The project is under construction and scheduled to begin production in October 2007.