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Gold/Mining/Energy : Canadian Diamond Play Cafi

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To: Famularo who wrote (189)	9/23/2002 7:40:43 AM
From: Just G	Read Replies (1) of 16203

Monday, 23 September, 2002 -------------------------------------------------------------------------------- DeBeers calls off Attiwapiskat mine project Talks have broken off between a First Nation Band and international diamond giant De Beers over development of a diamond mine in the James Bay Lowlands. De Beers Canada president and CEO Richard Molyneux said in Toronto on the weekend that as a result the company's winter exploration program on the Victor Project has been cancelled. Representatives of the Attawapiskat community and the company met Friday but were unable to agree on an agenda for discussions to resolve issued raised by the 1,600-member band. Molyneux said the issues the band wanted on the agenda were "well outside the necessary scope" of the talks. De Beers has spent over $40 million on the Victor Project, but says it is still in the advanced exploration stage. It wanted to carry out site investigations and exploration aimed at acquiring data to enable the board of directors to make a decision on financing the next stage, a full feasibility study for an open pit operation. The deadline for the pre-feasibility work was to be completed by year end.

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