News today.
That's $124 per carat, not including the larger stones.
Tuesday January 26, 9:31 am Eastern Time
FULL TEXT-BHP, Dia Met first Ekati sales
(Full text of press release from Canadian Corporate News)
JANUARY 26, 1999
BHP Diamonds Inc. and Dia Met Minerals Ltd. announce initial sales results
KELOWNA, BRITISH COLUMBIA--BHP Diamonds Inc. and Dia Met Minerals Ltd. are pleased to announce the results of the
first sales of rough diamonds produced from the Ekati Diamond Mine in the Northwest Territories, Canada. Sales of distinct
allotments were made to a number of diverse international diamond companies. The sales took place during the week of January
18, 1999, at the BHP Diamonds (Belgium) sales office, located in Antwerp.
A total of approximately 68,500 carats from October and November 1998 production were sold for US$8.5 million. Larger stones
of 10.8 carats and up were not included and will be marketed separately.
The number of carats sold in subsequent cycles will increase as production from the Ekati Diamond Mine continues to ramp up.
Total production in December 1998 was 169,892 carats. Full production of approximately 250,000 carats per month is expected
in March 1999.
''We are very pleased with the positive market response to our initial sales, which confirms a strong interest in Ekati production
despite current market conditions,'' said James R. Rothwell, President, BHP Diamonds Inc.
''The initial sales demonstrate the high quality of rough diamonds produced from Ekati, and the sound approach that is being
taken to the initial marketing phase. I am delighted to say that we are now producing revenue from the Ekati Diamond Mine,'' said
Dia Met President James E. Eccott.
A regular program of diamond sales to core clients on a 4 - 5 week cycle will be undertaken by BHP Diamonds Inc. on behalf of
the Ekati Diamond Mine Joint Venture. In addition, window sales of small parcels will be an ongoing element of the marketing
program and the potential for a bulk sale of a portion of the run-of-mine production to De Beers remains under consideration.
Future sales results will be disclosed through the regular financial reporting of The Broken Hill Proprietary Company Limited and
Dia Met Minerals Ltd.
Dia Met is a publicly traded mineral exploration and development company with a primary focus on diamonds. The company
holds a 29 per cent interest in the Ekati Diamond Mine, Canada's first commercial diamond mine, together with BHP Diamonds
(51 per cent), Charles Fipke (10 per cent) and Stewart Blusson (10 per cent). The Ekati Diamond Mine is located 300 kilometres
northeast of Yellowknife in Canada's Northwest Territories.
James R. Rothwell, President, BHP Diamonds Inc.
James E. Eccott, President Dia Met Minerals Ltd.
FOR FURTHER INFORMATION PLEASE CONTACT:
BHP Diamonds Inc.
Graham Nicholls
Manager, External Affairs
(604) 605-8666
(867) 669-6724 (FAX)
or
Dia Met Minerals Ltd.
Gerald Prosalendis
Manager, Investor Relations and Corp. Communications
(250) 861-8660 or Cell (250) 317-2997
(250) 861-3649 (FAX)
E-mail: corporatdiamet.com
Website: www.diamet.com
The American Stock Exchange and Toronto Stock Exchange have neither approved nor disapproved the information contained in
this release.
PHIL |
