Anglo American, and Oppenheimer family company & De Beers Canada own a 100% stake in the Snap Lake Diamond Project which is in 'Phase One' pre-production development, with full production slated for 2007. Snap Lake mining operations are expected to employ 550 permanent workers.



With the completion of the 2003 Feasibility Study, the Victor Project moved into the mine development phase (also commonly referred to as the ‘construction’ phase). Construction of the site infrastructure and processing facilities is scheduled through the first quarter of 2008. Upon completion of construction in 2008, the project will move into the mining and processing stage.



PROJECT FACTS
Impact area: <500 hectares
Indicated resource: 1.4 million tonnes
Inferred resource: 25 million tonnes
Total tonnes processed: 16 million tonnes
Recoverable grade (above a bottom cut off-of 1.5 mm): 1.2 carats per tonne



Average diamond value: US$ 144
Annual tonnes produced: 1.1 million tonnes
Annual carats produced: 1.4 million carats
Employees at full production: 500 employees
Investment to date: CDN$ 400 million
Capital cost to construct: CDN$ 975 million
Operating cost per tonne: CDN$ 156