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| July 24, 2014 --- Vol. 08, No. 30 | July 2014
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Northwest Territories
DIAMONDS – North Arrow Minerals July 24 said it is set to commence its firstdrill program with partner Arctic Star Exploration at Redemption, a project located in the famed Lac De Gras diamond district, currently home to three of the world’s largest diamond mines: Ekati, Diavik, and Snap Lake. North Arrow knows the Lac De Gras region perhaps better than any other currently assembled diamond exploration team. The company’s chairman, Gren Thomas, made the world-class discovery of the Diavik Diamond Mine just 32 kilometers (20 miles) from where drilling at the Redemption will take place. Diavik is currently the fifth-largest diamond mine in the world estimated to produce US$787 million worth of diamonds in 2014. “The exciting thing about Redemption ... in looking for a new diamond deposit near Diavik is yes, you already know you’re in the right area geologically; the rocks have been proven, but the other thing is you don’t have to find another Diavik. You have the existing mine infrastructure nearby already. You don’t necessarily have to find a standalone mine. This has a real impact on lowering your threshold for a new discovery,” Thomas told a reporter recently.
GOLD/COBALT/BISMUTH/COPPER – Fortune Minerals Ltd. July 23 reported that, in accordance with the June recommendation of Wek'čezhěi Land and Water Board, the Northwest Territories Minister of Environment and Natural Resources J. Michael Miltenberger has given final approval for the Type A Water License required to construct and operate the NICO gold-cobalt-bismuth-copper mine and concentrator. Along with the earlier issued Land Use Permit, Fortune reports that the permitting process is now complete and mine construction can begin upon receipt of project financing and initial closure bond payments to the Northwest Territories government. Fortune continues to work with Deloitte Corporate Finance Canada Inc. to secure project financing and negotiations are advancing with a strategic partner and its banks.
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