Mountain Province Diamonds Announces The Results of Its Latest Diamond Sale
Press Release
Toronto and New York, November 15, 2018 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX and NASDAQ: MPVD) is pleased to announce the preliminary results of its latest diamond sale which closed on November 14th 2018. These results include the sale of fancies and specials to De Beers Canada as part of the previous production split, where De Beers Canada was the successful bidder.
Total proceeds from the sale were US$17.7 million (CDN$23.3 million) from 245,751 carats at an average realized value of US$ 72 per carat. We continued to see good price bids for our better quality larger goods where the majority of our value lies. We saw a slight increase in the pricing for lower qualities and smaller sizes, compared to our previous two sales.
These results are very promising, given recent reports of challenging market conditions in the rough diamond industry. As previously mentioned in our Q3 2018 conference call on November 13th 2018, sale metrics continue to support our confidence that our sales process in Antwerp is working very well and our goods across all categories are in demand. Attendance levels and bids received at this sale were above our year to date average and helped to achieve realistic prices in the current market for all categories of goods on offer.
Said Stuart Brown, the Company’s President and Chief Executive Officer, “Our sale for this cycle was an excellent result in the current market. We were very pleased that we saw a steadying of prices in the lower quality smaller goods.”
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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, consisting of a cluster of four diamondiferous kimberlites, three of which are being developed and mined under the initial 12-year mine plan.
Qualified Person
The disclosure in this news release of scientific and technical information regarding Mountain Province’s mineral properties has been reviewed and approved by Keyvan Salehi, P.Eng., MBA, a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Mountain Province Diamonds Inc.
Keyvan Salehi
Investor Relations and Engineering Services
161 Bay Street, Suite 1410
Toronto, Ontario M5J 2S1
Phone: (416) 361-3562
E-mail: info@mountainprovince.com
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