Mountain Province Diamonds Inc. (TSX:MPV,NYSE:MDM) announced it will spin-out the Kennady North diamond project into Kennady Diamonds Inc.

Mountain Province Diamond’s President and CEO, Patrick Evans said:

The proposed spin-out of Kennady North is intended to deliver greater value toMountain Province shareholders by unlocking the value of this highly prospective diamond project. The transaction will also enable Mountain Province to focus on its flagship Gahcho Kué Project while Kennady Diamonds focuses on advancing the 123 square-kilometer Kennady North Project.

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