Mountain Province (MPV-T) arranges $25-million placement
11 11 2013 - News Release
Mountain Province Diamonds Inc. is undertaking a non-brokered private placement to raise approximately $25-million through the placement of common shares at a price of $5 per share. The company's major shareholder, Bottin (International) Investments Ltd. (controlled by Dermot Desmond), has advised that it will be subscribing for common shares under the private placement. The proceeds of the private placement will be used to support the company's share of initial capital expenditures at the Gahcho Kue project, the 2014 Tuzo Deep drill program and for general corporate purposes.
The private placement is expected to close on or before Nov. 22, 2014, and is subject to regulatory approval.
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Oct 10, 2013 - News Release
The Minister of Aboriginal Affairs and Northern Development Canada, Bernard Valcourt, has approved the development of the De Beers Canada and Mountain Province Diamonds Inc.'s Gahcho Kue diamond mine as recommended by the Mackenzie Valley Environmental Impact Review Board.
Tony Guthrie, chief executive officer for De Beers Canada, commented: "The minister's approval confirms that the plans for the development and operation of the Gahcho Kue diamond mine meet the highest standards. The new diamond mine will benefit the economy and residents of the Northwest Territories, and enhance Canada's position as a premier diamond producer."
Federal government approval allows the Mackenzie Valley Land and Water Board to commence processing of the applications for the land use permit and water licence required to construct and operate the Gahcho Kue mine.
Patrick Evans, Mountain Province president and chief executive officer, added: "Gahcho Kue has gone through the most comprehensive environmental review of any mining project in the Northwest Territories. Through this process, consultation with stakeholders has been extensive. The shareholders of Mountain Province now look forward to an efficient and timely completion of the remaining regulatory process, which is necessary to ensure the optimal development of the Gahcho Kue diamond mine."
Gahcho Kue will employ close to 700 people during the two years of construction and close to 400 people during its operations phase. It is forecast to produce an average of 4.5 million carats annually over the 11-year mine life. Gahcho Kue is a joint venture between De Beers (51 per cent) and Mountain Province Diamonds (49 per cent), and is located 280 kilometres northeast of Yellowknife, NWT.
Given the expected timing for the issuance of a land use permit to enable pioneer work to commence, which requires approximately 42 days for processing, as well as the impact of the winter ice road on logistics, the joint venture is currently reassessing the Gahcho Kue development plan to determine the optimal development schedule. In addition, the joint venture is also updating the 2010 Gahcho Kue feasibility study and expects to announce the results of an optimization study early in the new year. Further details will be announced as they become available. |
