Gem

TSX and OTCQX: MPVD  Mountain Province Diamonds Inc. is pleased to announce the results of the fourth quarter diamond sales. During the quarter, 956,348 carats were sold for total proceeds of $80.2 million resulting in an average value of $83.82 per carat . The Company was very encouraged that it saw continued price recovery during the quarter with most sales categories finishing above pre-COVID-19 values. The ...

TSX and OTCQX: MPVD

 Mountain Province Diamonds Inc. ("Mountain Province", or the "Company") (TSX: MPVD) (OTCQX: MPVD) is pleased to announce the results of the fourth quarter ("Q4") diamond sales.

During the quarter, 956,348 carats were sold for total proceeds of $80.2 million ( US$61.7 million ) resulting in an average value of $83.82 per carat ( US$64.53 per carat). The Company was very encouraged that it saw continued price recovery during the quarter with most sales categories finishing above pre-COVID-19 values. The Company has now concluded its rough diamond sales for 2020.

The Company is also pleased to report the recovery and successful bid for the largest gem quality diamond recovered to date from the Gahcho Kué mine located in the Northwest Territories, Canada . The diamond (photo shown) is a 157.40 carat gem of exceptional quality and will be offered for sale during the first quarter of 2021.

Stuart Brown , the Company's President and CEO, commented:

"The diamond industry has faced immense challenges during 2020 so to end the year with such a strong sales performance is very encouraging. Rough diamond prices, in the larger and better-qualities have been exceptional and pleasingly we saw further improvement in the smaller and lower quality diamonds which we believe will continue to strengthen in 2021. We look forward to building on this positive momentum in the New Year and put what has been a difficult 2020 behind us as the world starts the road to recovery from the COVID-19 pandemic."

"The recovery of the largest ever diamond and the successful bid was certainly a boost to the morale of the Company. It shows that the mine, although a high-volume producer of predominantly smaller diamonds, does produce diamonds of exceptional size and quality."

****

About Mountain Province Diamonds Inc.

Mountain Province Diamonds is a 49% participant with De Beers Group in the Gahcho Kué diamond mine located in Canada's Northwest Territories . The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 106,202 hectares of highly prospective mineral claims and leases immediately adjacent to the Gahcho Kué Joint Venture property that include an indicated mineral resource at the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.

For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com .

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, and Tom E. McCandless , Ph.D., P.Geo., both Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Caution Regarding Forward Looking Information

This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to estimated production and mine life of the project of Mountain Province ; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province , certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.

These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed.

Further, Mountain Province may make changes to its business plans that could affect its results.  The principal assets of Mountain Province are administered pursuant to a joint venture under which Mountain Province is not the operator. Mountain Province is exposed to actions taken or omissions made by the operator within its prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact the future performance of Mountain Province . Under its current note and revolving credit facilities Mountain Province is subject to certain limitations on its ability to pay dividends on common stock. The declaration of dividends is at the discretion of Mountain Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on Mountain Province's financial results, cash requirements, future prospects, and other factors deemed relevant by the Board.

Cision View original content to download multimedia: http://www.prnewswire.com/news-releases/mountain-province-diamonds-announces-the-results-of-its-fourth-quarter-diamond-sales-and-the-recovery-of-an-exceptional-diamond-301194612.html

SOURCE Mountain Province Diamonds Inc.

News Provided by PR Newswire via QuoteMedia

Mountain Province Diamonds Announces Results of First Diamond Sale of 2022, Provides Operational Update and 2022 Guidance

TSX and OTCQX: MPVD

 Mountain Province Diamonds Inc. (" Mountain Province " or the " Company ") (TSX: MPVD) (OTCQX: MPVD) is pleased to announce the results of its latest diamond sale in Antwerp, Belgium which closed on January 21, 2022 . Additionally, the Company wishes to provide an operational update, and 2022 guidance.

Keep reading... Show less

Mountain Province Diamonds Announces Management Changes

TSX and OTCQX: MPVD

 Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTCQX: MPVD) is pleased to announce the appointment of Steven Thomas as Vice President Finance, Chief Financial Officer & Corporate Secretary, April Hayward as Chief Sustainability Officer and Matt MacPhail as Chief Technical Officer.

Keep reading... Show less
Large diamond glistening on black background

Diamond Outlook 2022: Market Stronger After COVID Blow, Digital Sales Offer Support

Click here to read the previous diamond outlook.

The diamond market experienced a much-needed recovery in 2021 after the previous year’s massive COVID-19-related supply chain and retail disruptions.

Propelled by record highs in the equity markets, consumer sentiment was bolstered in the fourth quarter of last year, leading to the strongest holiday season for the jewelry sector in a decade.

According to MasterCard (NYSE:MA), US retail sales were up 8.5 percent from the previous year, and the jewelry segment saw a 32 percent year-over-year increase.

Keep reading... Show less

Mountain Province Diamonds Announces Fourth Quarter and Full Year 2021 Production Results, Preliminary Unaudited Cost Results

A selection of rough and polished diamonds recently recovered from the Company's Gahcho Kué mine

Keep reading... Show less

Mountain Province Diamonds Provides Additional Detail on Proposed New Financing Arrangement

TSX and OTCQX: MPVD

 Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (OTCQX: MPVD) is pleased to announce further details regarding its proposed financing arrangement involving its largest shareholder, Mr. Dermot Desmond (the "Proposed Arrangement" ). While the arrangements are non-binding, Mountain Province is working with its largest shareholder, Mr. Dermot Desmond to reach binding agreements in early 2022. The Proposed Arrangement is subject to, among other things, finalization of the specific terms thereof, negotiation and execution of definitive documentation, receipt of all required regulatory approvals, and the approval of the Company's disinterested shareholders.

Keep reading... Show less

Mountain Province Diamonds Announces Planned Balance Sheet Strengthening

Mountain Province Diamonds Inc. (" Mountain Province " or the " Company ") (TSX: MPVD) (OTCQX: MPVD) today announces that it has executed a non-binding term sheet with its largest shareholder, Mr. Dermot Desmond for a proposed balance sheet strengthening package to provide increased financial flexibility to the Company (the " Proposed Arrangement "). While the arrangements are non-binding, Mountain Province is working with Mr. Desmond in an effort to reach binding agreements early in 2022. The Proposed Arrangement is subject to, among other things, finalization of the specific terms thereof, the negotiation and execution of definitive documentation, as well as shareholder and regulatory approval.

The Proposed Arrangement is subject to the requirements imposed on related party transactions under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The Proposed Arrangement is also subject to the approval of the Toronto Stock Exchange (the " TSX ") and the approval of the Company's disinterested shareholders in accordance with MI 61-101 and the rules of the TSX.

Keep reading... Show less

Latest Press Releases

Related News

×