Mountain Province Diamonds Provides Gahcho Kué Project Update
TORONTO and NEW YORK, April 5, 2013
TORONTO and NEW YORK, April 5, 2013 /PRNewswire/ --
*Exploration drilling commences
*Ice road deliveries to Gahcho Kué completed
*Mineral Services retained to complete new Tuzo resource statement
Shares Issued and Outstanding: 94,168,151 TSX: MPV NYSE MKT: MDM
Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX:
MPV, NYSE MKT: MDM) is pleased to announce that drilling of the new
exploration targets at the Gahcho Kué ("GK") project, a joint venture with De
Beers Canada Inc. ("De Beers"), commenced this week. Following completion of a
ground gravity survey, the Operator of the GK project has recommended 10
targets for the first phase of the exploration drill program. Drilling of the
targets is expected to be completed by the end of April 2013. Based on the
success of the first phase drill program, consideration will be given to
testing additional targets that have been identified.
Mountain Province is also pleased to report that the planned deliveries of
materials, equipment and fuel to the GK site were completed on schedule by the
end of March 2013.
The Company also announced that Mineral Services Canada Inc. has been retained
to prepare an updated independent NI 43-101 resource statement for the Tuzo
kimberlite, which will incorporate the results of the recently completed deep
drilling program. The resource update is expected to be completed before the
end of the current quarter.
Finally, Mountain Province confirmed today that the auditors' report received
from its independent public accounting firm on its audited financial
statements for the fiscal year ended December 31, 2012 (the "Annual Financial
Statements"), contained a going concern explanatory note. Mountain Province's
Annual Financial Statements were included in Form 20-F for its filings in the
United States with the Securities and Exchange Commission on April 1, 2013.
Mountain Province's Annual Financial Statements are also filed on SEDAR at
http://www.sedar.com in Canada.
This press release and public confirmation of the going concern note is
required by Section 610(b) of the NYSE MKT Company Guide, which requires a
listed company that receives an audit opinion that contains a going concern
qualification to make a public announcement of such in the United States. This
announcement does not represent any change or amendment to Mountain Province's
Annual Financial Statements or to its Annual Report on Form 20-F for the
fiscal year ended December 31, 2012.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the
Gahcho Kué JV located at Kennady Lake in Canada'sNorthwest 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 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%.
This news release has been prepared under the supervision of Carl G. Verley,
P.Geo, who serves as the qualified person under National Instrument 43-101.
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
For further information:
Mountain Province Diamonds Inc.Patrick Evans, President and CEO Phone:
+1(416)361-3562 E-mail: email@example.com
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