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Province Diamonds Walks Away from Third-Party Talks, Stock Pops Nearly 10%

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Province Diamonds Inc. (MPV.TO,MDM) is off its initial surge earlier today but remains ahead over 7% at $4.93 a share after saying it was ending discussions with unidentified third parties and will instead focus on permitting and financing of its Gahcho Kue mine project in the Northwest Territories.

Gahcho Kue is a cluster of four diamondiferous kimberlites believed to contain 49 million carats. The company -- a 49% partner with DeBeers Canada at the site -- also said it will concentrate on completing the first phase of a drill program on Tuzo kimberlite pipe on the Gahcho Kue property.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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