Harry Winston Diamond Corporation and its subsidiary 6355137 Canada have announced a joint venture with North Arrow Minerals and Springbok Holdings regarding the Lac de Gras diamond project in the Northwest Territories.



Lac de Gras is adjacent to the Diavik Diamond Mine, in which Harry Winston owns a 40% stake.



The recent agreement stipulates that the Lac de Gras diamond property (226,000 acres) and an 81,000 acre property belonging to North Arrow will comprise a joint venture. Harry Winston will invest $5 million over five years in exploring both properties. At the end of this period, Harry Winston will become the owner of a 55% stake in the joint venture, with North Arrow and Springbok holding equal shares of the remaining 45%.



Harry Winston Chairman and CEO Robert Gannicott said that it was with “special pleasure” that the diamond company began exploring, aided by Gren Thomas “who was central to the Diavik discovery.”