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Gold/Mining/Energy : Diamondex: Winspear Restructured Exploration Offshoot -- Ignore unavailable to you. Want to Upgrade?

To: Paul Bilecki who wrote (214)	2/3/2001 9:03:19 AM
From: kidl	Respond to of 1283

Not exactly news but should increase awareness: News from The Globe and Mail De Beers seeks permits to develop NWT diamond mine Company applies for land use, water licence needed for underground project Allan Robinson 03:38 EST Saturday, February 03, 2001 TORONTO -- De Beers Canada Corp. filed applications yesterday with the Mackenzie Valley Land and Water Board for the water licence and land-use permit it needs to develop Canada's first underground diamond mine at Snap Lake in the Northwest Territories. The proposed mine is located about 220 kilometres northeast of Yellowknife. Toronto-based De Beers Canada decided not to start with a low-cost, small, open-pit mine, which could have been developed sooner, in order to alleviate environmental concerns, Richard Molyneux, the president of De Beers Canada said. The Snap Lake project has been estimated to cost $260-million to develop, but engineering studies to determine the final costs will begin this month, he said. The company hopes to begin production in 2004. Once in operation, the mine is expected to create 350 new jobs. De Beers acquired 67.76 per cent of the Snap Lake property as a result of a $305-million acquisition of Winspear Diamonds Inc. last year. Early this week, De Beers completed the purchase of the remaining 32.24-per-cent share of the project in a $171-million transaction with Aber Diamond Corp. of Toronto. De Beers is also continuing to explore the Attawapiskat property, which lies on James Bay in Northern Ontario. "There's a reasonable probability of a mine coming together [there]," Mr. Molyneux said. Prefeasibility studies are under way in South Africa on what might be Ontario's first diamond mine, he said. Copyright © 2001 The Globe and Mail