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Ottawa Sun, July 22, 2003, p. 33

Firm eyes Quebec diamond find

Diamonds might be a girl’s best friend, but Canadians of both genders have economic reasons to be friendly with the stones.

Over the weekend, Canada’s second diamond mine opened in the Northwest Territories.

And with just these two northern mines operating, Canada could become the third-biggest diamond producer in the world this year.

Meanwhile, an Ottawa-based organization is hoping to cash in some untapped diamond resources not far from home.

Bryson Burke Diamond Corporation is poised to become a publicly traded company in September. It would result from a merger between investment firm Leitrim Group Inc. and a numbered corporation that has been exploring the diamond potential in West Quebec, in the Fort Coulonge area for years.

The new company, valued at about $4 million, will take the place of Leitrim’s existing listing on the TSX Venture Exchange, pending regulatory approval.

Desmond Burke, who first discovered the Fort-Coulonge diamond traces more than two decades ago will be the company’s director of exploration. He did not rule out a future mine in West Quebec on the same scale as those in the Northwest Territories, which combined are expected to yield $1 billion in diamonds this year.

“It certainly makes me excited,” Burke said. “Canada is obviously replacing some of the major producers in the diamond industry.”

Long Term Project

Burke cautioned the company will be in the exploratory stages for years to come. Drilling is currently ongoing in hopes of finding a primary source of diamonds.

Expectations are that diamonds will become a major part of the Canadian economy.

“Canada is a diamond country,” said Martin Irving, head of diamond projects for the government of the Northwest Territories. “The question is, do Canadians want to get as much as possible out of the diamond industry?”

Canada’s newest diamond mine, Diavik, is jointly owned by Britian’s Rio Tinto PLC and Toronto-based Aber Diamond Corporation.

Ekati, Canada’s other diamond mine, is owned by Australia’s BHP Billington.

- Derek Abma, with files from CP