Gahcho Kué Joint Venture and Yellowknives Dene First Nation Sign Impact
YELLOWKNIFE, TORONTO, NEW YORK, Feb. 18, 2014 /CNW/ - De Beers Canada Inc. (De
Beers) and Mountain Province Diamonds (TSX: MPV, NYSE MKT: MDM) are pleased to
announce that De Beers, as Operator of the Gahcho Kué Project, has entered
into an Impact Benefit Agreement (IBA) with the Yellowknives Dene First Nation
for the proposed Gahcho Kué Mine. The agreement puts in place a framework for
De Beers and the Yellowknives Dene First Nation to work together over the life
of the mine and it enables participation by the Yellowknives Dene First Nation
in the opportunities that the mine provides.
"The Gahcho Kué Project is located within Chief Drygeese Territory. Our
members have lived on the land throughout our traditional territory, hunting,
fishing and trapping, since time immemorial," said Chief Edward Sangris. "This
agreement provides certainty that training, employment and business
opportunities are made available to Yellowknives Dene members and it includes
financial provisions necessary for ensuring fair participation in
opportunities the project will provide."
"We already have an established relationship with the Yellowknives Dene First
Nation for our Snap Lake Mine," said Glen Koropchuk, Chief Operating Officer
for De Beers. "This Impact Benefit Agreement builds on that existing
relationship and it confirms our commitment to work together for the benefit
of Yellowknives Dene First Nation members as we advance the Gahcho Kué mine.
I would like to congratulate both negotiating teams on work well done."
Gahcho Kué will employ close to 700 people during the two years of
construction and close to 400 people during its operational phase. The Gahcho
Kué life of mine is approximately 11 years in duration and will mine about 31
million tonnes of ore containing an estimated 49 million carats.
Gahcho Kué is a joint venture between De Beers (51%) and Mountain Province
Diamonds (49%) and is located 280 km northeast of Yellowknife, Northwest
The agreement was signed in Dettah on Tuesday, February 18, 2014.
Members of the Yellowknives Dene First Nation, and their ancestors the
T'satsąot'inę, have occupied lands on the north side of Great Slave Lake for
thousands of years. Within the area now known as the Chief Drygeese Territory,
knowledge of trails, camps, birth and burial places, lakes, streams, animals
and plants has been passed from generation to generation. YKDFN is a party to
the Akaitcho Process, currently negotiating a land claim agreement with the
Government of Canada under Treaty 8.
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 agreement 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 De Beers Canada Corporation
Cathie Bolstad Sr. Manager, External & Corporate Affairs De Beers CanadaInc.
Tel: (867) 766-7300
Patrick Evans President and CEO Mountain Province Diamonds Tel: (416)
Chief Edward Sangris Dettah YKDFN Tel: (867) 873-4307
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CO: De Beers Canada Corporation
ST: New York
NI: MNG VNT
-0- Feb/18/2014 18:00 GMT
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