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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Mountain Province Diamonds Operating Partner De Beers Confirms Gahcho Kué Permitting On Schedule

Preparations for development underway

Financing discussions progressing

Shares Issued and Outstanding: 80,715,558 TSX: MPV NYSE MKT: MDM

TORONTO AND NEW YORK, Aug. 7, 2012 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) is pleased to confirm that joint venture operating partner, De Beers Canada Inc. ("De Beers") has reported that the permitting of the Gahcho Kué diamond project is progressing on schedule. The 24-month environmental review is nearing completion with the final hearing scheduled in approximately four months.

Commenting, Mountain Province President and CEO, Patrick Evans, said: "Excellent progress is being made. All the participants in the environmental review have been focused on ensuring that the Gahcho Kué diamond mine meets the highest possible social and environmental standards".

The Gahcho Kué project, which is the world's largest and richest new diamond mine, is currently the subject of an environmental impact review (EIR) being managed by the Mackenzie Valley Environmental Impact Review Board based in Yellowknife, Northwest Territories.

Mountain Province is also pleased to announce that preparations for development under the Advance Program are also progressing on schedule. The Gahcho Kué joint venture partners approved an initial capital allocation of C$31.3M in June, 2012, for:

  1. Construction and operating permit applications;
  2. Front-end engineering and design (FEED);
  3. Preparations and procurement for the 2013 winter road;
  4. Detailed engineering;
  5. Purchase of critical long-lead equipment; and
  6. Feasibility study update.

Finally, Mountain Province today announced that good progress is being made with the arrangement of the Company's 49 percent share of the Gahcho Kué capital budget, which is estimated at approximately C$300M, inclusive of working capital. Mountain Province has received multiple proposals for project financing, off-take financing and a variety of other instruments which, if successfully concluded, would enable to the Company to substantially meet its capital requirements.

Mr. Evans commented: "We are gratified by the strong interest we have received from major participants in global mining finance. This reflects the robust economics of Gahcho Kué as well as the strength and experience of our operating partner; majority owned by Anglo American, one of the world's largest diversified mining companies. As we consider the financing options available to us we will be keenly focused on minimizing shareholder dilution which could result from conventional equity issues. The interests of our longstanding shareholders will be paramount as we continue to explore financing options".

****

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 16,912.11 -70.48 -0.42%
S&P 500 1,969.95 -8.96 -0.45%
NASDAQ 4,442.6980 -2.2110 -0.05%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

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