Gahcho Kué Receives Environmental Impact Review Board Approval
YELLOWKNIFE, TORONTO and NEW YORK, July 22, 2013
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
"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 milestone".
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.
Director, External & Corporate Affairs
De Beers Canada
Tel: (867) 766-7300
President and CEO
Mountain Province Diamonds
Tel: (416) 361-3563
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