From: newsout@canada-stockwatch.com
Date: Wed, 23 Sep 1998 06:18:51 -0700
Subject: Stockwatch: Mountain Province Mining Inc - News Release
To: robhirtz@silk.net
Bulk sampling on AK claim block to proceed
Mountain Province Mining Inc MPV
Shares issued 41,947,460 Sep 22 close $2.05
Wed 23 Sept 98 News Release
Mr. Jan Vandersande reports
Mountain Province Mining has been notified by its contractor, Monopros
Limited, a wholly owned subsidiary of De Beers Consolidated Mines Limited,
that Monopros wishes to proceed with bulk sampling of the four kimberlite
pipes on the AK claim block held by the company in the Northwest
Territories.
The purpose of the small scale test sampling carried out earlier this year
was to determine whether or not the pipes carried significant quantities of
macrodiamonds - sufficient to justify subsequent bulk sampling. The
recovered parcels of diamonds are considered by De Beers to be too small to
provide reliable estimates of average diamond values.
De Beers has valued the diamonds recovered from the four pipes during the
1998 sampling program and has used these values, together with the micro
and macrodiamond results announced previously, to model a range of possible
diamond values per carat at the commonly used commercial bottom cut off
recovery size of 1.50mm square.
Carats per Value per Value per
Pipe tonne carat tonne
Hearne 2.33 25- 50 U.S. 58-117 U.S.
Tuzo 2.20 51-108 U.S. 112-238 U.S.
Tesla 0.37 56-112 U.S. 21- 41 U.S.
5034 1.60 26- 58 U.S. 42- 93 U.S.
The ranges of potential values in the above table reflect scatter in the
available data and uncertainties due to the small size of the sample
parcels. The estimates are the best available in terms of the current data
sets but De Beers cautions that they cannot be regarded as definitive
estimates of the true average diamond values. The lower limit of the range
of values is likely to be an underestimate.
The current best fits to the available data give the following estimates:
Carats per Value per Value per
Pipe tonne carat tonne
Hearne 2.33 44 U.S. 103 U.S.
Tuzo 2.20 68 U.S. 150 U.S.
Tesla 0.37 96 U.S. 36 U.S.
5034 1.60 51 U.S. 82 U.S.
The main purpose of bulk sampling is to obtain a sufficiently large number
of diamonds for a more accurate determination of grades and values per
carat.
Bulk sampling of the four pipes will begin in December, weather permitting
and provided all necessary permits have been obtained. Planning for the
bulk samples is in an advanced stage and applications for all necessary
permits have been submitted.
The AK and CJ claims, in the Northwest Territories, are held 90 per cent by
Mountain Mining and 10 per cent by Camphor Ventures. As reported in the
press release in Stockwatch March 10, 1997, Mountain Province Mining and
its partner have entered into a joint venture agreement with Monopros under
which Monopros has the right to earn up to a 60 per cent interest in the AK
and CJ properties.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
(c) Copyright 1998 Canjex Publishing Ltd. canada-stockwatch.com
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