Harry Winston Diamond Corporation Announces the Retirement of Mr. Roger Phillimore from its Board of Directors
Harry Winston Diamond Corporation (TSX:HW, NYSE:HWD) (the "Company") announced today that after more than fifteen years of continuous service as an independent director of the Company, Mr. Roger Phillimore is retiring from the board of directors to focus on other professional challenges.
Mr. Phillimore joined the board shortly after the discovery of the Diavik Diamond Mine orebodies and provided invaluable advice as the Company progressed through the complexities of debt and equity financing for its 40% share of the capital cost of what, at the time, was the most expensive mining development ever to be undertaken in the Northwest Territories. His extensive, senior level experience in the natural resource industry has been an invaluable asset.
Chairman and Chief Executive Officer, Robert Gannicott commented, "Roger has been a close friend and sounding board to me throughout the evolution and growth of the Company while also being a wise and collegial member of the board of directors. We all wish him well for the future."Harry Winston recently released an updated life-of-mine plan for the Diavik Diamond Mine, including current estimates for anticipated annual production by pipe, with associated operating costs, and capital costs through 2023. The life-of-mine plan includes a detailed cash flow model based on the Company's estimates of future rough diamond revenue. Unless otherwise specified, all financial information is presented in Canadian dollars, on a 100% basis, and references to years are to calendar years.
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About Harry Winston Diamond Corporation
Harry Winston Diamond Corporation is a diamond enterprise with premium assets in the mining and retail 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, Shanghai, Hong Kong,Singapore, Tokyo and Beverly Hills.
The Company focuses on the two most profitable segments of the diamond industry, mining and retail, in which its expertise creates shareholder value. This unique business model provides key competitive advantages; rough diamond sales and polished diamond purchases provide market intelligence that enhances the Company's overall performance.
SOURCE Harry Winston Diamond Corporation