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Gold/Mining/Energy : ASHTON MINING OF CANADA (ACA) -- Ignore unavailable to you. Want to Upgrade?

To: No BS here who wrote (5065)	5/9/1998 11:33:00 AM
From: junnie	Read Replies (2) \| Respond to of 7966

My thoughts are that every company involved with diamond selling in Canada may just find it more profitable to work within the present system - Surely De Beers will negotiate in order to protect diamond marketing profits. Frank? Articles today in the Financial Post (very brief), The Edmonton Sun, and The Edmonton Journal (as follows). Judging by the enthusiasm of some at the Calgary conference last fall, if Ashton puts out a positive news release we will have diamond fever in Alberta. DIAMOND-SORTING FACILITY FOR YELLOWKNIFE AIRPORT with mine due to open this year, N.W.T. seeks spinoff work The partners building the Ekati diamond mine in the Northwest Territories announced Friday they will build a diamond sorting and valuation facility at the Yellowknife airport. The announcement came less than two weeks after BHP Diamonds, the mine's majority partner, and the territorial government reached a deal under which the company agreed to have some of the diamond processing done in northern communities. The sorting and valuation facility will create between 10 and 15 jobs, but BHP spokesperson Denise Burlingane confirmed the airport site was the company's second choice. "The mine site itself would be the No. 1 location, but this is very workable. It was very important for us to have a good relationship with the government of the Northwest Territories. Burlingane said the Company had not yet decided on a design for the facility, but estimated it would cost between $1 million and $2 million. The company chose the airport location because it afforded transportation and security advantages. "It's a change from their original intentions," said Stephen Kakfwe, territorial Minister of Resources, Wildlife and Economic Development. "We felt as a government that it was essential that the diamonds not be valuated on BHP property." More importantly, he said, the new facility will give northerners a chance to take part in the evolving diamond industry in the north. The Government will pay for the training of those hired at the facility, Kakfwe said, in the hope that BHP will move more of its operations into the territories somewhere in the future. The first diamonds mined at Ekati - 300 km northeast of Yellowknife - will be flown to Antwerp and New York for processing before they go to market. Kakfwi said he hopes that will change once northerners have demonstrated they have the capacity to cut and polish the diamonds closer to the mine. "BHP has agreed that down the road they'll look at doing the sorting for market here in the north," the minister said. Kakfwe said he's working towards deals with other companies to capitalize on the discovery of diamonds in the territories. He named several companies????? including Edmonton's POLAR STAR DIAMONDS? (Does anyone know of this company?) Yelllowknife mayor David Lowell said he hoped the new facility would lead to the development of a mining industry centred around his city. "This is only the first step, but it opens the door for doing cutting and polishing and maybe even a diamond jewelry business here in Yellowknife." The Ekati mine, which is 85 percent finished, will come into production some time before the end of the year. Burlingane said. The first diamonds mined will remain at the site until early l999 when construction of the sorting and valuation facility is finished." (Should Ashton come up with great news next fall or winter it will be a great time for diamond stock "investors").