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Gold/Mining/Energy : SOUTHERNERA (t.SUF) -- Ignore unavailable to you. Want to Upgrade?

To: gemsearcher who wrote (4131)	7/22/1999 9:13:00 AM
From: maxed	Read Replies (1) \| Respond to of 7235

Mountain Province news Thursday July 22, 7:04 am Eastern Time Company Press Release SOURCE: Mountain Province Mining, Inc. De Beers/Monopros Reports New Kimberlite Bodies to be Diamondiferous Faraday is First Diamondiferous Kimberlite Body Outside of Kennady Lake ONTARIO, Calif., July 22 /PRNewswire/ -- Mountain Province Mining, Inc. (Nasdaq: MPVIF - news; Toronto: MPV - news) announced today that it has been notified by its contractor, Monopros Limited, a wholly owned subsidiary of De Beers Consolidated Mines Ltd. (Nasdaq: DBRSY - news) that results of microdiamond analysis of drill core from the recently discovered Wallace and Faraday kimberlite bodies indicate them to be diamondiferous. The microdiamond counts are similar to those for the Hearne and Tuzo pipes. The Wallace kimberlite is one of the five diamondiferous bodies in the cluster at Kennady Lake, while the Faraday kimberlite is 12 km NE of Kennady Lake. It is the first diamondiferous kimberlite body outside of Kennady Lake. These kimberlites are located on the Company's AK claims in the Northwest Territories of Canada. Mountain Province has been advised that Monopros has received the results of the acid dissolution analysis by De Beers at the Kimberley Acid Laboratory in South Africa of drill core from the Wallace and Faraday kimberlites. The acid dissolution of 40 kg of kimberlite from the discovery drill hole from the Wallace kimberlite, located approximately 300 m southwest of the 5034 pipe, has yielded 81 microdiamonds. The acid dissolution of 80 kg of kimberlite from the kimberlite body located midway between the Wallace kimberlite and 5034 pipe, named ''5034 South'' yielded 289 microdiamonds. Lastly, the acid dissolution of 40 kg of kimberlite from the Faraday kimberlite, located 12 km Northeast of Kennady Lake, yielded 88 microdiamonds. The results are summarized in the table below. Kimberlite Kimberlite Total Diamonds "Macro" Body Weight (kg) Diamonds per 10 kg Diamonds per 10 kg Wallace 40 81 20 2.3 5034 South 80 289 36 0.6 Faraday 40 88 22 1.5 De Beers classifies diamonds recovered from the acid dissolution analysis according to weight and various square mesh aperture screens sizes. Diamonds larger than the 1/2 x 1/2 mm screen size are called ''macro'' diamonds. It should be noted that this classification is stricter than the commonly used definition of macros: those diamonds whose largest dimension exceeds 1/2 mm. Some such macros may pass through a 1/2 x 1/2 mm screen. These results for the Wallace and Faraday bodies are very similar to the acid dissolution results reported for the Hearne and Tuzo pipes in October of 1997. The Hearne and Tuzo pipes each yielded 25 diamonds per 10 kg and had 2.8 and 2.0 ''macro'' diamonds per 10 kg respectively. The 5034 pipe yielded 1.6 ''macros'' per 10 kg from a total of 534 kg tested by De Beers in 1997. Test sampling of the kimberlites in 1998, the results of which were reported in September 1998, yielded a grade of 2.33 and 2.20 carats per tonne for the Hearne and Tuzo pipes respectively. It must be kept in mind that the amounts of kimberlite treated are very small and results can vary significantly from sample to sample. However, the results reported show the new kimberlites to be diamondiferous and the results are comparable to the acid dissolution results for the Hearne and Tuzo pipes. Jan W. Vandersande, Mountain Province Mining's President, said ''We are extremely pleased with the Faraday results since it is the first time a substantial intersection of diamondiferous kimberlite has been discovered outside the Kennady Lake cluster. Monopros is continuing exploration on the AK claims during the summer and fall around the Faraday kimberlite and on other indicator mineral trains, for which there must be additional kimberlite sources. Monopros started the summer-fall exploration program on July 2, 1999. The work will initially consist of till sampling on both the AK and CJ claims. The sampling on the AK claims will mostly be at closer spacing than was done previously in order to better cut-off the most promising indicator mineral trains. These results combined with additional geophysical interpretation will be used to define drilling targets for this summer -- fall. 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 - news). 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. This 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.