Hello Diamond Daze
On the wire this morning:
Aber Resources Ltd. announces Diavik Diamonds Project Feasibility Study Anticipated Mid-1999
VANCOUVER, April 19 /CNW/ - Aber Resources Ltd. (ABZ-TSE, ABERF- NASDAQ)
announces that Diavik Diamond Mines Inc. (''DDMI''), the manager of the Diavik
Diamonds Project, has advised that the project Feasibility Study is expected
to be completed following the Minister of Environment's decision on the
Project under the Canadian Environmental Assessment Act (''CEAA''). The
Minister's decision is anticipated mid-1999. DDMI and Aber expect greater
clarity regarding the permitting, regulatory and fiscal regimes for the
project to emerge once the Minister's decision has been received.
In addition to undergoing the environmental and socio-economic review
process (Comprehensive Study Review Process) under CEAA, DDMI, as Manager, is
also presently discussing participation agreements with Aboriginal community
groups. It is anticipated that these agreements, together with the necessary
regulatory approvals, will be concluded in the second half of 1999.
A budget of C$43.6 million (C$17.4 million net to Aber), exclusive of
mobilization commitments, has been approved by the joint venture for 1999. The
budgeted work entails detailed engineering and planning with a staff of over
40 people and is well underway.
Results to date indicate a resource of 37 million tonnes in four
kimberlite pipes, containing 133 million carats for an average resource grade
of 3.6 carats per tonne. The resource is stated according to the guidelines
of the Australasian Institute of Mining and Metallurgy (AusIMM).
<<
------------------------------------------------------------------------
Measured Indicated Inferred Total
resources resources resources resources
------------------------------------------------------------------------
Kimber- Millions Carats Millions Carats Millions Carats Millions Carats
lite of per of per of per of per
Pipe tonnes tonne tonnes tonne tonnes tonne tonnes tonne
------------------------------------------------------------------------
A-154
South 8.2 5.0 3.2 4.6 0.6 2.8 12.0 4.8
------------------------------------------------------------------------
A-418 4.9 3.6 3.6 4.0 0.6 3.6 9.0 3.7
------------------------------------------------------------------------
A-154
North 3.6 3.0 3.4 2.1 4.6 2.1 11.5 2.4
------------------------------------------------------------------------
A-21 4.4 3.1 0.6 2.7 4.9 3.0
------------------------------------------------------------------------
Total 16.6 4.1 14.5 3.4 6.3 2.4 37.4 3.6
------------------------------------------------------------------------
>>
Estimated diluted mineable reserves are 26 million tonnes containing 102
million carats, for an average reserve grade of 3.9 carats per tonne. This
estimate excludes inferred resources but takes into account underground mining
plans. Capital and operating cost estimates, annual plant throughput, annual
mining rate, mining sequence and mine life will be finalized at completion of
the Feasibility Study.
The current targets for mobilization and initial production are first
quarter 2000 and second quarter 2002 respectively. This schedule will be
finalized in the Feasibility Study.
The Diavik Diamonds Project is located 300 km northeast of Yellowknife
NWT, Canada and is 35 km southeast of the Ekati Diamond Mine. The Diavik
Diamonds Project is owned 40% by Aber and 60% by DDMI, a wholly owned
subsidiary of Rio Tinto plc.
Regards |
