Shares Issued and Outstanding: 100,501,351
NYSE MKT: MDM
Project 17% complete at end February 2014
First production on schedule for Q3 2016
TORONTO AND NEW YORK, March 24, 2014 /CNW/ - Mountain Province Diamonds
Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM)
today provided an update on progress at the Gahcho Kué diamond project,
a joint venture between De Beers Canada (51%) and Mountain Province
As at the end of February 2014 the overall project was 17 percent
complete and first production remains on schedule for Q3 2016. In a
statement issued on March 21, 2014, and available on www.debeersgroup.com, De Beers confirmed that there has been no change in the project
schedule and that "both partners are happy with the progress to date".
A total of approximately 670 truckloads of equipment and supplies have
so far been delivered to Gahcho Kué on the 2014 ice road. A further
approximately 100 truckloads are expected to be delivered by the end of
March 2014. There are currently approximately 120 people on site and
this number is expected to increase through the balance of the year. At
peak construction there will be approximately 700 people employed at
Gahcho Kué. Work to date has been completed without any lost-time
Construction of the main airstrip has commenced and prefabricated units
of the main camp have been delivered to Gahcho Kué. The main camp and
airstrip are expected to be ready for use by mid-2014. Delivery and
installation of eight 500-cubic meter fuel tanks has been completed and
fuel deliveries are currently underway. Construction of two 18,000
cubic meter fuel tanks is also underway. Sufficient fuel will be
delivered to site to support the construction operation for the next
twelve months. Shareholders can view photographs of site activities at www.mountainprovince.com.
Feasibility study update
Preparation of the feasibility study update is continuing and the
results are expected to be announced by the end of the month. The
updated feasibility study will include an updated Reserve statement,
updated capital and operating cost estimates, and updated project
economics. The Company will provide further details on financing plans
upon completion of the updated feasibility study.
Processing of the Gahcho Kué full Land Use Permit and Class A Water
License remains on schedule. These new permits are expected to be
approved during H2 of 2014.
Tuzo deep drilling
Drilling of the first of three vertical holes to depths of 750 meters
commenced in February 2014. On reaching a depth of 395 meters the drill
rods became stuck in the first hole. While attempts to re-drill the
first hole from a wedge at approximately 300 meters are continuing, a
second drill rig has been brought to site and has commenced drilling.
Further updates on progress will be provided.
Mountain Province Diamonds: Gahcho Kué is the world's largest and richest new diamond mine. A
December 2010 feasibility study filed by Mountain Province (available
on SEDAR) indicates that Gahcho Kué has an IRR of 33.9%.
Mountain Province is a 49% participant with De Beers Canada in the
Gahcho Kué JV located at Kennady Lake in Canada's Northwest
Territories. The Gahcho Kué Project consists of a cluster of four
diamondiferous kimberlites, three of which have a probable mineral
reserve of 31.3 million tonnes grading 1.57 carats per tonne for total
diamond content of 49 million carats.
This news release has been prepared under the supervision of Carl G.
Verley, P.Geo., who serves as the qualified person under National
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.
SOURCE: Mountain Province Diamonds Inc.
For further information:
Mountain Province Diamonds Inc.
Patrick Evans, President and CEO
161 Bay Street, Suite 2315
Toronto, Ontario M5J 2S1
Phone: (416) 361-3562