TORONTO and NEW YORK, March 14,
2016 /PRNewswire/ --
- Overall project more than 87 percent complete
- On plan for first production in H2 2016
- Appointment of Mine General Manager
Shares Issued and Outstanding:
159,678,833
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 with the overall
project more than 87 percent complete and on track for first
production during H2 2016.
Patrick Evans, Mountain Province
President and CEO, commented: "We continue to make excellent
progress at Gahcho Kué. Key areas of focus are remaining
earthworks, commissioning of the primary crusher and diamond plant,
pre-stripping and stockpiling of kimberlite as well as preparations
for operational readiness."
Mountain Province is also
pleased to announce that the Gahcho Kue Joint Venture has appointed
Allan Rodel as the mine general
manager. Mr. Rodel joined the De Beers Group in 1997 and has held a
number of senior management positions, including that of Gahcho Kue
project manager since 2013. Mr. Rodel has an honors degree in
chemical engineering from the University of Natal and resides in
Yellowknife, N.T.
In addition to Mr. Rodel, nine senior operational appointments
have been made at Gahcho Kue, including the mining manager,
engineering and maintenance manager, ore processing manager and
technical services manager. Under the leadership of Mr. Rodel and
the operations management team, commissioning of the Gahcho Kue
mine is well underway.
Mr. Evans added: "We are also pleased to report that the ice
road deliveries to Gahcho Kue are proceeding to plan. Importantly,
delivery of critical large mining equipment to site was completed
last week with the bulk of the remaining deliveries being diesel
fuel. The project also continues to meet our lending group's
tests-to-completion with US$73M
advanced to fund cash calls during Q1 2016. A total of US$231M has been drawn against the US$370M facility. An update on performance
against budget will be provided with the yearend results at the end
of March."
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 new diamond mine and projected to be amongst the
highest margin diamond mines due to the high grade and open-pit
nature of the operation.
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