YELLOWKNIFE, Nov. 18 /CNW/ - Diavik Diamond Mines Inc. (DDMI), the
operator of the Diavik Diamond Mine is pleased to provide this report for the
third quarter 2008.
During the quarter, crews mined from both ore bodies contained in the
ever deepening and maturing A154 open pit. Progress in the new, adjacent open
pit contributed over half of mining production from Diavik's third ore body,
the A418 kimberlite pipe. Diamond production in the quarter reached 2.321
million carats, bringing annual production to the end of September to 6.628
million carats.
At quarter's end, there were 799 workers operating the mine. As per
Diavik's commitments to local communities, approximately two thirds were
northern residents, and of these, over half were of Aboriginal descent.
Steady progress continues to be made in the new underground mine.
Approximately 10 kilometres of tunnelling have been completed underground, and
work continues to progress on maintenance shops, water pumping stations, and
ventilation facilities. On surface, work continues on the new crusher and past
backfill plants, expanded electrical generating and water treatment
facilities, and on mine change rooms and additional permanent accommodations.
Underground mining is currently scheduled to begin in 2009. It is estimated to
replace open pit mining by 2012, and will support Diavik's mine life beyond
2020.
Diavik operates with the highest regards to safety and all who work at
Diavik contribute to its safety statistics. In a quarter of significant
construction activity related to the underground mine, there were seven lost
time injuries and six medical treatments. Year to date, there have been nine
lost time injuries and 10 medical treatments bringing the Lost Time Injury
Frequency Rate to 0.53 and the All Incident Frequency Rate to 1.12.
Exploration continues in earnest on the Diavik property, marked by a
variety of geophysical and geochemical surveys and diamond drilling. A
highlight was the discovery of two new kimberlites, bringing the total number
discovered on the Diavik claims to 70. More follow-up work will be required to
test their economic potential.
The Diavik Diamond Mine is located 300 kilometres northeast of
Yellowknife, Northwest Territories and is an unincorporated joint venture
between DDMI (60%) and Harry Winston Diamond Mines Ltd. (40%). Both companies
are headquartered in Yellowknife, Canada. DDMI is a wholly owned subsidiary of
Rio Tinto plc of London, England, and Harry Winston Diamond Mines Ltd. is
wholly owned by Harry Winston Diamond Corporation of Toronto, Canada. DDMI is
the operator of the project. For further information contact Tom Hoefer,
Principal Adviser, Communications & Government Relations at Tel: (867)
669-6500, or visit the DDMI website at www.diavik.ca.
About Rio Tinto
Rio Tinto is a leading international mining group headquartered in the
UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto
Limited, which is listed on the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing mineral
resources. Major products are aluminium, copper, diamonds, energy (coal and
uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and
iron ore. Activities span the world but are strongly represented in Australia
and North America with significant businesses in South America, Asia, Europe
and southern Africa.
Forward-Looking Statements
This announcement includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. All statements other
than statements of historical facts included in this announcement, including,
without limitation, those regarding Rio Tinto's financial position, business
strategy, plans and objectives of management for future operations (including
development plans and objectives relating to Rio Tinto's products, production
forecasts and reserve and resource positions), are forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of Rio Tinto, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements.
Such forward-looking statements are based on numerous assumptions
regarding Rio Tinto's present and future business strategies and the
environment in which Rio Tinto will operate in the future. Among the important
factors that could cause Rio Tinto's actual results, performance or
achievements to differ materially from those in the forward-looking statements
include, among others, levels of actual production during any period, levels
of demand and market prices, the ability to produce and transport products
profitably, the impact of foreign currency exchange rates on market prices and
operating costs, operational problems, political uncertainty and economic
conditions in relevant areas of the world, the actions of competitors,
activities by governmental authorities such as changes in taxation or
regulation and such other risk factors identified in Rio Tinto's most recent
Annual Report on Form 20-F filed with the United States Securities and
Exchange Commission (the "SEC") or Form 6-Ks furnished to the SEC.
Forward-looking statements should, therefore, be construed in light of such
risk factors and undue reliance should not be placed on forward-looking
statements. These forward-looking statements speak only as of the date of this
announcement. Rio Tinto expressly disclaims any obligation or undertaking
(except as required by applicable law, the City Code on Takeovers and Mergers
(the "Takeover Code"), the UK Listing Rules, the Disclosure and Transparency
Rules of the Financial Services Authority and the Listing Rules of the
Australian Securities Exchange) to release publicly any updates or revisions
to any forward-looking statement contained herein to reflect any change in Rio
Tinto's expectations with regard thereto or any change in events, conditions
or circumstances on which any such statement is based.
For further information: Tom Hoefer, Principal Adviser, Communications &
Government Relations at Tel: (867) 669-6500, or visit the DDMI website at
www.diavik.ca
