TORONTO and NEW YORK, January 25,
2018 /PRNewswire/ --
Shares Issued and Outstanding: 160,253,501
Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX:
MPVD) (NASDAQ: MPVD) today announces production results for
the fourth quarter ended December 31,
2017 from the Gahcho Kué Diamond Mine ("GK Mine").
Q4 Production Highlights
- Mining of overburden, waste rock and ore in the 5034 open pit
for the fourth quarter was approximately 8.7 million tonnes, with
approximately 840,000 tonnes of ore (100 percent basis) mined but
remaining untreated at period end.
- In the fourth quarter of 2017, the GK Mine treated
approximately 693,000 tonnes of ore through the process plant and
recovered approximately 1,627,000 carats on a 100% basis for an
average grade of approximately 2.35 carats per tonne. The Company's
attributable share of fourth quarter diamond production was
approximately 797,000 carats.
Q4 Production Statistics
2017 2017
Q4 Full Year[1]
Total tonnes mined (100%) (overburden, waste and ore) 8,665,000 33,036,000
Ore tonnes mined (100%) 839,000 3,513,000
Ore tonnes processed (100%) 693,000 2,775,000
Carats recovered (100%) 1,627,000 5,934,000
Carats recovered (49% share) 797,000 2,908,000
Recovered grade (carats per tonne) 2.35 2.14
[1] Full year figures may differ slightly from the sum of quarterly figures due to the
effects of rounding.
Said David Whittle, the Company's
Interim President and Chief Executive Officer, "These production
results have notably exceeded our upwardly-revised full-year 2017
production guidance of 5.5 million carats recovered on a 100% basis
(actual is 8% greater than guidance). This was driven by
overperformances in both ore tonnes processed (actual is 3% greater
than guidance) and grade recovered. Ice road development is
progressing on schedule, with shipments to site expected to
commence by the end of the month. As well, production results
continue to track on budget into 2018, with winterization measures
implemented this past year showing to have been effective.
The Gahcho Kué team is to be congratulated for achieving such a
strong performance in the mine's first full year of
operations."
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, consisting of a cluster of four
diamondiferous kimberlites, three of which are being developed and
mined under the initial 12 year mine plan.
Qualified Person
The disclosure in this news release of scientific and technical
information regarding Mountain
Province's mineral properties has been reviewed and approved
by Keyvan Salehi, P.Eng., MBA, a
Qualified Person as defined by National Instrument
43-101 Standards of Disclosure for Mineral
Projects.
Caution Regarding Forward Looking Information
This news release contains certain "forward-looking statements"
and "forward-looking information" under applicable Canadian and
United States securities laws
concerning the business, operations and financial performance and
condition of Mountain Province Diamonds Inc.
Forward-looking statements and forward-looking information
include, but are not limited to, statements with respect to
estimated production and mine life of the project of Mountain Province; the realization of mineral
reserve estimates; the timing and amount of estimated future
production; costs of production; the future price of diamonds; the
estimation of mineral reserves and resources; the ability to manage
debt; capital expenditures; the ability to obtain permits for
operations; liquidity; tax rates; and currency exchange rate
fluctuations. Except for statements of historical fact
relating to Mountain Province,
certain information contained herein constitutes forward-looking
statements. Forward-looking statements are frequently
characterized by words such as "anticipates," "may," "can,"
"plans," "believes," "estimates," "expects," "projects," "targets,"
"intends," "likely," "will," "should," "to be", "potential" and
other similar words, or statements that certain events or
conditions "may", "should" or "will" occur.
Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and
are based on a number of assumptions and subject to a variety of
risks and uncertainties and other factors that could cause actual
events or results to differ materially from those projected in the
forward-looking statements. Many of these assumptions
are based on factors and events that are not within the control of
Mountain Province and there is no
assurance they will prove to be correct.
Factors that could cause actual results to vary materially
from results anticipated by such forward-looking statements include
variations in ore grade or recovery rates, changes in market
conditions, changes in project parameters, mine sequencing;
production rates; cash flow; risks relating to the availability and
timeliness of permitting and governmental approvals; supply of, and
demand for, diamonds; fluctuating commodity prices and currency
exchange rates, the possibility of project cost overruns or
unanticipated costs and expenses, labour disputes and other risks
of the mining industry, failure of plant, equipment or processes to
operate as anticipated.
These factors are discussed in greater detail in Mountain Province's most recent Annual
Information Form and in the most recent MD&A filed on SEDAR,
which also provide additional general assumptions in connection
with these statements. Mountain Province cautions that the foregoing
list of important factors is not exhaustive. Investors
and others who base themselves on forward-looking statements should
carefully consider the above factors as well as the uncertainties
they represent and the risk they entail. Mountain Province believes that the
expectations reflected in those forward-looking statements are
reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements
included in this news release should not be unduly relied
upon. These statements speak only as of the date of
this news release.
Although Mountain Province
has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be anticipated,
estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Mountain Province undertakes no obligation to
update forward-looking statements if circumstances or management's
estimates or opinions should change except as required by
applicable securities laws. The reader is cautioned
not to place undue reliance on forward-looking
statements. Statements concerning mineral reserve and
resource estimates may also be deemed to constitute forward-looking
statements to the extent they involve estimates of the
mineralization that will be encountered as the property is
developed.
Further, Mountain Province
may make changes to its business plans that could affect its
results. The principal assets of Mountain Province are administered pursuant to
a joint venture under which Mountain
Province is not the operator. Mountain Province is exposed to actions taken
or omissions made by the operator within its prerogative and/or
determinations made by the joint venture under its terms. Such
actions or omissions may impact the future performance of
Mountain Province.
Under its current note and revolving credit facilities
Mountain Province is subject to
certain limitations on its ability to pay dividends on common
stock. The declaration of dividends is at the discretion of
Mountain Province's Board of
Directors, subject to the limitations under the Company's debt
facilities, and will depend on Mountain
Province's financial results, cash requirements, future
prospects, and other factors deemed relevant by the
Board.
Please Contact:
Mountain Province Diamonds Inc.
David Whittle
Interim President and CEO
161 Bay Street, Suite 1410, Toronto,
Ontario M5J 2S1
Phone:+1(416)361-3562
E-mail: info@mountainprovince.com