Shares Issued and Outstanding: 59,316,342
TORONTO/NEW YORK, April 13 /CNW/ - Mountain Province Diamonds Inc. (TSX:
MPV, AMEX: MDM) ("the Company") is pleased to announce the appointment of Mr.
Peeyush Varshney to the Board of Directors of the Company.
Mr. Varshney has been actively involved in the capital markets since 1996
and is a principal of Varshney Capital Corp., a private merchant banking,
venture capital and corporate advisory firm. He is currently a director or
officer of several public companies listed on the TSX Venture Exchange and the
Toronto Stock Exchange, including President and Director of Mantle Resources
Inc. and Corporate Secretary of Carmanah Technologies Corp. He is also a
director of The Varshney Family Charitable Foundation and is a member of the
Business Families Center Advisory Board at the Sauder School of Business at
UBC. Mr. Varshney obtained a Bachelor of Commerce Degree (Finance) in 1989 and
a Bachelor of Laws in 1993, both from the University of British Columbia
(UBC). He then articled at Farris, Vaughan, Wills & Murphy, of Vancouver,
British Columbia, from 1993 to 1994 and has been a member of the Law Society
of British Columbia since September 1994.
Mountain Province Diamonds, De Beers Canada Inc and Camphor Ventures are
joint venture partners in the Gahcho Kue diamond project. Mountain Province
has a 44.1 percent interest in the joint venture; Camphor 4.9 percent; and De
Beers 51 percent. On February 23, 2007, Mountain Province mailed documents
relating to a take-over bid for the balance of the outstanding shares, options
and warrants of Camphor Ventures. On April 4, 2007 Mountain Province took up
and paid for those Camphor Venture shares tendered into the take-over bid with
the result that Mountain Province now owns approximately 93.3 percent of
Camphor Ventures. Mountain Province also announced that it is extending its
offer to the security-holders of Camphor Ventures until April 16, 2007. If
successful in its take-over bid, Mountain Province will control 49 percent of
the Gahcho Kue Joint Venture. De Beers is the operator of the project and can
be called on by the joint venture partners to fund the project through to
commercial production. If called on to fund a definitive feasibility study De
Beers has the right to increase its interest to 55 percent upon the completion
of a feasibility study. If called on to fully fund the mine's construction De
Beers will have the right to increase its interest to 60 percent following the
commencement of commercial production.
Located in Canada's Northwest Territories, the Gahcho Kué project 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. At full production the Gahcho Kué diamond mine is
expected to produce approximately 3 million carats a year over 15 years.
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.
%SEDAR: 00005311E %CIK: 0001004530
For further information:
For further information: Mountain Province Diamonds Inc., Patrick Evans,
President and CEO, Tel: (416) 670-5114