Gahcho Kué Receives Environmental Impact Review Board Approval
YELLOWKNIFE, TORONTO and NEW YORK, July 22, 2013 /PRNewswire/ – De Beers Canada
and Mountain Province Diamonds (TSX: MPV, NYSE MKT: MDM) are pleased to
announce that the Mackenzie Valley Environmental Impact Review Board
(MVEIRB) has concluded the Gahcho Kué Environmental Impact Assessment
and has recommended approval of the proposed Gahcho Kué diamond mine
subject to measures and follow-up programs.
In a July 19, 2013 letter to the Minister of Aboriginal Affairs and
Northern Development Canada, the Honourable Bernard Valcourt, the
MVEIRB stated: “The Gahcho Kué Panel recommends, pursuant to
sub-section 134(2) of the Mackenzie Valley Resource Management Act,
that this development be allowed to proceed subject to implementation
of the measures and follow-up programs described in this Report which
are necessary to prevent potentially significant adverse impacts on the
environment.” A full copy of the Report of Environmental Impact Review
and Reasons for Decision is available at www.reviewboard.ca.
Glen Koropchuk, De Beers Canada Chief Operating Officer, stated: “We are
pleased to receive the Report of Environmental Impact Review and
Reasons for Decision by the Mackenzie Valley Environmental Impact
Review Board on the proposed Gahcho Kué diamond mine. This represents
an important step forward for the proposed new diamond mine. We are
reviewing the Report to better understand the implications of the
measures and follow-up programs recommended by MVEIRB. We look forward
to proceeding to the next stages in the regulatory approval process.
“We want to thank the Panel and staff of the MVEIRB for considering all
of the evidence in preparing the Report. We also appreciate the
continued participation by Aboriginal parties and other community and
regulatory stakeholders as the Gahcho Kué Project moves ahead.”
Patrick Evans, Mountain Province Diamonds President and CEO, added: “The
Gahcho Kué joint venture has successfully demonstrated to the Review
Board that the Gahcho Kué diamond mine can be successfully constructed
and operated. Completion of the environmental review is a significant
The Gahcho Kué Project is a joint venture between De Beers (51%) and
Mountain Province Diamonds (49%). Located at Kennady Lake, 280 km
northeast of Yellowknife, the Gahcho Kué Project will recover an
average of 4.5 million carats of diamonds annually over an 11 year life
of mine. The Gahcho Kué diamond mine will employ up to 700 people
during construction and between 360 and 380 during operations.
About De Beers Group
De Beers Group is a member of the Anglo American plc group. Established
in 1888, De Beers is the world’s leading diamond company with
unrivalled expertise in the exploration, mining and marketing of
diamonds. Together with its joint venture partners, De Beers employs
approximately 16,000 people across the diamond pipeline, and is the
world’s largest diamond producer by value, with mining operations in
Botswana, Canada, Namibia and South Africa. In Canada, De Beers
operates the Snap Lake Mine in the Northwest Territories and the Victor
Mine in northern Ontario. De Beers is also a joint venture partner in
the Gahcho Kué Project in the Northwest Territories. For further
information about De Beers visit www.debeersgroup.com.
About Mountain Province Diamonds
Mountain Province Diamonds discovered the first kimberlite at Kennady
Lake in 1995 and in 1997 entered into a joint venture with Monopros, a
subsidiary of De Beers. Mountain Province is a 49% participant with De
Beers Canada in the Gahcho Kué JV located in Canada’s Northwest
Territories. Gahcho Kué is the world’s largest and richest new diamond
mine development. A December 2010 feasibility study filed by Mountain
Province (available on SEDAR) indicates that the Gahcho Kué project has
an IRR of 33.9%. Further information is available at www.mountainprovince.com.
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 Mountain Province’s business.
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.