November 14, 2005

De Beers signs impact benefit accord with First Nation for Victor project

TORONTO, ONT- De Beers Canada and the Attawapiskat First Nation have signed an impact benefit agreement for the Victor project, Ontario's first diamond mine. The signing follows the community's ratification of the agreement in June and recent approval of the federal and provincial environmental assessments. It sets out how the community will benefit with respect to employment and business opportunities, training and education, sound environmental management and financial compensation for loss of the use of the land while it is being mined. De Beers plans to begin construction of the $982-million mine early in 2006. It will take three years to build, with production expected to start at the end of 2008. While production is going on, De Beers will continue evaluating other priority kimberlites on the property, which may extend the life of the mine. The site has been found to contain 18 kimberlite "pipes," 16 of which are diamond-bearing.

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