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Gold/Mining/Energy : Canadian Diamond Play Cafi -- Ignore unavailable to you. Want to Upgrade?

To: VAUGHN who wrote (194)	10/10/2002 5:19:35 PM
From: Famularo	Respond to of 16207

Diavik project ahead of schedule Aber Diamond Corporation (TSE- ABZ, NASDAQ-ABER) is pleased to report that the Diavik Project is ahead of schedule, with diamonds now expected to be delivered to the Joint Venture partners, Diavik Diamond Mines Inc. (DDMI) and Aber in February 2003, as opposed to the previously reported April 2003 timeframe. As DDMI reported today, water removal from the pool overlaying the A154 kimberlite ore deposits was substantially complete at the end of September as planned. Waters containing naturally occurring lakebed sediments were directed to land-based storage ponds and are being clarified through DDMI's Water Treatment Plant on an ongoing basis prior to subsequent return into Lac de Gras. Construction of the drainage collection system along the interior footing of the A154 water diversion dike commenced during the quarter. Water seepage through the water diversion dike into the drainage collection system is within design expectations. It is estimated that approximately 3.2 million cubic metres of overburden ranging up to 30 metres in depth needs to be removed before sufficient quantities of kimberlite ore would be accessible for continuous processing. The nature of the overburden encountered to date has allowed DDMI to follow its plan to preferentially remove material directly overlying the A154 South ore-body. By end September, approximately 0.7 million cubic metres of A154 overburden had been removed. Construction and commissioning of the Diavik Processing and Recovery plants are proceeding well and are expected to be on standby by November as planned. DDMI anticipates initial mining of A154 South kimberlite ore will occur in November with increasing quantities of ore becoming available in December. Commissioning of the Diavik Processing and Recovery plants will continue as sufficient quantities of A154 South ore become available. As diamonds are recovered, they will be forwarded to the Diavik Production Splitting Facility in Yellowknife for cleaning, division and royalty valuations. If current trends continue with respect to overburden removal, initial mining and commissioning, the first production of Diavik diamonds is now expected to become available to the Joint Venture Participants, DDMI and Aber Diamond Corporation in February 2003. The Project capital budget on a 100% basis remains unchanged at $1.3 billion, with total costs at September 30, 2002 being $1,137 million. The Diavik Diamonds Project is an unincorporated joint venture between Diavik Diamond Mines Inc. (60%) and Aber Diamond Mines Ltd. (40%). Both companies are headquartered in Yellowknife. Diavik Diamond Mines Inc. is a wholly owned subsidiary of Rio Tinto plc of London, England, and Aber Diamond Mines Ltd. is a wholly owned subsidiary of Aber Diamond Corporation of Toronto, Ontario.