VANCOUVER, BC (September 7, 2011) Dominion Lending Centres Clearlease Reports Harry Winston Diamond Corp. (TSX:HW) announced Tuesday September 6 that it is partnering with two other companies that hold an adjacent kimberlite prospect in the Northwest Territories.
Under the option deal with North Arrow Minerals Inc. and Springbok Holdings, Harry Winston will spend $5 million on exploration of their properties in the Lac de Gras region.
Harry Winston’s Lac de Gras property covers 226,000 acres and is contiguous with property held by North Arrow that covers more than 81,000 acres.
In order for the option to vest, Harry Winston is to carry out exploration on the combined joint venture property over a five year period, the company said in a release.
Upon vesting, a joint venture will be formed in which Harry Winston will hold a 55 per cent interest while North Arrow and Springbok will equally share a 45 per cent interest in the entire property.
Harry Winston described the joint holdings as a very large, contiguous block that is “home to some of the richest diamond deposits in the world.”
The property directly adjoins the mineral leases that host the 40 per cent Harry Winston-owned Diavik Diamond mine, 10 kilometres to the north, and the Ekati diamond mine, 40 kilometres to the northwest.
The trend line defined by Diavik’s mine runs directly through the centre of the joint venture property, while the trend line defined by Ekati’s mine project runs across the western portion of the joint venture property, the company said.
Harry Winston is an enterprise with assets in both the mining and retail segments of the industry, supplying rough diamonds as well as diamond jewelry and luxury timepieces at salons in the key cities around the world.
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