Equipment, Supplies on the Way to Gahcho Kue Diamond Project

Mountain Province Diamonds Inc. (TSX:MPV,NASDAQ:MDM) announced that development of the Gahcho Kue diamond project continues to move forward. Northwest Territories-based Gahcho Kue is a joint venture between Mountain Province (49 percent) and De Beers Canada (51 percent).

As quoted in the press release:

The key focus of current activities is the shipment of equipment and supplies on the ice road between Yellowknife and Gahcho Kué.

The 2015 ice road shipments include the mining fleet, drills, high-pressure grinding rolls, structural steel, cement and fuel. Upon completion of these deliveries all the key equipment required for the completion of construction will be on site at Gahcho Kué.

Mountain Province is also pleased to announce that the overall mine development continues on schedule and within budget with first production expected during H2 2016. In addition, good progress continues to be made with the arrangement of the previously announced US$370M term loan facility. A further announcement in this regard is expected shortly.

Patrick Evans, CEO of Mountain Province, commented:

Thanks to a high level of preparedness on the part of the project operator, De Beers Canada, and favourable weather conditions, approximately 78 percent of the planned deliveries had been completed by midMarch. This equates to 1,669 out of 2,143 planned truckloads. Based on progress to date, it is anticipated that all the planned deliveries will be made prior to the closing of the ice road.

Click here to read the full Mountain Province Diamonds Inc. (TSX:MPV,NASDAQ:MDM) press release.