Mountain Province Diamonds Inc. (MPV.TO) today confirmed that
joint venture operating partner, De Beers Canada Inc. has reported
that the permitting of the Gahcho Kue diamond project is on
schedule. The 24-month environmental review is nearing completion
with the final hearing scheduled in approximately four months.
The Gahcho Kue project, which is the world's largest and richest
new diamond mine, is currently the subject of an environmental
impact review (EIR) being managed by the Mackenzie Valley
Environmental Impact Review Board based in Yellowknife, Northwest
Mountain Province also reported that preparations for
development under the Advance Program are also progressing on
schedule. The Gahcho Kue joint venture partners approved an initial
capital allocation of C$31.3M in June, 2012, for:
1. Construction and operating permit applications;
2. Front-end engineering and design (
3. Preparations and procurement for the 2013 winter road;
4. Detailed engineering;
5. Purchase of critical long-lead equipment; and
6. Feasibility study update.
Good progress is being made with the arrangement of the
Company's 49% share of the Gahcho Kue capital budget, which is
estimated at approximately C$300M, inclusive of working capital.
Mountain Province has received multiple proposals for project
financing, off-take financing and a variety of other instruments
which, if successfully concluded, would enable to the Company to
substantially meet its capital requirements.