ATTAWAPISKAT – De Beers is showing off the largest diamond ever discovered in Canada. The diamond was found at De Beer’s Victor Mine near Attawapiskat.

“That’s what makes this unique,” said Tom Ormsby, director of external and corporate affairs for De Beers Canada, which operates the Victor Diamond Mine near Attawapiskat in Northern Ontario. The 35 carat diamond is the largest stone ever found, and now being cut in Canada. The value of the gem stone could top one million dollars.

“It will be valued once it’s done being cut and polished,” said Ormsby.

Canadian Diamonds

The Victor Mine is located in the James Bay Lowlands of Northern Ontario, approximately 90 km west of the coastal community of Attawapiskat First Nation. It is Ontario’s first diamond mine and the second in Canada for De Beers.

The Victor Mine is an open-pit mine and is one of 18 kimberlite pipes discovered on the property, 16 of which are diamondiferous. Construction of the Victor Mine began in February 2006 after receiving all necessary approvals from provincial and federal governments. Approximately $1 billion was spent on construction of the mine, with approximately C$167 million spent with Aboriginal businesses or joint venture partners. It is also estimated that De Beers will contribute C$6.7 billion cumulative GDP impact for all of Ontario during the life of the Victor Mine.

The Victor Mine reached commercial production in 2008 (six months ahead of schedule) and the Official Mine Opening took place in July 2008. The mine has a projected life span left of seven years.

De Beers Next Diamond Mine Gahcho Kué

De Beers Canada and Mountain Province Diamonds (TSX: MPV, NYSE MKT: MDM) are pleased to announce that the Mackenzie Valley Environmental Impact Review Board (MVEIRB) has concluded the Gahcho Kué Environmental Impact Review and has recommended approval of the proposed Gahcho Kué diamond mine subject to measures and follow-up programs. In a July 19, 2013 letter to the Minister of Aboriginal Affairs and Northern Development Canada, the Honourable Bernard Valcourt, the MVEIRB stated: “The Gahcho Kué Panel recommends, pursuant to sub-section 134(2) of the Mackenzie Valley Resource Management Act, that this development be allowed to proceed subject to implementation of the measures and follow-up programs described in this Report which are necessary to prevent potentially significant adverse impacts on the environment.” A copy of the Report of Environmental Impact Review and Reasons for Decision is available at www.reviewboard.ca.

Glen Koropchuk, De Beers Canada Chief Operating Officer, stated “We are pleased to receive the Report of Environmental Impact Review and Reasons for Decision by the Mackenzie Valley Environmental Impact Review Board on the proposed Gahcho Kué diamond mine. This represents an important step forward for the proposed new diamond mine. We are reviewing the Report to better understand the implications of the measures and follow-up programs, recommended by MVEIRB. We look forward to proceeding to the next stages in the regulatory approval process.

We want to thank the Panel and staff of the MVEIRB for considering all of the evidence in preparing the Report. We also appreciate the continued participation by Aboriginal parties and other community and regulatory stakeholders as the Gahcho Kué Project moves ahead.”