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Gold/Mining/Energy : ABER RESOURCES -- Ignore unavailable to you. Want to Upgrade?

To: Bob Fairchild who wrote (963)	1/22/1999 4:19:00 PM
From: don jackson	Read Replies (1) \| Respond to of 2006

Aber Resources Ltd. announces Diavik Diamonds Project update VANCOUVER, Jan. 22 /CNW/ - ABER RESOURCES LTD. (TSE-ABZ, NASDAQ-ABERF) announces that project manager, Diavik Diamond Mines Inc. (''DDMI''), will file supplemental information to the Project Description with the Canadian Federal Government today. The filing will update work completed thus far on the Diavik Diamonds Project feasibility study and Environmental Assessment. DDMI and Nishi-Khon SNC Lavalin (''SNC''), the engineering firm completing the feasibility study, have identified some components of the proposed project that can be refined. These changes do not affect the overall results of the Environmental Assessment. The ongoing feasibility study engineering has determined that the water retention dikes required to open pit mine the Diavik reserves could be constructed more efficiently than previously envisioned while still meeting the Canadian Dam Safety regulations. The refined dike construction method reduces the overall footprint and construction material requirements with a resulting reduction in equipment requirements, fuel and construction time. Most importantly, this construction method will allow earlier access to the larger portion of the project's overall reserves in the A-154S and A-154N kimberlite pipes. The feasibility study and the environmental assessment are proceeding as planned. The feasibility study is currently expected to be completed early in the second quarter of 1999. Estimates of costs, based on the increased level of detailed engineering work in the feasibility study, are not complete. The estimated capital and operating costs and the revised mining plan for the project will be available with the conclusion of the feasibility study. The proposed mine development plan now includes construction of the A-154 dike in the years 2000 and 2001. Open pit mining on the A-154 pipes would begin in the second quarter of 2002 and would continue for ten years. The A-418 dike would be constructed in approximately 2007. In the previous plan A-418 would have been mined first. In the revised mining plan, the A-21 pit would be mined over a three-year period from approximately 2012 to 2014. This compares with a period from 2012 to 2025 for mining the A-21 pit in the previous mine plan. The four million tonnes of ore from A-21 will be placed in the process plant area stockpile and will slowly be fed to the plant over the three-year open pit life and the following five-year period. This approach allows for a more efficient transition to an underground mining operation. Mine life projections remain unchanged. The feasibility study includes a range of production rates from 1.5 to 1.9 million tonnes per year. In the revised mine plan the estimated tonnage of mined kimberlite ore remains unchanged at approximately 26 million tonnes. Exploration for additional resources outside of the mine plan on the Diavik Diamonds Project is continuing with an anticipated budget of $2.8M which includes the drilling of two diamondiferous kimberlite pipes. 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.