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Gold/Mining/Energy : Canadian Diamond Play Cafi

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To: Famularo who wrote (489)	1/20/2003 9:32:22 AM
From: Famularo	Read Replies (2) of 16206

TORONTO, Jan. 20 /PRNewswire-FirstCall/ -- Aber Diamond Corporation (TSX- ABZ, NASDAQ-ABER) is pleased to report that construction of the Diavik Diamonds Project is virtually complete, within Project schedule and budget. Overburden removal from the Diavik A154 open pit mine proceeded satisfactorily during the fourth quarter. Commissioning trials of the Processing and Recovery Plants recommenced during the last week of November and continued during the month of December on an intermittent basis on low- grade mineralization taken from the contact zones at the top of the A154 South orebody. Operating rates continued to ramp up in line with planned levels during December as increasing quantities of feed become available to the Processing Plant. As diamonds have been recovered at the Diavik Project operations, they were forwarded to the Diavik Production Splitting Facility in Yellowknife for cleaning and preparation for valuation for royalty purposes. A limited quantity of the diamonds recovered during December underwent valuation for Government of Canada royalty purposes and are expected to be forwarded to the Joint Venture Participants, Diavik Diamond Mines Inc. and Aber by the end of January. Cumulative project expenditures to December 31 were $1.22 billion. Forecast Project costs continue to be within budget with an expected cost of $1.25 billion at completion. The Diavik Diamonds Project is an unincorporated joint venture between Diavik Diamond Mines Inc. (60%) and Aber Diamond Mines Ltd. (40%). Both companies are headquartered in Yellowknife. Diavik Diamond Mines Inc. is a wholly owned subsidiary of Rio Tinto plc of London, England, and Aber Diamond Mines Ltd. is a wholly owned subsidiary of Aber Diamond Corporation of Toronto, Ontario. This press release contains certain "forward-looking statements" (within the meaning of the United States Private Securities Litigation Reform Act of 1995) that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Risks and uncertainties are disclosed in the Company's Annual Information Form filed with certain Canadian securities regulators and with the United States Securities and Exchange Commission. Aber Diamond Corporation CONTACT: please contact: Robert A. Gannicott, President & Chief Executive Officer - (416) 362-2237 (ext. 225); or S. Caroline Glasbey,

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