TORONTO and NEW YORK, October 6,
2015 /PRNewswire/ --
- Overall project more than 70 percent complete
- 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 more than 70 percent complete. The safety
performance at Gahcho Kué remains good with no lost-time injuries
over the past 18 months. Detailed engineering and procurement are
both complete and the process plant and truck maintenance buildings
are on track to be enclosed by the end of October.
Patrick Evans, Mountain Province
President and CEO, commented: "We're on track for first production
in H2 2016. Key areas of focus are contractor productivity and
preparation for operational readiness."
Mr. Evans added: "Gahcho Kué continues to meet our lending
group's tests-to-completion and further draw-downs against the
Company's US$370M project finance
facility have been approved. We have drawn down US$137M against the facility and expect to have
drawn down a total of US$158M by
year end."
Staffing at Gahcho Kué has peaked at approximately 600 on-site
employees and contractors and will now begin to decline in the
months ahead as major construction projects are completed. During
production there will be approximately 400 employees at Gahcho
Kué.
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, Phone: +1(416)361-3562, E-mail:
info@mountainprovince.com, http://www.mountainprovince.com