TORONTO, Sept. 6, 2011 /CNW/ - Harry Winston Diamond Corporation (TSX:
HW) (NYSE: HWD) is pleased to announce that Harry Winston Diamond Mines
Ltd. and its wholly owned subsidiary 6355137 Canada Inc. (collectively
"Harry Winston") have entered into an option agreement with North Arrow
Minerals Inc.("North Arrow") and Springbok Holdings Inc., ("Springbok")
in regards to their Lac de Gras properties in the Northwest
Territories. Harry Winston is the 40% owner of the adjoining Diavik
Diamond Mine, which commenced production in 2003.
Harry Winston's Lac de Gras property covers 226,000 acres and is
contiguous with property held by North Arrow that covers over 81,000
acres. Under the terms of the agreement, the two properties
collectively will form a "joint venture property". In order for the
option to vest, Harry Winston is to carry out exploration on the joint
venture property, making expenditures of at least $5,000,000 over a
five year period. Upon vesting, a joint venture will be formed, in
which Harry Winston will hold a 55% interest, and North Arrow and
Springbok will equally share a 45% interest, in the entire joint
The joint venture property forms a very large, contiguous block located
within the prolific Lac de Gras diamondiferous kimberlite field in
Canada's Northwest Territories, home to some of the richest diamond
deposits in the world. The joint venture property directly adjoins the
mineral leases that host the Diavik Diamond Mine, located only 10 km to
the north and the Ekati diamond mine is located within 40 km to the
northwest. The trend line defined by Diavik's mine project kimberlites
runs directly through the centre of the joint venture property, while
the trend line defined by Ekati's mine project kimberlites crosses the
western portion of the joint venture property.
Previous exploration has been carried out on portions of the joint
venture property, but traditional surface till sampling for kimberlite
mineral indicator trains has been hampered by thick glacial till cover
in the project area. A systematic basal till sampling program will be
initiated by Harry Winston in early 2012, in which a track mounted
reverse circulation drill will be used to sample a complete till column
and reach basal till not accessed by previous sampling.
Chairman and CEO Robert Gannicott commented: "It is with special
pleasure that Harry Winston begins its own exploration initiative with
a joint project with Gren Thomas who was central to the Diavik
discovery and early development. Earlier exploration on the joint
property now being explored was confined to surface sampling before the
quarternary sediments were properly understood. We now have the benefit
of better understanding to properly explore this attractive acreage
directly on trend from some of the world's richest diamond ore bodies."
The Option Agreement is subject to customary conditions, including
regulatory and Exchange approval.
About Harry Winston Diamond Corporation
Harry Winston Diamond Corporation is a diamond enterprise with premium
assets in the mining and retail segments of the diamond industry. Harry
Winston supplies rough diamonds to the global market from its 40
percent ownership interest in the Diavik Diamond Mine. The Company's
luxury brand segment is a premier diamond jeweler and luxury timepiece
retailer with salons in key locations, including New York, Paris,
London, Beijing, Tokyo, Hong Kong and Beverly Hills.
The Company focuses on the two most profitable segments of the diamond
industry, mining and retail, in which its expertise creates shareholder
value. This unique business model provides key competitive advantages;
rough diamond sales and polished diamond purchases provide market
intelligence that enhances the Company's overall performance.
For more information, please visit www.harrywinston.com or for investor information, visit http://investor.harrywinston.com.
SOURCE Harry Winston Diamond Corporation
For further information:
Ms. Laura Kiernan, Director, Investor Relations - (212) 315-7934 or
Ms. Kelley Stamm, Manager, Investor Relations - (416) 205-4380 or