This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Mountain Province Diamonds Announces Progress At The Gahcho Kué Diamond JV With De Beers

Stocks in this article: MDM MPV

Shares Issued and Outstanding: 80,345,558 TSX: MPV NYSE- AMEX: MDM

TORONTO AND NEW YORK, March 1, 2012 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE-AMEX: MDM) is pleased to provide the following update on progress at the Gahcho Kué diamond project, a joint venture with De Beers Canada Inc. ("De Beers") in Canada's Northwest Territories.

Permitting Permitting of the Gahcho Kué project is progressing satisfactorily. Following receipt on January 20, 2012, of information requests under the Environmental Impact Review ("EIR"), the Gahcho Kué project operator, De Beers, has advised that they are on track to provide responses by the end of March. Preparations for the technical sessions under the EIR are scheduled to commence in April 2012, and the public sessions are scheduled to take place in May 2012. Shareholders are reminded that they can follow progress of the EIR on the website of the Mackenzie Valley Review Board, located at www.reviewboard.ca.

Tuzo Deep Drill Progra m Three of the five planned deep drill holes at the Tuzo kimberlite have been successfully completed. Drilling of the fourth and fifth holes is currently underway. The Tuzo Deep drill program aims to define a resource between 350 and 750 metres. It is expected that drilling will be completed by early April, following which the results will be announced.

Fugro Airborne Surve y Analysis of the data from the Fugro airborne gravity gradiometry (AGG) survey over the Gahcho Kué JV leases has resulted in the preliminary identification of 57 geophysical targets. The JV partners are reviewing the results to determine an appropriate strategy and subsequent action. Shareholders will be kept informed of developments.

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué JV, located at Kennady Lake in Canada's Northwest Territories. The Gahcho Kué 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 Kué 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 Kué project has an IRR of 33.9%, based on April 2010 modeled diamond prices.

Mountain Province also controls 100% of the Kennady North Diamond Project adjacent to the De Beers JV property. Kennady North hosts three known diamondiferous kimberlites and a number of unexplained kimberlite mineral indicators.

Mountain Province Diamonds is included in the S&P/TSX Global Mining Index.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs