News, just out.
Aber Resources Ltd. announces Diavik Diamonds Project update
VANCOUVER, Nov. 23 /CNW/ - ABER RESOURCES LTD. (TSE-ABZ, NASDAQ-ABERF)
announces that it has been informed by Diavik Diamond Mines Inc., project
operator, that the feasibility study expected in the fourth quarter of 1998 is
now scheduled to be completed early in the second quarter of 1999. The
overall project schedule remains as previously stated, with a commercial
production target in the second quarter of 2002.
The additional time for the feasibility study is required to complete
optimization and engineering studies utilizing information from construction
contractors gathered during the feasibility work. In explaining the change,
Diavik Diamond Mines said ''the process of cycles of reviews and revisions is
normal and quite often delays the conclusion of the study.''
Revised estimates of the capital costs and operating costs for the
project are not complete. As part of the optimization work the sequence of
pipes to be mined by open-pit is also being reviewed. The overall program of
feasibility work and environmental assessment for 1998 remains on budget at
approximately C$30,000,000. The continuation of the feasibility work into
1999 is not expected to substantially affect the costs of the feasibility
work.
The Environmental Assessment for the Diavik Diamonds Project was filed on
September 25, 1998 and the public and government involvement in the
comprehensive study environmental assessment process is proceeding as planned.
The joint venture partners expect to receive permits in the fall of 1999,
which will enable mobilization to occur in the first quarter of the year 2000.
Aber Resources has a 40% interest in the Diavik Diamonds Project and
retains the right to market its 40% share of diamond production. The
remaining 60% is owned by Yellowknife-based Diavik Diamond Mines, a subsidiary
of Rio Tinto plc of London, England. Mine construction is subject to a
favourable feasibility study, the receipt of government approval and permits,
and a construction decision by the joint venture partners.
%SEDAR: 00003786E
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For further information: Kenneth G. Hanna, President and Chief
Executive Officer or R. Michael Jones, Vice-President, Corporate Development
or Alan J. Bayless, Manager, Investor Relations and Corporate Affairs (604)
682-8555, fax (604) 685-8359 or www.aber.ca
PHIL |
