Mountain Province Diamonds: Gahcho Kué On Track For Q2 Production Start

Mountain Province Diamonds Inc. said that development of the Gahcho Kué diamond mine in Canada is progressing according to plan with the overall project approximately 94 percent complete and on track for first production during the second half of this year.

Mountain Province President and CEO Patrick Evans commented: “Mechanical completion has been achieved at the process plant and truck shop and we are on schedule to achieve mechanical completion of the primary crusher during the current quarter. Key areas of focus are commissioning of the diamond process plant, remaining earthworks, pre-stripping and stockpiling of kimberlite as well as preparations for operational readiness.”

He added that with $47 million advanced to fund cash calls during the second quarter of this year, $266 million has been drawn against the explorer's $370 million credit line.

Mountain Province Diamonds owns 49% of the Gahcho Kué diamond mine in Canada's Northwest Territories, with De Beers Canada owning the rest. Gahcho Kué consists 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.