BHP Diamonds Inc. and Dia Met Minerals Ltd. Announce Production of 1 Million Carats and Sales Results.KELOWNA, British Columbia--(BUSINESS WIRE)--April 29, 1999-- BHP Diamonds Inc. and Dia Met Minerals Ltd.(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :DMM See multimeter. DMM - Digital Multimeter .A)(AMEX AMEX See: American Stock Exchange :DMM.A) (TSE:DMM.B)(AMEX:DMM.B) are pleased to announce that on April 29, 1999, total production of rough diamonds from the EKATI(TM) Diamond Mine reached 1 million carats. During March 1999, the mine produced 236,598 carats. The fourth sale cycle for EKATI(TM) diamonds was conducted during the week of April 26, 1999 through BHP Diamonds' (Belgium) sales office, located in Antwerp. Including the fourth sale, a total of approximately 526,000 carats have been sold to date, for US$76 million. Average values per carat have increased with each of the four sales cycles. All mine production must be valued, shipped and sorted prior to sale, which results in a time lag between production and sales of approximately two months. Sales to core clients will continue on an average of a five week cycle. Sales of smaller parcels for market testing purposes are ongoing. "In addition to the solid level of production achieved within six months of the mine opening, we are particularly pleased with the positive response from the diamond market. There is clearly a strong interest in a steady, long term supply of quality rough diamonds from a reliable producer," said James R. Rothwell, President, BHP Diamonds Inc. "The joint venture has reached a major milestone in production, and we are now generating a significant level of revenue. Canada is now an important supplier to the diamond trade," said James E. Eccott, President, Dia Met Minerals Ltd. BHP Diamonds (51 per cent), Dia Met Minerals (29 per cent), and two geologists, Charles E. Fipke (10 per cent), and Stewart L. Blusson (10 per cent), developed the EKATI(TM) Diamond Mine, which is located in the Lac de Gras Lac de Gras is a lake approximately 300 km north of Yellowknife, Northwest Territories, Canada. Lac de Gras was the centre of the Canadian diamond rush of the 1990s. There are two working diamond mines in the area, Ekati Diamond Mine, and Diavik Diamond Mine. area of the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. , about 300 km northeast of Yellowknife. James R. Rothwell, President, BHP Diamonds Inc. James E. Eccott, President Dia Met Minerals Ltd. The American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. and Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. have neither approved nor disapproved the information contained in this release. |
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