TORONTO, NEW YORK AND YELLOWKNIFE, NT, Dec. 3, 2013 /CNW/ - De Beers
Canada Inc. and Mountain Province Diamonds (TSX: MPV, NYSE MKT: MDM)
are pleased to announce that the Mackenzie Valley Land and Water Board
has approved a pioneer Land Use Permit for the Gahcho Kué diamond mine.
The pioneer Land Use Permit allows land-based site works to commence in
preparation for deliveries planned for the 2014 winter road season.
Tony Guthrie, CEO of De Beers Canada, commented: "De Beers, as the
Operator of the Gahcho Kué Project, extends its appreciation to the
Mackenzie Land and Water Board for the efficient processing of the
pioneer Land Use Permit application. Approval of the permit allows
Gahcho Kué to position itself for the start of full construction
pending the receipt of the full Land Use Permit and Water License
expected in 2014. The construction and operational phases of Gahcho Kué
will benefit the Canadian economy and local communities, creating new
business and employment opportunities for residents of the Northwest
Territories and continuing to build Canada's position as a premier
The scope of the planned pioneer site works conforms to the water use
and waste disposal terms of the existing Type B Water License for the
Gahcho Kué project.
Patrick Evans, Mountain Province President and CEO, added: "This
represents an important milestone for the Gahcho Kué project. The
shareholders of Mountain Province look forward to an efficient and
timely completion of the remaining regulatory process in 2014, which is
necessary to ensure the optimal development of the Gahcho Kué diamond
Gahcho Kué will employ close to 700 people during the two years of
construction and close to 400 people during its operational phase. The
Gahcho Kué project life of mine is approximately 11 years in duration
and will mine about 31 million tonnes of ore containing an estimated 49
million carats. These carats include an estimate of carats recovered
below the bottom cut-off of the plant and therefore differ by a small
amount to those reported in the 2013 Anglo American Annual Report.
Gahcho Kué is a joint venture between De Beers (51%) and Mountain
Province Diamonds (49%) and is located 280 km northeast of Yellowknife,
The Gahcho Kué joint venture is also currently updating the 2010 Gahcho
Kué feasibility study and expects to announce the results of an
Optimization Study early in the New Year.
About De Beers Group of Companies
De Beers is a member of the Anglo American plc group. Established in
1888, De Beers is the world's leading diamond company with unrivalled
expertise in the exploration, mining and marketing of
diamonds. Together with its joint venture partners, De Beers employs
more than 23,000 people (directly and as contractors) across the
diamond pipeline, and is the world's largest diamond producer by value,
with mining operations in Botswana, Canada, Namibia and South Africa.
As part of the company's operating philosophy, the people of De Beers
are committed to Living up to Diamonds by making a lasting contribution to the communities in which they live
and work, and transforming natural resources into shared national
wealth. For further information about De Beers visit www.debeersgroup.com.
About Mountain Province Diamonds
Mountain Province Diamonds discovered the first kimberlite at Kennady
Lake in 1995 and in 1997 entered into a joint venture with Monopros, a
subsidiary of De Beers. Mountain Province is a 49% participant with De
Beers Canada in the Gahcho Kué JV located in Canada's Northwest
Territories. Gahcho Kué is the world's largest and richest new diamond
mine development. A December 2010 feasibility study filed by Mountain
Province (available on SEDAR) indicates that the Gahcho Kué project has
an IRR of 33.9%. Further information is available at www.mountainprovince.com.
This news release may contain forward-looking statements, within the
meaning of the "safe-harbour" provision of the Private Securities
Litigation Reform Act of 1995, regarding Mountain Province's business.
Actual results could differ materially from those described in this
news release as a result of numerous factors, some of which are outside
the control of the Company.
SOURCE: Mountain Province Diamonds Inc.
For further information:
Director, External & Corporate Affairs
Tel: (867) 766-7300
President and CEO
Mountain Province Diamonds
Tel: (416) 361-3563