Press Release
Toronto and New York, June 22, 2016 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPV, NYSE MKT: MDM) is pleased to announce that the nominees listed in the management proxy circular for the 2016 Annual General & Special
Meeting of Shareholders (“Annual Meeting”) were elected as directors of the Company. Detailed results of the vote for the election of directors held at the Annual Meeting in Vancouver on June 21, 2016 are set out below.
Nominee | Votes For | % For | Votes Withheld | % Withheld |
Jonathan Comerford | 86,138,778 | 91.47 | 8,031,212 | 8.53 |
Patrick Evans | 90,131,649 | 95.71 | 4,038,341 | 4.29 |
Bruce Dresner | 83,583,093 | 88.76 | 10,586,897 | 11.24 |
Peeyush Varshney | 62,832,934 | 66.72 | 31,337,056 | 33.28 |
Carl Verley | 79,247,060 | 84.15 | 14,922,930 | 15.85 |
David Whittle | 85,790,777 | 91.10 | 8,379,213 | 8.90 |
At the Annual Meeting, KPMG LLP were re-appointed as auditor of the Company at remuneration to be fixed by the directors. The Company’s Long Term Equity Incentive Plan was approved by a majority of shareholders.
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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 be amongst the highest margin diamond mines due to the high grade and open-pit nature of the operation.
The Gahcho Kué Project consists of a cluster 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.
A 2014 NI 43-101 feasibility study report filed by Mountain Province (available on SEDAR) indicates that the Gahcho Kué project has an IRR of 32.6%.
The Gahcho Kué diamond mine is expected to produce an average of 4.5 million carats a year over a 12 year mine life.
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mountain Province Diamonds Inc.
Patrick Evans, President and CEO
161 Bay Street, Suite 2315
Toronto, Ontario M5J 2S1
Phone: (416) 361-3562
E-mail: info@mountainprovince.com www.mountainprovince.com
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