Stephan Burnett
Northern News Services

Yellowknife (Mar 26/04) - The Ekati Mine is not for sale.

The DGI Group of Companies, based out of Israel, have amassed a $2 billion war chest to acquire the Ekati Diamond Mine, reported the Globe and Mail, CBC TV and Bloombergs newswire.

If that is true, it comes as a surprise to Ekati Diamond Mine president Wayne Isaacs.

"I guess our general line is that we don't comment, but I can say the mine is not for sale. If you ask me, it's just somebody trying to do some hype," said Isaacs.

"Diamonds are a highly profitable business for BHP Billiton and we are actively seeking to drill this business sector. The diamond business forms the largest part of our mineral exploration budget. We are building a successful branding program built around Ekati's production and we are in discussion with several parties about advanced staged exploration projects," said Isaacs.

"We are not seeking to exit from diamonds and we confirmed that in writing to DGI last year," said the Ekati Mine president.

The attempt of DGI Group of Companies to open talks with BHP Billiton Ltd. were rebuffed last June.

DGI is one of the world's leading wholesale distributors of rough and polished diamonds. DGI's president, Dan Gertler, is a third generation member of a select diamond cutting and diamond dealing family, otherwise known as diamantaires, according to the Globe and Mail.

Pierre Leblanc of Canadian Diamond Consultants confirmed that Gertler is the grandson of Moshe Schnitzer. Schnitzer has acted as chair of the Israeli Diamond Exchange for 25 years.