July 17 (Reuters) -
* Washington Co, whose takeover bid has been accepted by Canada's Dominion Diamond DDC.TO , will continue search for new Dominion CEO, no timeline, Washington president Lawrence Simkins says
* Simkins says taking Dominion Diamond private allows for longer timeline to invest in exploration to expand mine life
* Simkins says will start process of talking to gov't of Canada on Dominion takeover on Monday, confident of approvals
* Simkins says Washington has had initial discussion with Rio Tinto (LON:RIO) about its 60 percent stake in Diavik diamond mine, which is 40 percent owned by Dominion
* Simkins says had no discussions with Dominion Diamond's shareholders on takeover