November 21, 2005

De Beers signs third impact benefit agreement with Yellowknives Dene

YELLOWKNIFE, NWT-De Beers Canada and the Yellowknives Dene First Nation have reached agreement on the terms of an impact benefit agreement for the Snap Lake diamond mine project. The third such agreement to be negotiated between First Nation communities and the diamond industry, it follows a similar agreement reached with the Attawapiskat First Nation earlier this month for the Victor project in northern Ontario. The agreement sets out the specific benefits that the Yellowknives Dene will receive from the Snap Lake Project in terms of employment, business opportunities, training and development, and financial compensation for loss of the use of the land while it is being mined. Snap Lake is the first completely underground diamond mine in Canada and will be De Beers' first mine outside of Africa. It is scheduled to open in the third quarter of 2007 and should reach full production in 2008. "This agreement gives us the opportunity to provide good jobs, training, and business opportunities for our people, while we maintain and practice our traditional way of life in Drygeese Territory," said Fred Sangris, chief of the Yellowknives Dene First Nation Ndilo. "We know De Beers will respect the land, water, animals, environment and the spirit of intent in this agreement for the life of the mine at Snap Lake."

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