Gahcho Kué Joint Venture and Yellowknives Dene First Nation Sign Impact Benefit Agreement

 Gahcho Kué Joint Venture and Yellowknives Dene First Nation Sign Impact  Benefit Agreement  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  Territories.  The agreement was signed in Dettah on Tuesday, February 18, 2014.  About YKDFN 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.  Forward-Looking Statements  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)  361-3563  Chief Edward Sangris Dettah YKDFN Tel: (867) 873-4307  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/February2014/18/c5043.html  CO: De Beers Canada Corporation ST: New York NI: MNG VNT