Mountain Province Diamonds’ Gahcho Kue Nearing Completion

March 14, 2016

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Mountain Province Diamonds Inc. (TSX:MPV,NASDAQ:MDM) announced that the development of its Gahcho Kue diamond mine is moving forward according to plan. Overall, the project is over 87 percent complete, and set to achieve first production in H2 2016.

Patrick Evans, president and CEO of Mountain Province, commented:

We continue to make excellent progress at Gahcho Kué. Key areas of focus are remaining earthworks, commissioning of the primary crusher and diamond plant, pre-stripping and stockpiling of kimberlite as well as preparations for operational readiness.

We are also pleased to report that the ice road deliveries to Gahcho Kue are proceeding to plan. Importantly, delivery of critical large mining equipment to site was completed last week with the bulk of the remaining deliveries being diesel fuel. The project also continues to meet our lending group’s tests-to-completion with US$73M advanced to fund cash calls during Q1 2016. A total of US$231M has been drawn against the US$370M facility. An update on performance against budget will be provided with the yearend results at the end of March.

Click here to read the full Mountain Province Diamonds Inc. (TSX:MPV,NASDAQ:MDM) press release.


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Category: Gem