Diavik Diamond Reserves Revised Upwards

Harry Winston Diamond, 40 percent owner of the Diavik diamond mine, has revised its estimate of diamond reserves at the Canadian mine, saying the increase is largely a result of a new mine plan that confirms the economic value of the underground mining of ore that had previously been in the resource categories.

Prior to commercial production at Diavik, the proven and probable ore reserves stood at 25.7 million tons holding 106.7 million carats of diamonds. Subsequently, 4.0 million tons with 11.7 million carats of reserves in the A-21 kimberlite pipe were removed, leaving start-up reserves of 21.7 million tons with 95 million carats.

However, as of December 31, the reserves were 21.9 million tons with 77.1 million carats after 10.1 million tons with 41.5 million carats were mined since commercial production began in August 2003.

The increase in proven and probable ore reserve is largely a result of the new mine plan, the firm said.