TORONTO and NEW YORK, November 19,
2018 /PRNewswire/ --
TSX and NASDAQ: MPVD
Mountain Province Diamonds Inc.
("Mountain Province", the
"Company") (TSX: MPVD) (NASDAQ: MPVD) is pleased to announce
the appointment of Tom McCandless as
Vice President of Exploration effective November 1st, 2018.
Dr. McCandless has over 40 years of
experience in mineral exploration, and was directly involved in the
exploration that led to the discovery of the Ekati and Renard
diamond mines. More recently he served as a Director on the board
of Kennady Diamonds Corp. where he was part of the team responsible
for the due diligence and negotiations leading to the acquisition
of Kennady Diamonds by Mountain
Province in April 2018. As
president of MCC Geoscience Inc. he has consulted for grassroots
exploration through to operating mines located in North and
South America, Africa and Europe. He is also a registered professional
geoscientist (BC, NT/NU) and an Adjunct Professor at the
University of Alberta and University of
Arizona.
Stuart
Brown, the Company's President and CEO commented, "We are
very pleased to announce the appointment of Tom as our new head of
exploration. Tom is a seasoned professional and brings a wealth of
knowledge to the team. He will play a key role in moving our
exploration programs forward as we continue our search for the next
potential discovery of diamonds on our properties. He
is also very familiar with the Gahcho Kué diamond mine from his
time with Kennady Diamonds. Mountain Province is building a strong team to
execute our strategy of exploration and mining extension, and we
are confident that Tom's experience, and his standing in the
diamond industry will add substantial value to the Company."
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.
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