8 January 2015
Toronto and New York, January 8, 2015 – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPV, NASDAQ: MDM) today announced that the Company continues to progress arrangement of the previously announced US$370M term loan facility (the “Facility”).
Finalization of the Facility remains subject to customary conditions, including final credit approval and agreement on Facility documentation, which is expected shortly.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. The Gahcho Kué Project consists of a cluster of four diamondiferous kimberlites, three of which have a probable mineral reserve of 35.4 million tonnes grading 1.57 carats per tonne for total diamond content of 55.5 million carats.
Gahcho Kué is the world’s largest and richest new diamond development project. 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%.
The Gahcho Kué Joint Venture has received a Class A Land Use Permit and Type A Water License. Site preparation commenced in December 2014 and the overall project is on schedule for completion of major construction by the end of 2015 and first production during H2 2016.