Harry Winston Diamond Corporation Reports Diavik Diamond Mine Fourth Quarter Production

 Harry Winston Diamond Corporation Reports Diavik Diamond Mine Fourth Quarter

  PR Newswire

  TORONTO, January 15, 2013

TORONTO, January 15, 2013 /PRNewswire/ --

Harry Winston Diamond Corporation (TSX:HW, NYSE:HWD) (the "Company") reports
that in the fourth calendar quarter of 2012, the Diavik Diamond Mine produced
1.9 million carats from 0.5 million tonnes of ore processed, as compared to
1.6 million carats from 0.6 million tonnes of ore processed in the comparable
quarter of the prior year. The 19% increase in carats recovered in the quarter
was primarily due to improved grades in each of the kimberlite pipes,
partially offset by the 17% decline in ore processed in the quarter, which was
due to a reduction in processing plant throughput that resulted from changes
in the geological composition of the ore. Open pit mining of the A-418
kimberlite pipe concluded in September, although processing of open pit ore
from the A-418 kimberlite pipe will continue into calendar 2013.

For the 2012 calendar year, the Diavik Diamond Mine produced 7.2 million
carats from 2.1 million tonnes of ore processed compared to production of 6.7
million carats from 2.2 million tonnes of ore processed in the prior year.
Production for the 2012 calendar year consisted of 4.3 million carats produced
from 1.2 million tonnes of ore from the A-418 kimberlite pipe, 1.9 million
carats produced from 0.4 million tonnes of ore from the A-154 South kimberlite
pipe, and 0.9 million carats produced from 0.5 million tonnes of ore from the
A-154 North kimberlite pipe. Also included in production for the 2012 calendar
year was an estimated 0.1 million carats from reprocessed plant rejects

The decrease in carats from the original 2012 calendar plan of 8.2 million
carats was primarily due to deferring the processing and recovery of lower
value carats from the RPR in favour of processing underground ore containing
higher valued carats. Production was also impacted by a reduction in
processing plant throughput due to changes in the geological composition of
the ore.

A new mine plan and budget for calendar 2013 is under final review by Rio
Tinto plc and the Company. The plan for calendar 2013 foresees Diavik Diamond
Mine production of approximately 6 million carats from the mining and
processing of approximately 1.6 million tonnes of ore with a further 0.2
million tonnes processed from stockpile ore. Mining activities will be
exclusively underground with approximately 0.7 million tonnes expected to be
sourced from A-154 North, approximately 0.5 million tonnes from A-154 South
and approximately 0.4 million tonnes from A-418 kimberlite pipes. Included in
the estimated production for calendar 2013 is approximately 0.6 million carats
from RPR and 0.1 million carats from the improved recovery process for small
diamonds. These RPR and small diamond recoveries are not included in the
Company's reserves and resource statement and are therefore incremental to

Based on the prices from the most recent December sale and the current diamond
recovery profile of the Diavik processing plant, the Company has modeled the
approximate rough diamond price per carat for each of the Diavik ore types as

                     December 2012
                Average Price per Carat
     Ore Type       (in US dollars)
    A-154 South          $135
    A-154 North          $170
       A-418              $95
        RPR               $45

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.

The Company focuses on the two most profitable segments of the diamond
industry, mining and retailing, 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.

Forward-Looking Information

Information included herein that is not current or historical factual
information, including information about mining activities at the Diavik
Diamond Mine and estimated production from the Diavik Diamond Mine, may
constitute forward-looking information or statements within the meaning of
applicable securities laws. Forward-looking information is based on certain
factors and assumptions regarding, among other things, mining, production,
construction and exploration activities at the Diavik Diamond Mine, world and
 US  economic conditions, future diamond prices, and the level of worldwide
diamond production. Actual results may vary from the forward-looking
information.  While the Company considers these assumptions to be reasonable
based on the information currently available to it, they may prove to be
incorrect. Forward-looking information is subject to certain factors,
including risks and uncertainties which could cause actual results to differ
materially from what we currently expect. These factors include, among other
things, the uncertain nature of mining activities, including risks associated
with underground construction and mining operations, fluctuations in diamond
prices, and changes in US and world economic conditions. Readers are cautioned
not to place undue importance on forward-looking information, which speaks
only as of the date of this disclosure, and should not rely upon this
information as of any other date. While the Company may elect to, it is under
no obligation and does not undertake to, update or revise any forward-looking
information, whether as a result of new information, further events or
otherwise at any particular time, except as required by law. Additional
information concerning factors that may cause actual results to materially
differ from those in such forward-looking statements is contained in the
Company's filings with Canadian and United States securities regulatory
authorities and can be found at http://www.sedar.com  and
http://www.sec.gov , respectively.

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

For further information: Mr. Richard Chetwode, Vice Preside nt, Corporate
Development - +44(0) 7720970762  rchetwode@harrywinston.com Ms. Laura
Kiernan, Director, Investor Relations -  +1(917)- 297-4781 or 
lkiernan@harrywinston.com  Ms. Kelley Stamm, Manager, Investor Relations - 
+1(416)- 205-4380 or  kstamm@harrywinston.com
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