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Rex Diamond Mining Corporation - Company Update
Business Wire - September 25, 1998 09:53
TORONTO--(BUSINESS WIRE)--Sept. 25, 1998--Rex Diamond Mining Corporation (TSE:RXD.) announced today that its Chief Executive Officer, Serge Muller, has increased his shareholding in the Company with the purchase of 1,950,000 common shares. The transaction increased Mr. Muller's position in Rex to 12,000,000 shares representing 28.4 percent of the total common shares outstanding. J. Patricio Jones, President
CONTACT: Rex Diamond Mining Corporation
Ben Holemans, +32 (3) 205-9060
+32 (3) 205-9070
Website: www.rexmining.com
E-mail: info@rexmining.be
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ENVIRONMENTAL ASSESSMENT SUBMISSION FOR THE PROPOSED DIAVIK DIAMONDS PROJECT
VANCOUVER, B.C., Sept. 25 /CNW/ - ABER RESOURCES LTD. (TSE-ABZ,
NASDAQ-ABERF) announces that Diavik Diamond Mines Inc. (DDMI), as manager of
the Diavik Joint Venture, will file today the Environmental Assessment
Submission for the Diavik Diamonds Project with the Canadian Federal
Government. This is a significant milestone in the federal environmental
assessment process for a proposed diamond mine at the Diavik site in the
Northwest Territories, 300 kilometres northeast of Yellowknife and 35
kilometres southeast of the Ekati Diamond Mine. Aber has a 40% interest in
the Diavik Diamonds Project and retains the right to market its 40% share of
diamond production. The remaining 60% is owned by Yellowknife based DDMI, a
subsidiary of Rio Tinto, plc. of London, England.
Environmental Assessment
The Environmental Assessment Submission consists of an Executive Summary,
Environmental Assessment Overview, Environmental Management System, and
separate supporting documents that report the potential environmental effects
on climate and air, vegetation and terrain, wildlife, fish and water, heritage
resources, communities and people. The submission concludes that the overall
environmental effects of the Diavik Project would be minimal, and that the
project can contribute positively to the social and economic conditions of the
Northwest Territories. The environmental assessment documents will be widely
distributed to both federal and territorial governments, local communities and
other interested groups. DDMI has been actively involved with the communities
since the early planning of the proposed project beginning in 1994. The
community consultation process has provided valuable input to the project
design and open consultation is expected to continue throughout all phases of
the Diavik Diamonds Project.
Project Description
The four kimberlite pipes, A418, A154S, A154N and A21, that comprise the
Diavik reserves are under shallow water adjacent to a 20 square kilometre
island in Lac de Gras, called East Island. The proposed Diavik Diamonds
Project facilities would be confined entirely to the East Island with the open
pits and their water retention dikes located just offshore in Lac de Gras. A
conventional kimberlite processing and diamond recovery plant, accommodation
building, mine maintenance shop, fuel storage, and mechanical and
administration complex would be located on the island. Diesel-powered
generators would supply up to 22 megawatts of electricity. A 1,800 metre long
airstrip could handle a range of aircraft, from Hercules transport to Boeing
737 passenger jets. Most construction and production freight would be
transported to the site along the existing mining winter road, which passes
within 1.5 kilometres of the Diavik site.
Project Plan
Based upon safety, environmental concerns and economics, open pit mining
is proposed for all four pipes, followed by underground mining of the A-418
and A-154S pipes. Water retention dikes would be constructed around the
pipes. The dikes would be constructed initially with quarried granite and
later with similar country rock mined from the open pits. Approximately 250
million tonnes of surplus country rock would be placed in two locations on the
East Island. After the diamonds have been removed, the processed kimberlite
would be placed in an engineered containment structure in the centre of the
island.
Estimated diluted mineable reserves stand at 102 million carats contained
in 26 million tonnes of kimberlite, grading 3.9 carats per tonne. This
estimate excludes inferred resources and takes into account underground mining
plans. The estimate is made at this stage in the project near the completion
of the feasibility study. More than 90% of the value of the diamonds produced
are expected to be gem diamonds. Further changes in the reserves may occur
upon completion of the feasibility study.
The feasibility study currently underway contemplates mining up to 30
million tonnes per year of country rock and between 1.5 and 1.9 million tonnes
of kimberlite per annum, to yield from six to eight million carats of diamonds
per year during full open pit production. These production rates would support
mining for 16 to 22 years. The prefeasibility study estimate of capital costs
to construct the mine is $875 million including a $75 million allowance.
Further refinements may occur upon completion of the feasibility study.
Detailed engineering of the project is expected to continue through 1999.
Anticipated Timetable
The feasibility study for the Diavik Diamonds Project is expected to be
complete in the fourth quarter of 1998. Assuming the project receives
government approval through the comprehensive study process under the Canadian
Environmental Assessment Act, the project would proceed to the permitting and
licensing processes. If permits are granted by the fall of 1999 and the Joint
Venture Management Committee makes a production decision, mobilization would
occur in the first quarter of the year 2000. Construction of infrastructure
and the first dike around A-418 could be completed by 2002, when mining would
begin. A commercial production target would be in the second quarter of 2002.
The dike around pipes A-154S and A-154N would be built with mined rock
from A-418, and is expected to be in place by 2004. Construction of the A-21
dike would begin some 10 to 12 years after mine start-up with underground
mining of A-418 and A-154S commencing 12 to 14 years after start-up. The
timetable may be refined at the completion of the feasibility study and
throughout the environmental assessment process.
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SIRIUS DIAMONDS NWT FIRST TO PROCESS NWT DIAMONDS IN CANADA
YELLOWKNIFE, NT, Sept. 24 /CNW/ - Sirius Diamonds NWT Ltd., a subsidiary
of Sirius Diamonds Ltd. of Vancouver, Canada's largest loose diamond
distributor, announced today the construction of a Yellowknife diamond
production facility beginning in October 1998.
Stephen Ben-Oliel, President of Sirius Diamonds Ltd. says, ''We are
responding to strong consumer demand for fine-cut diamonds with the
introduction of a truly Canadian product: high quality diamonds mined, cut and
polished in the Canadian North.''
The company will begin processing diamond rough, (uncut and unpolished
diamonds) from the BHP Diamonds Inc. Ekati site, in November at Sirius'
Victoria facility. Yellowknife production is scheduled to coincide with the
opening of the new facility in April 1999.
The announcement marks the beginning of a new industry in Northern
Canada. In partnership with the GNWT, diamond producers and northern
businesses, Sirius Diamonds NWT will establish Yellowknife as the premier
cutting and polishing centre in Canada, initially provide 30 local training
and/or employment positions as well as new business opportunities.
The new plant will use and sell the latest laser and production
equipment, making Yellowknife an international leader in the field of diamond
processing technology. This will help establish NWT diamonds in the
international marketplace as being of the highest quality.
Soon after opening the facility in Yellowknife, the company will begin
processing over 2000 carats of rough diamonds from the Ekati mine per month in
the NWT. Over time, as the supply of trained personnel and rough diamonds
increase, production will expand to 5000 carats of rough material per month.
Finished product will be in the one-third to one carat range on average, a
perfect match for the company's Canadian Ideal Cut Diamond. Other lines will
include the Northern Lights Diamond and the Arctic Fire and Ice Diamond.
Sirius Diamonds NWT Ltd. is a subsidiary of Sirius Diamonds Ltd. of
Vancouver. Established in 1989, the company is Canada's largest producer and
wholesaler of finished, loose diamonds with offices in Vancouver, Victoria,
Toronto, Seattle and Antwerp. The company plans to open offices in Tokyo,
Phoenix and Los Angeles in the near term.
Regards |
