TORONTO and NEW YORK, May 15,
2018 /PRNewswire/ --
Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD)
(NASDAQ: MPVD) today announces Stuart
Brown's appointment as the new President and Chief Executive
Officer with effect from July 1,
2018.
Mr. Brown has over 25 years of experience in the diamond
industry, where he has gained a wealth of experience across all
aspects throughout the diamond pipeline from exploration, mine
development and operations to the selling and marketing of
diamonds. In 2006, after numerous roles within De Beers over a
period of 14 years, Mr. Brown was appointed as the De Beers Group
Chief Financial Officer. He held that position for over five years
and in 2010 was appointed joint acting CEO to run De Beers' global
activities in addition to his CFO duties. Since September 2013, Mr. Brown has been the CEO of
publicly-listed Firestone Diamonds Plc, a diamond producer in
Lesotho. Mr. Brown was responsible
for securing the funding and building the team that delivered the
successful construction and transition to production of Firestone's
Liqhobong diamond mine. Mr. Brown has an enviable track record of
leading business transformation to develop lean, agile and high
performing organisations. Mr. Brown holds a Bachelor of Accounting
Science from the University of South
Africa.
Jonathan Comerford, Mountain Province's Non Executive Chairman,
commented, "We are very pleased to announce Stuart Brown as our new CEO. The Board conducted
an exhaustive search for the role, and Stuart was a stand out
candidate for the depth of his background in the diamond sector.
Stuart has incredible experience in the space, having held the
highest positions in De Beers. He is also very familiar with the
Gahcho Kué diamond mine and its team from his time with De Beers.
Mountain Province is building a
strong team to execute our strategy of exploration and mining
extension, and we are confident that Stuart's experience, both in
De Beers and with Firestone, and his standing in the diamond
industry, will add substantial value to the Company."
Mr. Comerford continued, "On behalf of the Board, I would like
to thank David Whittle for stepping
in as Interim CEO last June. Over the past year, he has done a
tremendous job of leading the company through a difficult period
with the successful refinancing of Mountain Province's bank debt. He also
completed the acquisition of Kennady Diamonds, which added
significant long term value for the Company's Shareholders. I am
delighted that David will remain on the Mountain Province Board, resuming his roles as
both the Senior Non Executive Director and as Head of the Audit
Committee."
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.
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.
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