Mountain Province Diamonds Announces Permitting Progress at De Beers Joint Venture
Shares Issued and Outstanding: 80,715,558
NYSE MKT: MDM
TORONTO and NEW YORK, Aug. 27, 2012 /PRNewswire/ – Mountain Province Diamonds
Inc. (“Mountain Province”, the “Company”) (TSX: MPV, NYSE MKT: MDM)
today announced that the Mackenzie Valley Environmental Impact Review
Board has provided details of the final steps for the Gahcho KuÃ©
environmental impact review (EIR). The Gahcho KuÃ© diamond mine is a
joint venture between De Beers Canada (51%). and Mountain Province
Key dates include:
1. September 13, 2012 - Final responses to information requests; 2. October 22, 2012 - Technical report due date; 3. November 1, 2012 - Pre-hearing conference; and 4. December 4-7, 2012 - Public hearing.
Patrick Evans, Mountain Province President and CEO commented: “With
approximately three months to the final public hearing, we are very
pleased with the excellent progress that has been made. The
participants in the environmental review have focused on ensuring that
the Gahcho KuÃ© diamond mine meets the highest possible social and
Mr. Evans added: “Gahcho KuÃ© will be the fourth diamond mine in Canada’s
Northwest Territories. Based on current plans, production at Gahcho KuÃ©
will commence at a time when some of the existing mines will see
declining production. The strength of Canada’s diamond industry in the
Northwest Territories depends on the timely permitting and construction
of Gahcho KuÃ©.”
Shareholders are reminded that they can follow the progress of the
Gahcho KuÃ© environmental impact review at www.reviewboard.ca.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho KuÃ© JV located
at Kennady Lake in Canada’s Northwest Territories. The Gahcho KuÃ©
Project consists of a cluster of four diamondiferous kimberlites, three
of which have a probable mineral reserve of 31.3 million tonnes grading
1.57 carats per tonne for total diamond content of 49 million carats.
Gahcho KuÃ© is the world’s largest and highest grade new diamond
development project. A December 2010 feasibility study filed by
Mountain Province (available on SEDAR) indicates that the Gahcho KuÃ©
project has an IRR of 33.9%.
This news release has been prepared under the supervision of Carl G.
Verley, P.Geo., who serves as the qualified person under National
This news release may contain forward-looking statements, within the
meaning of the “safe-harbor” provision of the Private Securities
Litigation Reform Act of 1995, regarding the Company’s business or
financial condition. Actual results could differ materially from those
described in this news release as a result of numerous factors, some of
which are outside the control of the Company.
SOURCE Mountain Province Diamonds Inc.