Harry Winston Diamond Corporation announced a new mine plan for the Diavik Diamond Mine that delivers extended mine life to beyond 2020 and accesses higher value diamonds in the underground portion of the A-154 North kimberlite.
The plan, which will be presented to the Diavik joint arrangement participants in the near future, received approval from Rio Tinto's Board of Directors in London on November 23.
"The mine plan adds important new value to the Diavik Diamond Mine and secures Harry Winston Diamond Corporation's future as an important, long-term diamond producer in conjunction with its growing retail business.
Our unique diamond business is well positioned to benefit as expanding diamond demand meets a lack of supply," said Robert A. Gannicott, Chairman and Chief Executive Officer of Harry Winston Diamond Corporation.
As a result of the new mine plan, underground mining is projected to begin at the Diavik Diamond Mine in 2009. The diversity of both open-pit and underground mining areas will secure Diavik's ability to maintain production through seasonal and other changes.
Underground mine development of A-154S, A-154N and A-418 has been substantially completed. At present, production principally comes from the A-154S open pit with A-418 being prepared for open pit mining in 2008.
Since the mine began production in 2003, all production from A-154S and A-154N has been open pit mining, and has resulted in the extraction of 35.4 million carats of diamonds through July 31, 2007.