PR just came out on the 5034.
June 19, 1998 NEWS RELEASE NASDAQ: MPVIF
VSE: MPV
DE BEERS/ MONOPROS REPORTS CONSISTENT TEST SAMPLE
RESULTS FOR THE 5034 PIPE
Mountain Province Mining, Inc. (the "Company") is pleased to announce
that 101 carats have been recovered from the processing of 55.8 tonnes
of kimberlite from the 5034 pipe for a grade of 1.81 carats per tonne.
This result is consistent with the previously reported modeling results.
The Operator, Monopros Ltd., a wholly owned subsidiary of De Beers
Consolidated Mines Ltd. has advised the Company that it has recovered
101 carats from 55.8 tonnes of kimberlite from the 5034 pipe for an
overall grade of 1.81 carats per tonne. The kimberlite, extracted with
reverse circulation (RC) drills, was initially processed at Monopros'
DMS plant at Grand Prairie, Alberta and the resulting concentrates were
shipped to Johannesburg, South Africa where the diamonds were
recovered. A 1 mm square screen was used as the bottom cut-off size.
Further detailed analysis of the results will be carried out.
The two largest diamonds recovered were 1.90 and 1.69 carats
respectively. There were 5 diamonds greater than 80 points (0.8 of a
carat). Direct comparison between this test sample and the mini-bulk
sample (completed in September 1996 by the former operator) is not
possible because in the latter case there was no bottom cut-off size
compared to a 1mm x 1mm screen used now. Also, a core drill was
previously used compared to the current RC drill. Using the results of
the previous mini-bulk sample De Beers estimated the grade and value of
the 5034 to be 1.5 carats per tonne, using the commonly used commercial
1.65mm x 1.65 mm bottom cut-off size, with a value of US $55 per carat
(reported September 11, 1997).
Monopros and the Company are pleased with the results, which are
consistent with the modeled grade obtained by De Beers. As mentioned in
the previous news release, both Monopros and the Company believe that
with the very good results for the four pipes now in, the project should
advance to the bulk sampling stage. A formal decision will be made
subsequent to complete analysis and interpretation of all results.
The diamonds from all four pipes will now be sent to Kimberley, South
Africa for an initial valuation. The results will be reported when they
are received from De Beers.
The AK and CJ claims, located in the Northwest Territories of Canada,
are held 90% by Mountain Province Mining Inc., and 10% by Camphor
Ventures (VSE:CFV). As reported in the press release on March 7, 1997,
Mountain Province Mining Inc. and its partners have entered into a joint
venture agreement with Monopros under which Monopros has the right to
earn up to a 60% interest in the AK and CJ properties.
On Behalf of the Board of Mountain Province Mining Inc.
"Jan W. Vandersande"
Looks like the value per ton has increased from $82.50/ton to $100/ton assuming same carat value.
cheers |
