Shares Issued and Outstanding: 159,793,833
TSX:
MPV
NASDAQ: MDM
TORONTO and NEW YORK, Oct. 25,
2016 /CNW/ - Mountain Province Diamonds Inc. ("Mountain
Province", the "Company") (TSX: MPV, NASDAQ: MDM) is pleased to
announce the production for the third quarter ended September 30, 2016 from the Gahcho Kué Diamond
Mine.
The total mining of waste and ore for the nine months to
September 30, 2016 from the 5034 open
pit was approximately 15.9 million tonnes, with approximately
17,000 tonnes of ore stockpiled.
Ramp-up production at Gahcho Kué commenced on August 1, 2016. From August 1 to September 30, the plant processed
approximately 130,000 tonnes of ore and produced 198,000 carats on
a 100 percent basis, of which the Company's 49 percent share is
approximately 97,000 carats.
Patrick Evans, president and CEO,
commented: "We are very pleased that ramp-up production commenced
six weeks ahead of schedule. Mining and processing continues to
progress well and Gahcho Kué remains on track to achieve commercial
production in early 2017."
The first sale of the Company's 49 percent share of the
run-of-mine production will take place on open tender in
Antwerp during January 2017 and approximately every five weeks
thereafter.
The joint venture partners bid for the production of fancy
coloured and special (+10.8 carat) diamonds on almost a monthly
basis. The bid for August production of fancies and specials was
won by De Beers, and the bid for September production was won by
Mountain Province. Included in the
parcel of fancy and special diamonds from the September production
are a 50.25 carat gem quality diamond and three fancy yellow
diamonds weighing between 3 and 5 carats. The fancies and specials
now owned by Mountain Province
will be included in the Company's January
2017 sale.
Mr. Evans added: "The 50 carat diamond recovered in September is
the largest diamond recovered to date and provides further
confirmation that the Gahcho Kué has a population of large, high
quality gem diamonds. It is also exciting to see a population of
good size fancy yellow diamonds, which offers encouragement that
we'll see further fancy diamonds as the production ramps up."
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 is projected to produce an average of 4.5 million carats a
year over a 12 year mine life.
Gahcho Kué 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.
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.
SOURCE Mountain Province Diamonds Inc.