Mountain Province Diamonds Announces Third Quarter 2018 Production Results and Provides Details of Third Quarter Conference Call
Press Release
Toronto and New York, October 23, 2018 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX and NASDAQ: MPVD) today announces production results for the third quarter ended September 30, 2018 (“Q3 2018”) from the Gahcho Kué Diamond Mine (“GK Mine”). The Company also provides the details of its Q3 conference call which will take place on November 13th, 2018 at 11:00am EDT.
Q3 2018 Production Highlights
(all figures reported on a 100% basis unless otherwise stated)
- The plant treated 759,000 tonnes during the quarter, 8% less than the same quarter last year as a result of a planned maintenance shut down in the plant.
- 1,819,000 carats were recovered at an average grade of approximately 2.40 carats per tonne in Q3 2018. Q3 2018 recovered grade of 2.40 carats per tonne, was 8% higher than the same quarter last year and increases the year to date grade profile to 2.21 carats per tonne.
- Ore tonnes mined in Q3 2018 were 1,155,000 tonnes, or 3% higher than the same quarter last year.
Q3 Production Statistics1
| 2018 Q3 | 2017 Q3 | YOY Variance | |
| Total tonnes mined (ore and waste) | 11,592,000 | 8,313,000 | 39% |
| Ore tonnes mined | 1,155,000 | 1,123,000 | 3% |
| Ore tonnes treated | 759,000 | 823,000 | -8% |
| Carats recovered | 1,819,000 | 1,825,000 | — |
| Carats recovered (49% share) | 891,000 | 894,000 | — |
| Recovered grade (carats per tonne) | 2.40 | 2.22 | 8% |
- All figures reported are on 100% basis unless otherwise stated
Q3 2018 Production Summary
The GK Mine operations had another solid quarter with over 11.6 million tonnes of material being mined. The recovered grade also continues to outperform expectations. The head grade in Q3 2018 was 2.40 carats per tonne which is significantly higher than originally anticipated. As a result, the year to date head grade at the plant has reached 2.21 carats per tonne which is 5% higher than our full year 2018 forecast grade. A planned maintenance shut down in the plant during the quarter resulted in less ore tonnes passing through the plant in comparison to what has been achieved in previous quarters of 2018. However, daily throughput in the plant continues to be consistant with our targets for the year.
At September 30 2018, the Company remains well positioned to achieve the upper end of its full year 2018 production guidance of 6.3 – 6.6 million carats recovered.
Stuart Brown, the Company’s President and Chief Executive Officer, commented: “The third quarter performance continues to follow the trend of ongoing excellent performance set by the GK Mine team, in a safe and sustainable manner. We expect this trend to continue into the last quarter of the year. The continued good performance is pleasing as the mine matures into its steady state production methodology of continuous improvement.”
Q3 2018 Conference Call Details
The Company will release its 2018 Third Quarter results on Monday, November 12, 2018, after market close in Toronto and New York.
The Company will host a conference call to discuss the results on Tuesday, November 13, 2018 at 11:00 a.m. Eastern Time.
Conference Call Dial-In Details:
| Conference ID: | 5565909 | |||
| Date of call: | 11/13/2018 | |||
| Time of call: | 11:00 Eastern Time | |||
| Expected Duration: | 60 minutes | |||
| Participant Toll-Free Dial-In Number: | (866) 300-0510 | |||
| Participant International Dial-In Number: | (636) 812-6656 | |||
| Replay: | (855) 859-2056 | |||
| Toll-Free Dial-In: | ||||
| International Dial-In: | (404) 537-3406 | |||
| Passcode: | 5565909 | |||
A replay will also be available on the Company’s website.
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:
Stuart Brown, President and CEO
161 Bay Street, Suite 1410
Toronto, Ontario M5J 2S1
Phone: (416) 361-3562
E-mail: info@mountainprovince.com
Keyvan Salehi, Investor Relations
161 Bay Street, Suite 1410
Toronto, Ontario M5J 2S1
Phone: (416) 361-3562
E-mail: info@mountainprovince.com
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