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Gold/Mining/Energy : ABER RESOURCES

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To: Andras who wrote (1415)	5/25/1999 2:15:00 AM
From: robert landy	Read Replies (1) of 2006

From New/North re: Enviornmental report: Jumping the gun Erroneous story of Diavik sparks stock price jump Richard Gleeson Northern News Services NNSL (May 24/99) - Federal officials were scrambling last week to correct a newspaper report that the proposed Diavik Diamond mine had received conditional approval. The Canadian Press story appeared Thursday in at least 10 daily newspapers across the country. "There's been no approval, conditional or otherwise," said NWT Associate Regional Director General Lorne Tricoteux on Friday. Tricoteux said he found it "quite staggering" that such a mistake could have been made. The story reported "Federal regulators reviewing the environmental impact of the $875 million Diavik mine have given it conditional approval, a Northwest Territories official confirmed Wednesday." In the story, DIAND official David Livingstone was misidentified as a spokesperson for the Department of Renewable Resources and Environment, presumably referring to the territorial Department of Resources, Wildlife and Economic Development. "I understand, from talking to Mr. Livingstone, the journalist that wrote the story did not seem to be familiar with the issue and that may have been part of the causes of the problem here," said Tricoteux. The story sparked a sharp climb in trading volume and share prices of Aber Resources. The stock price of the junior partner in the Diavik project started the day at $9.90 and closed at $11.20. Mindful of the impact of the story, the federal government immediately informed the securities exchange commission of the error. The 300-page report on the environmental review of the project is due to be completed within the next few weeks. It will then be submitted to Minister of the Environment Christine Stewart. The minister will make a decision on the project following a 30-day public consultation period.

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