Mountain Province announces production results for September quarter

Mountain Province Diamonds Inc. announced its production results for the third quarter ended September 30, 2016 from the Gahcho Kué Diamond Mine.

Ramp-up production at Gahcho Kué commenced on August 1, 2016. From August 1 to September 30, the plant processed approximately 130,000 tonnes of ore and produced 198,000 carats on a 100 percent basis, of which the company’s 49 percent share is approximately 97,000 carats.

The total mining of waste and ore for the nine months to September 30, 2016 from the 5034 open pit was approximately 15.9 million tonnes, with approximately 17,000 tonnes of ore stockpiled.

Patrick Evans, president and CEO, commented: “We are very pleased that ramp-up production commenced six weeks ahead of schedule. Mining and processing continues to progress well and Gahcho Kué remains on track to achieve commercial production in early 2017.”

The first sale of the company’s 49 percent share of the run-of-mine production will take place on open tender in Antwerp during January 2017 and approximately every five weeks thereafter.

The joint venture partners bid for the production of fancy coloured and special (+10.8 carat) diamonds on almost a monthly basis. The bid for August production of fancies and specials was won by De Beers, and the bid for September production was won by Mountain Province.

Included in the parcel of fancy and special diamonds from the September production are a 50.25 carat gem quality diamond and three fancy yellow diamonds weighing between 3 and 5 carats. The fancies and specials now owned by Mountain Province will be included in the Company’s January 2017 sale. Mr. Evans added: “The 50 carat diamond recovered in September is the largest diamond recovered to date and provides further confirmation that the Gahcho Kué has a population of large, high quality gem diamonds. It is also exciting to see a population of good size fancy yellow diamonds, which offers encouragement that we’ll see further fancy diamonds as the production ramps up.”

Mountain Province Diamonds is a 49 percent participant with De Beers Canada in the Gahcho Kué diamond mine.