Shares Issued and Outstanding: 159,808,833
TSX: MPV
NASDAQ: MDM
TORONTO and NEW YORK, Nov. 10, 2016 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NASDAQ: MDM) today announced the Company's results for the third quarter ended September 30, 2016.
Highlights
(All quoted figures in CAD$ unless otherwise indicated)
Financial Summary
During the quarter the Company drew US$26 million under the Loan Facility and, subsequent to the quarter end, a further US$19 million in October and November, leaving a balance of US$47 million until financial completion, which is expected to take place on or before September 30, 2017. The Company ended the quarter with cash and restricted cash totalling $107.9 million, compared with $124.4 million at the end of the previous quarter.
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Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. Gahcho Kué is the world's largest new diamond mine and projected to produce an average of 4.5 million carats a year over the projected 12 years of the first phase of mine development.
The Gahcho Kué Project consists of a cluster of four diamondiferous kimberlites, three of which are being developed in the first phase of mining and 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.
Qualified Person
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.
Forward-Looking Statements
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian and US securities legislation. Forward-looking information includes, but is not limited to, the Company's strategic plans, future operations, future work programs and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
SOURCE Mountain Province Diamonds Inc.
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Natural diamonds from Canada’s North, creating value and respecting the invaluable.