Commissioning of the Gahcho Kué diamond plant has been completed ahead of schedule and the ramp up to commercial production has commenced. Gahcho Kué remains on track to achieve commercial production on schedule during the first quarter of 2017.

First ore at the Gahcho Kué mine was exposed on March 23, 2016, and under the commissioning phase first ore was introduced to the plant on June 20, 2016, with first commissioning diamonds recovered on June 30, 2016.

Mountain Province President and CEO, Patrick Evans: “Successful plant commissioning and the start of ramp up to production at the world’s largest new diamond mine is a major achievement for the Gahcho Kué joint venture and a tribute to the operating partner De Beers Canada.”

Mountain Province is also pleased to report the recovery of the two gem quality “special” (+10.8 ct) diamonds during the ramp up commissioning phase. A 12.10 ct diamond was recovered during plant commissioning on July 29, 2016, and a 24.65 ct diamond was recovered on August 1, 2016.

The first split of ramp up diamond production between Mountain Province and De Beers is scheduled for mid-September and the company’s first diamond sale is expected to take place before the end of 2016.

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories.  Gahcho Kué is the world’s largest new diamond mine and projected to produce an average of 4.5 Mct/y over a 12 year mine life.

The Gahcho Kué project consists of a cluster of four diamondiferous kimberlites, three of which have a probable mineral reserve of 35.4 Mt grading 1.57 ct/t for total diamond content of 55.5 Mct.

A 2014 NI 43-101 feasibility study report filed by Mountain Province (available on SEDAR) indicates that the Gahcho Kué project has an IRR of 32.6%.