Arctic Blue acquires 87% interest in WO Diamond Project

Arctic Blue Diamonds Ltd, a private NWT diamond company, has announced the acquisition of an 89.7 per cent interest in the WO Diamond Project, which hosts the large, high-grade DO27 kimberlite. A 72.1 per cent interest was acquired from Peregrine Diamonds Ltd., a subsidiary of De Beers Canada Inc., and a further 17.6 per cent interest was acquired from Archon Minerals Ltd.

Arctic Blue is part of the Arctic Blue Group, which includes Arctic Blue LLC, an online diamond jewelry retailer offering a large selection of Canadian fluorescent diamonds on arcticblue.com. As operator of the WO Joint Venture, Arctic Blue holds the diamond marketing rights of future diamond production.

The WO Project encompasses eight mining leases covering 5,815 hectares located approx. 11 kilometers (km) off the seasonal ice road, 23km from the Diavik Diamond Mine and 53km from the Ekati Diamond Mine.