De Beers Snap Lake Mine Releases 2008 Socio-Economic Results

De Beers Releases 2008 Socio-Economic Results for Snap Lake Mine
By Press Release Posted: 05/31/09 04:20

http://www.diamonds.net/news/NewsItem.aspx?ArticleID=26525

RAPAPORT... Press Release - Yellowknife: De Beers Canada Inc. is pleased to release its 2008 Snap Lake Socio-Economic Report summarizing the company's contribution to the economic, social and cultural well-being of the Northwest Territories.

Highlights in the report include:

• Another $295.9 million spent in 2008, bringing the company's investment on Snap Lake's construction and operations to $1.235 billion at the end 2008;

• $218.7 million spent with NWT businesses (74 percent of total spend) and $132.9 million spent with northern Aboriginal businesses or joint ventures (61 percent of northern expenditure);

• A transition from construction to operations that saw growth of the companies northern workforce in absolute numbers to 274 people bringing the company very close to achieving its NWT Residency target as forecast during the environmental assessment;

• 15 Trades Trainees, 6 apprentices and 13 underground mine trainees participating in northern training and development initiatives;

• $1.9 million dollars spent on corporate and social investment of which $1.2 million was spent on training and capacity building initiatives for NWT residents;

• Completion of the sixth year of our De Beers Books in Homes Literacy initiative, with over 17,000 books delivered to date to children in communities close to our mine; and

• The opening of our Cultural Centre at Snap Lake and the beginning of a number of cultural based programs for employees.

"In 2008 we finished construction and commissioning of the underground crusher and conveyor system, we commenced commercial production in first quarter, and we celebrated the official opening of the Snap Lake Mine with close to 200 special guests in July," said Chantal Lavoie, Chief Operating Officer. "Our employees did an amazing job in 2008 and their resilience is bringing us through the turbulent times of 2009.

The full report is available on De Beers Canada's website at www.debeerscanada.com and can be picked up at the NWT/Nunavut Chamber of Mines office in Yellowknife.

The Snap Lake Mine is located 220 kilometers northeast of Yellowknife and was the first of two diamond mines opened in Canada De Beers in 2008.

For further information, visit www.debeerscanada.com.

For more information, contact:
Cathie Bolstad
Director External and Corporate Affairs
De Beers Canada Inc.
Tel: (867) 766-7325

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