Mining Explorers 2012: Mountain Province Diamonds Inc.
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Last updated 11/11/2012 at Noon
MPV: TSX
Chairman: Jonathan Christopher
James Comerford, B.A. (Econ.), M.B.S. (Finance)
President and CEO: Patrick C. Evans, B.A., B.Sc.
Mountain Province Diamonds Inc. focused in 2012 on exploration and development of its diamond projects in Northwest Territories.
The company and De Beers Canada, its 51 percent partner and operator of the Gahcho Kué Joint Venture, reported a 78.5 percent increase in the volume estimate of the Tuzo kimberlite pipe, one of three diamondiferous kimberlites at the Kennady Diamond Project that the companies hope to develop into what could become the world's largest and richest diamond mine.
A 24-month environmental impact review for the proposed mine, estimated to produce 4.5 million carats annually over 11 years, is nearing completion with a final hearing schedule for December.
The project is located about 300 kilometers (186 miles) northeast of Yellowknife and 90 kilometers (56 miles) east of De Beers' Snap Lake diamond mine.
Mountain Province also identified 106 geophysical targets at the adjacent Kennady North Diamond Project and mounted a minimum 2,500-meter summer drill program with two drill rigs.
The first rig focused on in-fill drilling along the Kelvin-Faraday kimberlite corridor where a number of high-priority drill targets have been identified, and the second rig drilled 12 newly discovered kimberlite targets that are accessible in the summer.
The company also completed a spin-out of the Kennady North property in July into a separate company, Kennady Diamonds Inc., along with C$3 million in working capital to be used for exploration.
Mountain Province said its exploration and evaluation expenses for the six months ended June 30 totaled C$6,072,667, reflecting increased exploration and evaluation expenditures for the Kennady and Kennady North projects.
Cash and short-term deposits: C$13.24 million (June 30, 2012)
Working capital: C$7.03 million (June 30, 2012)
Market capitalization: C$330.93 million (Oct. 4, 2012)
Ste. 2315 - 161 Bay St.
Toronto, Ont. Canada M5J 2S1
Tel: 416-361-3562 Fax: 416-603-8565
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