The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
MPV: TSX / AMEX
Chairman: Jonathan Comerford
President and CEO: Patrick Evans
Mountain Province Diamonds Inc. continued to focus in 2013 on exploration and development of the Gahcho Kué Project located about 300 kilometers (186 miles) northeast of Yellowknife, Northwest Territories.
The project encompasses four mining leases held in trust by De Beers.
The project hosts four primary kimberlite bodies - Hearne, Tuzo, Tesla, and 5034 - three of which have a probable mineral reserve of 31.3 million metric tons grading 1.57 carats per metric ton, or 49 million carats of diamonds.
Mountain Province and De Beers Canada, its 51 percent partner and operator of the Gahcho Kué Joint Venture, hope to develop the project into what could become the world's largest and richest diamond mine.
The partners won approval of the proposed Gahcho Kué diamond mine in July from the Mackenzie Valley Environmental Impact Review Board.
The proposed operation has an 11-year mine life and an internal rate of return of 33.9 percent.
The JV partners also entered into its first impact benefit agreement with the North Slave Métis Alliance for the proposed mine.
The Gahcho Kué feasibility study released in 2010 is being updated and results of the optimization study are expected to be available by year's end 2013.
Following the completion of deep drilling at the Tuzo kimberlite to a depth of 560 meters, the JV retained Mineral Services Canada Inc. to prepare a resource statement.
In August, Mountain Province said it was discussing the possibility with De Beers of further deep drilling to extend the Tuzo resource to 750 meters.
Drilling on 10 exploration targets was completed during second quarter of 2013, and kimberlite was intercepted in one of the 10 holes drilled.
Cash and short-term deposits: C$33.85 million (June 30, 2013)
Working capital: C$31.37 million (June 30, 2013)
Market capitalization: C$508.51 million (Sept. 10, 2013)
Ste. 2315 - 161 Bay St.
Toronto, Ont.
Canada M5J 2S1
Tel: 416-361-3562
Fax: 416-603-8565
Reader Comments(0)