Mountain Province Announces Filing of a Technical Report for Gahcho Kué Diamond Mine, Providing an Updated Life of Mine Plan and Updated Mineral Resource and Reserve Estimates

TSX and OTCQX: MPVD

TORONTO, Oct. 2, 2024 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", or the "Company") (TSX: MPVD) and (OTCQX: MPVD) is pleased to announce the filing of its technical report for the Company's Gahcho Kué Mine entitled, "Gahcho Kué Mine NI 43-101 Technical Report" (the "2024 Technical Report"), with an effective date of April 22, 2024. 

The 2024 Technical Report was prepared in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and supports the disclosure made by the Company in its August 21, 2024 news release announcing the revised mine plan. There are no material differences in the 2024 Technical Report from the information disclosed in the August 21, 2024 news release. 

Technical Information and Technical Report Filing

The Mineral Resource and Mineral Reserve estimates for the Gahcho Kué Mine and the other scientific and technical information contained in this news release was prepared by Tysen Hantelmann and Mike Makarenko, each a Qualified Persons ("QP"), as defined in NI 43-101 and independent of the Company.

Data verification processes undertaken in the previous Technical Reports have been reviewed. The QPs are of the opinion that the data verification is adequate for use in the 2024 Technical Report.

The 2024 Technical Report is filed under the Company's profile on SEDAR+ at www.sedarplus.ca and the Company's website www.mountainprovince.com. Readers are encouraged to read the 2024 Technical Report in its entirety, including all qualifications, assumptions, exclusions and risks that relate to the Mineral Resource, Mineral Reserves and life of mine plan. The 2024 Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

About the Company

Mountain Province Diamonds is a 49% participant with De Beers Canada Inc. in the Gahcho Kué diamond mine located in Canada's Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls approximately 112,000 hectares of mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites.

SOURCE Mountain Province Diamonds Inc.

FOR FURTHER INFORMATION, PLEASE CONTACT: Mark Wall, President, and CEO, 151 Yonge Street, Suite 1100, Toronto, Ontario M5C 2W7, Phone: [phone], E-mail: [email protected]