Shares Issued and Outstanding: 59,860,881
TORONTO and NEW YORK, March 19 /CNW/ - Mountain Province Diamonds Inc
(TSX: MPV, AMEX: MDM) today reported that the 2008 Tuzo bulk sampling program
has concluded successfully ahead of schedule.
This bulk sampling program was designed to recover approx. 1,500 tonnes
of kimberlite from the Tuzo kimberlite pipe using two 24 inch large-diameter
drill rigs. A total of nine holes were drilled, with four holes to depths of
101 meters, three holes to depths of 126.5 meters and two holes to depths of
approx. 300 meters.
Processing of the drill core at De Beers' Grand Prairie facility
commenced on February 23, 2008 and is expected to be completed by May, 2008.
The concentrated kimberlite will then be processed to recover macro diamonds
which, together with the approx. 600 carats recovered from prior years'
exploration, should provide a sufficiently large sample (approx. 2,000 carats)
to enable the Joint Venture to do accurate diamond revenue modeling for the
Located in Canada's Northwest Territories, Gahcho Kué is the largest new
diamond mine under development globally. The project consists of a cluster of
three primary kimberlites with an indicated resource of approximately 14.4
million tonnes grading at 1.64 carats per tonne (approximately 23.6 million
carats) and an inferred resource of approximately 17 million tonnes grading at
1.35 carats per tonne (approximately 22.9 million carats). Gahcho Kué is
currently in the permitting and advanced exploration stage of development.
Mountain Province Diamonds (49 percent) is a joint venture partner with
De Beers Canada Inc (51 percent) in the Gahcho Kué project. De Beers is the
operator of the project and can be called on to fund the project through to
This news release has been prepared under the supervision of Carl G.
Verley, P.Geo., who serves as the qualified person under National Instrument
This news release may contain forward-looking statements, within the
meaning of the "safe-harbor" provision of the Private Securities Litigation
Reform Act of 1995, regarding the Company's business or financial condition.
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.
For further information:
For further information: Mountain Province Diamonds Inc., Patrick Evans,
President and CEO, Tel: (416) 670-5114