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Dominion Diamond Corp
Symbol DDC
Shares Issued 85,134,480
Close 2015-01-16 C$ 19.31
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Dominion Diamond recovers 7.2M carats at Diavik in 2014

2015-01-19 17:35 ET - News Release

An anonymous director reports

DOMINION DIAMOND CORPORATION REPORTS DIAVIK DIAMOND MINE FOURTH CALENDAR QUARTER PRODUCTION

Dominion Diamond Corp. has released Diavik diamond mine production results for the fourth calendar quarter of 2014.

                                DIAVIK DIAMOND MINE PRODUCTION 
                                     (100-per-cent basis)

                                            Q4 2014  Q4 2013  Full-year 2014  Full-year 2013

Tonnes processed (millions)                    0.51     0.54            2.28            2.12
Carats recovered (millions)                    1.54     2.07            7.23            7.24

Processing volumes in the fourth calendar quarter were 5 per cent lower than the same quarter of the prior year due to the improved processing rates in prior quarters, fully exhausting the stockpiled ore by the third calendar quarter. This resulted in only run-of-mine ore being processed in the fourth quarter.

Carats recovered in the fourth calendar quarter were 25 per cent lower than the comparable quarter of the prior year as a result of lower realized grades in all three orebodies and a higher proportion of the lower-grade A154 North ore being processed in the fourth calendar quarter of 2014 than in the comparable calendar quarter of 2013.

A new mine plan and budget for calendar 2015 have been approved by Rio Tinto PLC and the company.

             RUN-OF-MINE PRODUCTION FOR DIAVIK DIAMOND MINE 
                        (100-per-cent basis)

                              Tonnes mined and processed          Carats
                                               (millions)      (millions)

Mine plan for calendar 2015                          2.1             6.7

The plan for calendar 2015 foresees Diavik diamond mine production of approximately 6.7 million carats from the mining and processing of approximately 2.1 million tonnes of ore. Mining activities will be exclusively underground with approximately 800,000 tonnes expected to be sourced from A-154 North, approximately 400,000 tonnes from A-154 South and approximately 900,000 tonnes from A-418. In addition to the 6.7 million carats produced from run-of-mine ore, there will be production from coarse ore rejects. This additional production is not included in the company's ore reserves, and is therefore incremental. Based on historical recovery rates, the tonnage of this material that is planned to be processed during calendar 2015 would produce 300,000 carats from COR.

The aforementioned mine plan for the Diavik diamond mine was prepared by DDMI, operator of the Diavik diamond mine, under the supervision of Calvin Yip, PEng, principal adviser, strategic planning of DDMI, a qualified person within the meaning of National Instrument 43-101 of the Canadian Securities Administrators.

                   DIAVIK DIAMOND MINE PRODUCTION 
                       (40-per-cent basis)

                            For the three months ended Dec. 31, 2014                             
Pipe                    Ore processed      Carats              Grade
                         (000s tonnes)      (000s)     (carats/tonne)

A-154 South                        45         176               3.93
A-154 North                        77         159               2.06
A-418                              82         270               3.29
COR                                --          12                 --
Total                             204         617            2.96 (a)

                            For the three months ended Dec. 31, 2013
Pipe                    Ore processed      Carats              Grade
                         (000s tonnes)      (000s)     (carats/tonne)

A-154 South                        51         220               4.28
A-154 North                        69         144               2.10
A-418                              94         418               4.46
COR                                 2          44                  -
Total                             216         826            3.66(a)

(a) Grade has been adjusted to exclude COR.

                               For the 12 months ended Dec. 31, 2014                                             
Pipe                    Ore processed      Carats              Grade
                         (000s tonnes)      (000s)     (carats/tonne)

A-154 South                       200         760               3.80
A-154 North                       357         766               2.14
A-418                             350       1,278               3.65
COR                                 3          88                 --
Total                             910       2,892            3.09 (a)

                               For the 12 months ended Dec. 31, 2013
Pipe                    Ore processed      Carats              Grade
                         (000s tonnes)      (000s)     (carats/tonne)

A-154 South                       228         976               4.29
A-154 North                       288         606               2.11
A-418                             326       1,160               3.56
COR                                 6         155                 --
Total                             848       2,897            3.26 (a)

(a) Grade has been adjusted to exclude COR.

Pricing

Based on the company's sales during the fourth calendar quarter of 2014 and the current diamond recovery profile of the Diavik processing plant, the company has modelled the approximate rough diamond price per carat for each of the ore types in the attached diamond price per carat for Diavik ore types table.

          DIAMOND PRICE PER CARAT FOR DIAVIK ORE TYPES
                     (in U.S. dollars)

                            December, 2014, average price per carat

A-154 South                                                    $140
A-154 North                                                    $185
A-418                                                          $100
COR                                                             $50

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