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TheStreet Open House

Mountain Province Diamonds Provides Gahcho Kué Project Update

  • Ice road reaches Gahcho Kué: deliveries commence
  • Permitting of first diamond mine progressing
  • Tuzo Deep Resource Statement due Q2 2013
  • 2013 ground geophysics completed
  • Geotechnical drilling underway
  • Exploration drilling to commence in April

Shares Issued and Outstanding: 94,168,151 TSX: MPV NYSE MKT: MDM

TORONTO & NEW YORK, March 12, 2013 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) is pleased to provide an update on recent developments at the Gahcho Kué ("GK") project, a joint venture with De Beers Canada Inc. ("De Beers").

"There is a high level of activity at Gahcho Kué, which is reflective of the significant advances made in preparation for development of the first diamond mine", said Patrick Evans, Mountain Province President and CEO. "Encouraging progress continues to be made with the permitting and we expect an updated NI 43-101 resource statement for the massive Tuzo kimberlite in Q2. Already the world's largest and richest new diamond mine, Gahcho Kué is set to get even bigger with the inclusion of the Tuzo Deep potential resource. With ground geophysics now completed we're also gearing up to start exploration drilling of the first 15 new targets in immediate proximity to the four known kimberlites at GK. If successful, our winter exploration drill program may offer further exciting resource upside."

2013 winter ice road

The 2013 winter road reached the GK project site at Kennady Lake on March 2, 2013, with the first loads arriving on March 4, 2013. Over the next two weeks approximately 110 truckloads of materials, equipment and fuel will be delivered to GK. The final deliveries are expected by before the end of March, 2013.

Permitting

The public record for the environmental impact review closed successfully on January 3, 2013. The report and recommendation from the Gahcho Kué Panel is now awaited. On completion, the Panel report will be submitted to the Minister of Aboriginal Affairs and Northern Development who has the authority to approve the development of the first diamond mine at GK. While both the Panel report and Ministerial approval are awaited, the Mackenzie Valley Land and Water Board has opened the public registry to facilitate expeditious processing of the GK permits.

Mr. Evans commented: "The project development schedule remains subject to final regulatory approval. While there is a high level of public and government support, delays in final regulatory approval could impact the development schedule. Shareholders will be kept informed of further developments following receipt of the report of the Gahcho Kué Panel".

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