Positive results at Chidliak diamond project
Stewart Burnett
Northern News Services
Monday, July 11, 2016
IQALUIT
Peregrine Diamonds is celebrating a positive preliminary economic assessment for its Chidliak diamond mine project, located north of Iqaluit.
Highlights of the preliminary economic assessment include a total life of mine pre-tax free cash flow of $1.31 billion with a 72-per cent operating margin.
The assessment also found a potential life of mine average production rate of 1.2 million carats per year, peaking at 1.8 million carats per year.
Pre-production capital would include the construction of a 160-kilometre all-weather road connecting the mine to Iqaluit.
Eric Friedland, Peregrine's founder and executive chairman, said he is pleased with the preliminary economic assessment, adding that it clearly establishes Chidliak as one of the premier undeveloped diamond resources in the world.
"With the support of all our stakeholders ... we are looking forward to advancing this outstanding diamond project to the next stage," he stated in a news release.
