Hello George
Here is another (I know they are your favourites but hey, its the NWT):
February 01, 1999 07:15
Mountain Province Mining Reports Bulk Sample Program Progress
De Beers to Commit Approximately $9 Million to the Bulk Sample Program, With Results Expected in Summer 1999
ONTARIO, Calif., Feb. 1 /PRNewswire/ -- Mountain Province Mining, Inc., (Nasdaq: MPVIF; Vancouver, Toronto: MPV) announced today that the bulk sample program of its four diamond pipes located on the AK claims in the Northwest Territories (NWT) of Canada is on schedule and that all aspects of the program are proceeding as planned. Mountain Province's joint venture partner, De Beers Consolidated Mines Ltd. (Nasdaq: DBRSY), has committed to the bulk sample program of the Company's four pipes through project operator and De Beers' subsidiary, Monopros Ltd. The program has an estimated cost of approximately $9 million.
Bulk sample drilling of the 5034 pipe started Jan. 16 while delineation drilling of the four pipes, which started in early December, is continuing. Additional exploration drilling will start once delineation drilling has been completed.
Jan W. Vandersande, Mountain Province President, said, "We are very pleased with the progress of Monopros' work so far and we look forward to the completion of the program on schedule. Also, we look towards starting exploration drilling for new kimberlite bodies in March."
Bulk Sample Program
Monopros started thickening the ice and building an ice airstrip in late November and, by early January, the ice was thick enough for Hercules aircraft to land. All the necessary equipment and supplies were flown in by mid-January and the bulk sample drilling of the 5034 pipe started January 16th, using two 12 1/4-inch diameter RC drills. Monopros has completed drilling five holes so far, for a total of 1,529 meters. Drilling of the sixth and seventh holes are in progress.
The plans call for drilling approximately 32 holes in total which are expected to yield approximately 1,600 tonnes of kimberlite -- with the objective of obtaining approximately 1,000 carats of diamonds from each of the Hearne, Tuzo and 5034 pipes and 200 carats from the Tesla pipe. De Beers believes that this number of diamonds will be sufficient to obtain the necessary values and information to model the grades and values per tonne for each pipe. The samples will be processed in Canada and the sample concentrates will subsequently be shipped to South Africa for final recovery of the diamonds. The drilling program is expected to take 10-12 weeks with the results expected this summer.
Delineation
A delineation core-drilling program consisting of 18 holes commenced in early December. The angled drill holes will provide information on the contacts of the four kimerlites at depths and allow for a better estimate of each pipe's size and shape. So far, six holes have been completed on the Hearne and two on the Tuzo pipe. The two drills are currently drilling on the Tuzo pipe. A few of the delineation drill holes have longer kimberlite intersections than were expected, based on the initial estimates of the dimensions of the Hearne and the Tuzo pipes.
Results from this delineation drilling program will be combined with earlier exploration and delineation drill results and then computer modeled to obtain improved resource tonnage estimates for the four pipes. Delineation drilling is anticipated to be completed around the end of February.
Exploration
An aggressive exploration program is planned for the upcoming months on both the AK and CJ claim blocks, as part of ongoing efforts to discover additional kimberlite occurrences. During the summer, 945 till samples were collected on the AK claims and 893 on the CJ claims. The final results of the sampling program, both visual sorting and microprobe analysis, are expected in March. These results will be evaluated in conjunction with previous sampling results and the numerous geophysical anomalies that have been identified. The most promising targets will be drilled during the next several months. Exploration drilling, initially near Kennady Lake and then on other parts of the claims, will start once delineation drilling has been completed.
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 (Vancouver: 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.
Forward-Looking Statements
This news release may contain forward-looking statements, within the meaning of the "safe-harbor" provision of the Private Securities Litigation Reform Act of 1995, regarding the Company's business or financial condition. Actual results could differ materially from those described in this news release as a result of numerous factors, some of which are outside of the control of the Company.
SOURCE Mountain Province Mining, Inc.
/CONTACT: James Rockwell, Investor Relations of Mountain Province Mining,
Inc., 909-466-1411; General Info, Stacy Roughan, Investors-Analysts, Jill
Fukuhara, or Media, Marjorie Ornston, all of The Financial Relations Board,
310-442-0599/
(MPVIF DBRSY)
Regards
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