Mining Explorers 2009: Mountain Province Diamonds Inc.
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Last updated 11/1/2009 at Noon
MPV: TSX; MDM: AMEX
Chairman:
Jonathan Christopher James Comerford
President and CEO: Patrick Evans
Mountain Province Diamonds Inc. is a 23-year-old diamond exploration and development company based in Toronto, Ont. The company's primary asset is its 49 percent interest in Gahcho Kué, one of Canada's largest diamond deposits and the largest diamond mine under development in the world. In January 1995, Mountain Province discovered the 5034 pipe at Gahcho Kué, which is located in Northwest Territories. Two and a half years later, a joint venture with De Beers found the Hearne and Tuzo pipes.
The Gahcho Kué diamond project is located on federal land and is held by the Gahcho Kué Joint Venture under renewable 21-year leases.
The project sits on a 30,759-hectare, or 74,128-acre, site at Kennady Lake about 300 kilometers northeast of Yellowknife and 90 kilometers east of De Beers' Snap Lake diamond mine.
The project consists of a cluster of kimberlites, three of which have an indicated resource of about 30.2 million metric tons grading at 1.67 carats per metric tons, or about 50.5 million carats, and an inferred resource of about 6 Mt grading at 1.73 cpt, or about 10.3 million carats.
The Gahcho Kué Joint Venture recently began a feasibility study of the project, committing about C$10 million and the next year to completing the work.
The JV envisions producing 4 million carats per year from Gahcho Kué during a mine life of 15 years, and potential startup of production in 2012 or 2013.
Cash and short-term deposits: C$243,982 (at June 30, 2009); (C$4.5 million private placement, August 2009)
Working capital: $66,262 (at June 30, 2009)
Market capitalization: C$107.9 million
401 Bay St., Suite 2700, P.O. Box 152
Toronto, ON M5H 2Y4
Tel: 416-361-3562 Fax: 416-603-8565
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