Harry Winston Diamond Corporation Announces New Mine Plan for Diavik Diamond Mine



    Delivers Extension of Mine Life to beyond 2020

    Underground Mining Expected to Commence in 2009

    Plan Accesses Higher Value Diamonds

    TORONTO, Nov. 26 /CNW/ - Harry Winston Diamond Corporation (TSX: HW,
NYSE:  HWD) announced today 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.
    Harry Winston Diamond Corporation expects to contribute approximately
CDN$218 million over the next two years in support of the new mine plan. It is
expected that the funds will come from a combination of cash from operations
and the corporation's existing credit facility.
    In support of the new mine plan, the mine operator is preparing a revised
resource statement that is expected to be delivered in the first calendar
quarter of 2008. Harry Winston Diamond Corporation has a 40% interest in the
Diavik Diamond Mine, with Rio Tinto plc of London having the 60% balance.

    About Harry Winston Diamond Corporation

    Harry Winston Diamond Corporation (NYSE:   HWD; TSX: HW) is a specialist
diamond enterprise with assets in the mining and retail segments of the
diamond industry. The company supplies rough diamonds to the global market
from its 40% interest in the Diavik Diamond Mine, located in Canada's
Northwest Territories. The company's retail division, Harry Winston, Inc., is
a premier jewelry and timepiece retailer with salons in key locations
including New York, Paris, London, Beijing, Tokyo and Beverly Hills. For more
information, please go to www.harrywinston.com or for investor information,
visit investor.harrrywinston.com.

    Information in this news release that is not current or historical
factual information may constitute forward-looking information or statements
within the meaning of applicable securities laws. Statements concerning the
new mine plan, the expected life of the Diavik Mine, the timing and nature of
future mining activities at the Diavik Mine, the timing of a revised resource
statement and the estimated capital contributions that will be required to be
made by the Corporation in connection with the new mine plan are
forward-looking information. Forward-looking information is based on certain
factors and assumptions regarding, among other things, mining, production,
construction and exploration activities at the Diavik Diamond Mine, world and
U.S. economic conditions, the resources and reserves at the Diavik Diamond
Mine, U.S./Cdn.$ exchange rates and the level of worldwide diamond production.
In making statements concerning the Corporation's expected capital expenditure
requirements in connection with the new mine plan, the Corporation has used a
Canadian dollar and has assumed that construction will continue on schedule
and without undue disruption with respect to current underground mining
construction initiatives. While the Corporation considers these assumptions to
be reasonable based on information currently available to it, they may prove
to be incorrect. Forward-looking information is subject to certain factors,
including risks and uncertainties, which could cause actual results to differ
materially from what we currently expect. These factors include, among other
things, the uncertain nature of mining activities, risks associated with
underground construction activities, risks associated with joint venture
operations, risks associated with the remote location of the Diavik Mine site,
risks associated with regulatory and financing requirements, fluctuations in
diamond prices, changes in world economic conditions and the risk of continued
fluctuations in the Canadian/US dollar exchange rate. The Corporation
disclaims any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.

    %SEDAR: 00003786E




For further information:

For further information: Nancy Murray, nmurray@harrywinston.com, (212)
245-2000; Kelley Stamm, kstamm@harrywinston.com, (416) 362-2237

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