TORONTO and NEW YORK, July 7,
2015 /PRNewswire/ --
On plan and budget for first
production in H2 2016
Shares Issued and Outstanding: 158,966,333
TSX: MPV
NASDAQ: MDM
Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV,
NASDAQ: MDM) is pleased to announce that development of the Gahcho
Kué diamond mine is progressing according to plan and budget with
the overall project approximately 62 percent complete at the end of
May, 2015. Key areas of focus are continued dewatering to expose
the kimberlites, the placement of concrete foundations and the
erection of steel superstructures of the major facilities. A
key milestone is to ensure that the process plant building is
enclosed by October 2015.
Patrick Evans, Mountain Province
President and CEO, commented: "We're on track for first production
in H2 2016 and are currently making arrangements to be in a
position to receive and sell our 49 percent share of diamond
production. These arrangements are expected to be in place by the
end of 2015."
There are currently approximately 500 employees and contractors
on site at Gahcho Kué and this number is expected to peak at
approximately 650 during the third quarter of 2015. During
production there will be approximately 400 employees at Gahcho Kué.
The project Operator, De Beers Canada, maintains a strong focus on
a robust safety record with fifteen consecutive months without a
lost-time injury.
Mountain Province Diamonds is a 49% participant with
De Beers Canada in the Gahcho Kué diamond mine located in
Canada's Northwest Territories. Gahcho Kué is the
world's largest and richest new diamond mine.
The Gahcho Kué Project consists of a cluster of four
diamondiferous kimberlites, three of which have a probable mineral
reserve of 35.4 million tonnes grading 1.57 carats per tonne for
total diamond content of 55.5 million carats.
A 2014 NI 43-101 feasibility study report filed by Mountain Province (available on SEDAR)
indicates that the Gahcho Kué project has an IRR of 32.6%.
The Gahcho Kué diamond mine is expected to produce an average of
4.5 million carats a year over a 12 year mine life.
Qualified Person
This news release has been prepared under the supervision of
Carl G. Verley, P.Geo., who serves
as the qualified person under National Instrument 43-101.
Forward-Looking Statements
This news release includes certain information that may
constitute "forward-looking information" under applicable Canadian
and US securities legislation. Forward-looking information
includes, but is not limited to, the Company's strategic plans,
future operations, future work programs and objectives.
Forward-looking information is necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking information. There can be no assurance that such
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance
on forward-looking information. All forward-looking information
contained in this press release is given as of the date hereof and
is based upon the opinions and estimates of management and
information available to management as at the date hereof. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
law.
Mountain Province Diamonds Inc., Patrick
Evans, President and CEO, 161 Bay Street, Suite 2315,
Toronto, Ontario M5J 2S1, Phone:
+1-416-361-3562, E-mail: info@mountainprovince.com,
http://www.mountainprovince.com