Shares Issued and Outstanding: 106,039,522
NYSE MKT: MDM
-- Overall project on schedule: first production H2 2016
-- Permitting on schedule: final permits H2 2014
-- Debt funding on schedule: loan agreements target Q4 2015
TORONTO and NEW YORK, June 5, 2014 /CNW/ - Mountain Province Diamonds Inc.
("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) today provided
an update on progress at the Gahcho Kué diamond project, a joint venture
between Mountain Province Diamonds (49%) and De Beers Canada (51%).
As at the end of May 2014 the overall project was progressing according to
plan and first production remains on schedule for H2 2016.
Processing of the Gahcho Kué Land Use Permit and Class A Water License
remains on schedule. The public hearing on the Gahcho Kué water license was
held on May 6 and 7, 2014. On May 23, 12014, the Mackenzie Valley Land and
Water Board released draft copies of the Gahcho Kué Water Licence and Land
Use Permit for final review and comment before the end of June. These permits
are expected to be approved during H2 of 2014.
Following the appointment last month of Rockface Capital as financial advisor
to the Company, a review of a number of debt terms sheets has been completed.
Indications of interest to participate in the provision of debt finance to
Mountain Province continue to be received. The Company expects to complete the
review of all debt proposals by the end of June following which detailed
negotiations will commence with the preferred lenders. Based on current
progress, Mountain Province expects to be able to announce further details,
including debt terms, by the end of July and expects to be able to conclude
definitive loan agreements by the end of 2014.
Tuzo Deep drilling
Drilling of the final third hole at Tuzo Deep is currently underway. Details
of the drill results will be released on completion of the program, which is
expected by the end of June. Progress has been slower than planned due to
difficult ground conditions.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the
Gahcho Kué JV located at Kennady Lake in Canada's Northwest Territories. The
Gahcho Kué Project consists of a cluster of four diamondiferous kimberlites,
three of which have a probable mineral reserve of 35.4 million tonnes grading
1.57 carats per tonne for total diamond content of 55.5 million carats.
Gahcho Kué is the world's largest and richest new diamond development
project. A 2014 NI 43-101 feasibility study report filed by Mountain Province
(available on SEDAR) indicates that the Gahcho Kué project has an IRR of
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
SOURCE Mountain Province Diamonds Inc.
Mountain Province Diamonds Inc. Patrick Evans, President and CEO 161 Bay
Street, Suite 2315 Toronto, Ontario M5J 2S1
Phone: (416) 361-3562
To view this news release in HTML formatting, please use the following URL:
CO: Mountain Province Diamonds Inc.
ST: New York
NI: MNG VNT
-0- Jun/05/2014 18:00 GMT
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