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Harry Winston Diamond Corporation Reports Updated Reserve and Resource Statement for the Diavik Diamond Mine

March 15, 2013

TORONTO, March 15, 2013 /PRNewswire/ – Harry Winston Diamond Corporation
(TSX:HW), (NYSE:HWD) (“Harry Winston”) is pleased to report an updated
reserve and resource statement for the Diavik Diamond Mine as at
December 31, 2012.

Significant new data from the processing of samples from the 2011 deep
drilling program on the A-154 North and A-418 kimberlite pipes was
incorporated into the latest reserve and resource models in calendar
2012.  The updated A-154 North model has added an additional new
reserve of 0.5 million tonnes, while 1.3 million tonnes of probable
reserve was promoted to proven status and 0.4 million tonnes of new
resources was defined at depth.  The updated A-418 model has promoted
5.0 million tonnes from probable to proven reserve status.

The A-154 South and A-21 kimberlite pipes were not part of the 2011
drill program and consequently there are no significant changes to
their reserve and resource models.  The A-21 pipe remains a resource
while economic studies continue, but would be promoted to a reserve
once a feasibility plan is approved.

The tables below summarize the mineral reserves and mineral resources at
the Diavik Diamond Mine as at the end of December 31, 2012 expressed in
millions of tonnes, carats per tonne, and millions of carats. The
mineral reserves set out below account for all depletions due to
production and sampling to the end of December 31, 2012, and the
increase in the reserves and resources of A-154 North and the change in
reserves of A-418 as described above. Totals may not add up exactly due
to rounding. The values shown are for 100% of the Diavik Joint Venture.


             Mineral Reserves at Diavik Diamond Mine - December 31, 2012

                    PROVEN RESERVES   PROBABLE RESERVES PROVEN and PROBABLE

                     M t  ct/t M ct  M t   ct/t    M ct  M t ct/t      M ct

    A-154 South                                                            

        Open Pit      --    --   --   --      --     --   --   --        --

        Underground  1.2   4.2  5.2  1.4     3.4    4.9  2.7  3.8      10.1

        Total        1.2   4.2  5.2  1.4     3.4    4.9  2.7  3.8      10.1
        A-154S

    A-154 North                                                            

        Open Pit      --    --   --   --      --  -- ..   --   --     -- ..

        Underground  4.1   2.1  8.4  4.1     2.1    8.4  8.1  2.1      16.8

        Total        4.1   2.1  8.4  4.1     2.1    8.4  8.1  2.1      16.8
        A-154N

    A-418                                                                  

        Open Pit      --    --   --   --      --     --   --   --        --

        Underground  5.1   3.8 19.3  2.2     2.9    6.4  7.2  3.6      25.6

        Total A-418  5.1   3.8 19.3  2.2     2.9    6.4  7.2  3.6      25.6

    Stockpile        0.3   2.9  0.9   --      --     --  0.3  2.9       0.9

    TOTAL                                                                  

        Open Pit      --    --   --   --      --     --   --   --        --

        Underground 10.3   3.2 32.9  7.7     2.6   19.6 18.0  2.9      52.5

        Stockpile    0.3   2.9  0.9   --      --     --  0.3  2.9       0.9

      Total         10.7   3.2 33.8  7.7     2.6   19.6 18.3  2.9      53.5
      Reserves

    Note: Totals may not add up due to rounding.

 

The mineral resources have reasonable potential to be mined but do not
have mining losses and/or dilution applied at this time, and as such
they represent in situ values. Mineral resources that are not mineral
reserves do not have demonstrated economic viability.


            Mineral Resources at Diavik Diamond Mine - December 31, 2012

                    MEASURED            INDICATED              INFERRED

                M   ct/t   M ct      M          M ct           ct/t    M ct
                t                    t   ct/t            M t

    A-154                                  --     --            3.6     0.2
    South      --     --     --     --                  0.04

    A-154             --                   --     --            2.6     5.9
    North      --            --     --                   2.3

    A-418             --                   --                   2.4     0.7
               --            --     --            --     0.3

    A-21             2.8                  2.6                   3.0
              3.6          10.0    0.4           1.0     0.8            2.3

    TOTALS                                2.6                   2.7
              3.6    2.8   10.0    0.4           1.0     3.4            9.0

    Note: Totals may not add up due to rounding.

Qualified Person

The reserve and resource information set out in this release was
prepared by or under the supervision of Calvin G. Yip, P. Eng., an
employee of Diavik Diamond Mines Inc. and a Qualified Person within the
meaning of National Instrument 43-101.  The Qualified Person has
verified the data disclosed, and the data underlying the information
contained herein. 

About Harry Winston Diamond Corporation

Harry Winston Diamond Corporation is a diamond enterprise with premium
assets in the mining and retailing segments of the diamond industry.
Harry Winston supplies rough diamonds to the global market from its 40
percent ownership interest in the Diavik Diamond Mine.  The Company’s
luxury brand segment is a premier diamond jeweler and luxury timepiece
retailer with salons in key locations, including New York, Paris,
London, Beijing, Tokyo, Hong Kong and Beverly Hills.

For more information, please visit www.harrywinston.com. or for investor information, visit http://investor.harrywinston.com.

 

SOURCE Harry Winston Diamond Corporation


Source: PR Newswire