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Gold/Mining/Energy : MPVIF Mountain Province Mining -- Ignore unavailable to you. Want to Upgrade?

To: Al Krasberg who wrote (912)	6/11/1998 10:34:00 AM
From: Revi	Respond to of 2577

I'm sure many of you have read this already, but here's an article from the Financial Post this morning. Interesting note: Roger Clement from Monopros in Toronto stated that De Beers would extract about 500 tonnes per pipe this winter. Previously, here in Yellowknife, the number 3000 (for all pipes) was being bandied about. -------------- De Beers eyes third Canadian diamond mine By PETER KENNEDY Vancouver Bureau The Financial Post ÿNew results from a Northwest Territories diamond find show De Beers Consolidated Mines Ltd. could soon enter the race to develop Canada's third diamond mine, company executives said yesterday. ÿA senior company official said he is encouraged by results from a remote property held under option from Vancouver-listed juniors Mountain Province Mining Inc. and Camphor Ventures Inc. ÿWhile De Beers dominates the global diamond market, it has been shut out of two Northwest Territories diamond mines being developed by Dia Met Minerals Ltd. and Aber Resources Ltd. ÿBut results released yesterday from Mountain Province's nearby AK property are showing signs the project could prove economic. ÿUnder an agreement with Mountain Province and Camphor, De Beers can earn a 60% interest in the AK project by developing a viable diamond mine. ÿAfter targeting AK, De Beers' Canadian exploration arm, Monopros Ltd., has found four of the rare kimberlite pipes that contain diamonds. ÿMonopros said yesterday a 63-tonne sample extracted from kimberlite known as the Hearne pipe returned an average grade of 3.28 carats a tonne. ÿThat compares with a grade of 1.09 carats a tonne at Dia Met's Ekati mine, which is being readied for startup in October. ÿ"We are very encouraged by these results,'' said Roger Clement, chief executive with Monopros in Toronto. ÿThe company also said a 60-tonne sample from another kimberlite deposit, known as the Tesla pipe, returned a much lower grade of 0.43 carats. ÿDiamonds from Hearne, Tesla and two other AK pipes will soon be shipped to Kimberley, South Africa, for valuing. ÿClement said Monopros will try to increase its confidence level in the find by extracting about 500 tonnes of rock from each pipe this winter. ÿDepending on the outcome of further analysis, Monopros may elect to study the feasibility of building a new diamond mine. ÿHowever, investors did not seem to share Clement's enthusiasm. ÿAfter closing at $1.30 on June 9, Camphor shares (CFV/VSE) did not trade yesterday. Mountain Province (MPV/VSE) fell 18c to $4.20. Glenmore Highlands Inc. (GMH/ASE), which owns 39% of Mountain Province, also fell 9c to $1.09. ÿ"People are just bored,'' said David James, a diamond analyst with Canaccord Capital Corp. in Winnipeg. Analysts have said diamond explorers have not been able to excite the market with new discoveries. ÿHe said investors were focused yesterday on another Arctic diamond project on remote Victoria Island De Beers is exploring with Major General Resources Ltd. and Ascot Resources Ltd. ÿYesterday, Ascot (AOT/VSE) soared 27c to 93c in heavy trading after striking a deal with British investment firm T. Hoare & Co. to issue one million special warrants at 65c each ÿMajor General (MGJ/VSE) rose 7c yesterday to close at 49c. ÿ