FOR: DIA MET MINERALS LTD.
TSE, AMEX SYMBOL: DMM.A
TSE, AMEX SYMBOL: DMM.B
APRIL 29, 1999
BHP Diamonds Inc. and Dia Met Minerals Ltd. announce
production of 1 million carats and sales results
KELOWNA, BRITISH COLUMBIA--BHP Diamonds Inc. and Dia Met Minerals
Ltd. are pleased to announce that on April 29, 1999, total
production of rough diamonds from the EKATI(TM) Diamond Mine
reached 1 million carats. During March 1999, the mine produced
236,598 carats.
The fourth sale cycle for EKATI(TM) diamonds was conducted during
the week of April 26, 1999 through BHP Diamonds' (Belgium) sales
office, located in Antwerp. Including the fourth sale, a total of
approximately 526,000 carats have been sold to date, for US$76
million. Average values per carat have increased with each of the
four sales cycles.
All mine production must be valued, shipped and sorted prior to
sale, which results in a time lag between production and sales of
approximately two months. Sales to core clients will continue on
an average of a five week cycle. Sales of smaller parcels for
market testing purposes are ongoing.
"In addition to the solid level of production achieved within six
months of the mine opening, we are particularly pleased with the
positive response from the diamond market. There is clearly a
strong interest in a steady, long term supply of quality rough
diamonds from a reliable producer", said James R. Rothwell,
President, BHP Diamonds Inc.
"The joint venture has reached a major milestone in production,
and we are now generating a significant level of revenue. Canada
is now an important supplier to the diamond trade", said James E.
Eccott, President, Dia Met Minerals Ltd.
BHP Diamonds (51 per cent), Dia Met Minerals (29 per cent), and
two geologists, Charles E. Fipke (10 per cent), and Stewart L.
Blusson (10 per cent), developed the EKATI(TM) Diamond Mine, which
is located in the Lac de Gras area of the Northwest Territories,
about 300 km northeast of Yellowknife.
James R. Rothwell, President, BHP Diamonds Inc.
James E. Eccott, President Dia Met Minerals Ltd.
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