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Gold/Mining/Energy : Precious and Base Metal Investing

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To: Claude Cormier who wrote (24674)	11/28/2003 12:19:33 PM
From: Proud Deplorable	Read Replies (1) of 39344

While you're here. RE ADD Actic Diamond...how close is it to this place ? --- De Beers makes Victor diamond project top priority By Gregory Reynolds Wednesday, November 26, 2003 - 07:00 Local News - It appears the De Beers diamond project in the James Bay Lowlands has moved to the head of the company’s priority list. De Beers Canada president Richard Molyneux says “there is a good chance the Victor Project will be the first mine commissioned in Canada” by the world-wide diamond marketing giant. The company has been working for years on obtaining approvals for a diamond mine at Snap Lake in the Northwest Territories. Canada’s only two producing diamond mines are in the N.W.T. and industry experts have long predicted De Beers would get Snap Lake producing before Victor. Molyneux was interviewed Tuesday on CBC Radio and cautioned the project 90 kilometres west of Attawapiskat has yet to receive final approval by the company’s board of directors. Similar to other company officials, Molyneux said he was “optimistic the project would proceed.” The deadline for the approval is May because the company needs to use the winter road from Moosonee to Attawapiskat. The road is usually opened in January and the president said it was important to use it in 2005. A huge amount of equipment and supplies has to get into the site during the few months the winter road is open. He also said the company is hopeful that other diamondiferous kimberlite pipes around Victor will enable the company to extend the purposed mine beyond the present projected life of 12 years, 2007-2019. The company found 18 pipes in the Attawapiskat area and 16 of them are diamondiferous. The company has taken bulk samples from three besides the Victor, the Tango Extension, Delta and India but has announced no results. Northeastern Ontario communities are hoping to benefit from the huge project (Victor mine manager Tony George estimated development costs at $825 million) and Molyneux dealt with this question.

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