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Gold/Mining/Energy : Winspear Resources

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To: Dave M who started this subject	10/1/2003 12:57:14 PM
From: ddl	Read Replies (1) of 26850

De Beers puts James Bay diamond project on hold By Gregory Reynolds - Timmins Daily Press Wednesday, October 01, 2003 - 07:00 Local News - De Beers Canada Corp. is putting the brakes on its diamond project in the James Bay Lowlands. The multi-million-dollar Victor Project is 90 km west of Attawapiskat. The company was forced to re-assess the schedule for the project because of problems in obtaining the necessary federal and provincial permits. Jeremy Wyeth, vice president for the Victor Diamond Project has told potential supply and service companies that progress for the permits “has been slower than anticipated.” Wyeth said, as a result, the company “will be unable to utilize the 2004 winter road.” There are no roads in the area and everything moving into and out of the exploration site either has to be flown or moved over ice roads created when the muskeg is frozen. This condition results in a short work season, dependent as it is on winter conditions. The company has been vocal in Europe over the road blocks erected by the federal government. The company’s diamond project at Snap Lake in the Northwest Territories has been beset with permitting problems. In an interview with the Financial Times of London in July, De Beers managing director Gay Ralfe expressed frustration with the Canadian government’s lengthy scrutiny of company projects. “We are at least four years away from producing diamonds in Canada,” he said. “The government’s long permitting process is not conducive to investment there.” With more than $40 million invested in the Victor Project, De Beers appeared to have overcome its problems in December of 2002 when it signed a Feasibility Partnering Agreement.

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