Post by Zoinkers on Oct 22, 2006 18:05:18 GMT -5
Press Release Source: Mountain Province Diamonds Inc.
Mountain Province Diamonds Announces Interim Results of 2006 Drill Campaign at Gahcho Kue Project
Thursday October 5, 6:03 pm ET
TORONTO, ONTARIO and NEW YORK, NEW YORK--(MARKET WIRE)--Oct 5, 2006 -- Mountain Province Diamonds Inc (TSX:MPV.TO - News)(AMEX:MDM - News) (the "Company") today announced interim results of the 2006 core drilling campaign conducted at the Gahcho Kue diamond project. The primary purpose of the drill program, which was managed by project operator De Beers Canada Inc. ("De Beers"), was to further delineate the kimberlite bodies of the 5034 North Lobe and Tuzo pipe and to carry out geotechnical drilling for pit design. One civil engineering hole was also drilled.
Twenty-five of the originally planned 31 core holes were completed as part of the winter drill program. As announced on July 26, 2006, a summer drill program was conducted to complete four of the outstanding core holes from the winter program. These additional holes were completed in August. Based on the encouraging results the program was extended to include two additional holes at the Tuzo kimberlite pipe; bringing the total number of core holes completed this year to 31. The results of this program are contained in Table 1 below.
Table 1
2006 Core Drilling Data
---------------------------------------------------------------------
MICRO
DIA-
KIM- MOND
BER- KIM- STONE
INC- FINAL LITE BER- COUNT
LINA- HOLE HOLE DRIL- LITE above
TION DIA- PUR- DEPTH LED WEIGHT 75 mic-
HOLE PIPE (degrees) METER POSE TYPE (m) (m) (kg) rons)
---------------------------------------------------------------------
MPV- GEO No
06- 5034 -65 HQ TECHNI- CORE 380 Kimber- n/a n/a
269C CAL lite
---------------------------------------------------------------------
MPV-
05- 5034 -90 HQ PILOT CORE 411 266 192 Results
241C Pending
---------------------------------------------------------------------
MPV-
05- 5034 -80 HQ/NQ PILOT CORE 303 237 192 1773
242C
---------------------------------------------------------------------
MPV-
06- 5034 -80 HQ PILOT CORE 378 273 224 Results
243C Pending
---------------------------------------------------------------------
MPV-
06- 5034 -75 HQ PILOT CORE 333 257 200 Results
244C Pending
---------------------------------------------------------------------
MPV-
06- 5034 -80 HQ PILOT CORE 357 285 192 Results
245C Pending
---------------------------------------------------------------------
MPV- COUN- CIVIL No
06- TRY -90 HQ ENGIN- CORE 27 Kimber- n/a n/a
267C ROCK EERING lite
---------------------------------------------------------------------
MPV- GEO No
06- HEARNE -60 HQ TECHNI- CORE 250 Kimber- n/a n/a
264C CAL lite
---------------------------------------------------------------------
MPV- DELIN-
06- TUZO -60 HQ EATION CORE 204 54 (a) (a)
246C
---------------------------------------------------------------------
MPV- DELIN-
06- TUZO -60 HQ EATION CORE 259 80 (a) (a)
250C
---------------------------------------------------------------------
MPV- DELIN-
06- TUZO -60 HQ EATION CORE 169 39 (a) (a)
252C
---------------------------------------------------------------------
MPV- DELIN-
06- TUZO -60 HQ EATION CORE 75 26 (a) (a)
266C
---------------------------------------------------------------------
MPV- DELIN- No
06- TUZO -55 HQ EATION CORE 230 Kimber- n/a n/a
273C lite
---------------------------------------------------------------------
MPV- GEO
06- TUZO -65 HQ/HQ3 TECHNI- CORE 402 124 (a) (a)
249C CAL
---------------------------------------------------------------------
MPV-
06- TUZO -90 HQ PILOT CORE 408 386 (a) (a)
247C
---------------------------------------------------------------------
(a) Will be considered for Treatment Following Next Phase of
Core Drilling
ADVERTISEMENT
Two of the holes drilled to increase confidence in the Tuzo pipe margins intersected kimberlite earlier than expected. The impact of these holes on the Tuzo geological model will be assessed once all logging has been completed.
De Beers has retained Mineral Services, Vancouver as the consulting petrologist for the 2006 drill program. Minerals Services has completed summary core logs for seven Tuzo holes logged in July. A further 15 holes from 5034 North Lobe and Tuzo are in the process of being logged.
De Beers has sent 163 samples from core logged from 5034 North Lobe to the Saskatchewan Research Council Geoanalytical Laboratory (SRC) for micro-diamond processing. The micro-diamond results received to date from one hole in 5034 North Lobe are contained in Table 2 below.
Table 2
2006 Micro-Diamond Data
---------------------------------------------------------------------
INCLINATION HOLE FINAL HOLE
HOLE PIPE (degrees) DIAMETER PURPOSE TYPE DEPTH (m)
---------------------------------------------------------------------
MPV-06-256C 5034 -55 HQ DELINEATION CORE 258
---------------------------------------------------------------------
MPV-06-275C 5034 -65 HQ DELINEATION CORE 233
---------------------------------------------------------------------
MPV-06-258C 5034 -90 HQ DELINEATION CORE 385
---------------------------------------------------------------------
MPV-06-254C 5034 -65 HQ GEOTECHNICAL CORE 180
---------------------------------------------------------------------
MPV-06-255C 5034 -60 HQ GEOTECHNICAL CORE 221
---------------------------------------------------------------------
MPV-06-260C 5034 -60 HQ GEOTECHNICAL CORE 369
---------------------------------------------------------------------
MPV-06-261C 5034 -60 HQ GEOTECHNICAL CORE 387
---------------------------------------------------------------------
MPV-06-268C TUZO -55 HQ DELINEATION CORE 90
---------------------------------------------------------------------
MPV-06-271C TUZO -60 HQ DELINEATION CORE 66
---------------------------------------------------------------------
MPV-06-274C TUZO -60 HQ DELINEATION CORE 212
---------------------------------------------------------------------
MPV-06-276C TUZO -70 HQ/NQ DELINEATION CORE 571
---------------------------------------------------------------------
MPV-06-277C TUZO -70 HQ/NQ DELINEATION CORE 540
---------------------------------------------------------------------
MPV-06-263C TUZO -80 HQ GEOTECHNICAL CORE 411
---------------------------------------------------------------------
MPV-06-270C TUZO -70 HQ GEOTECHNICAL CORE 426
---------------------------------------------------------------------
MPV-06-272C TUZO -65 HQ GEOTECHNICAL CORE 395
---------------------------------------------------------------------
PURPOSE DEFINITION
Pilot: Core Hole Precursor for Placement of Evaluation
Hole
Delineation: Geotechnical Data Acquisition to Facilitate Mine
Design
Geotechnical: Geotechnical Data Acquisition to Facilitate Mine
Design
Civil Engineering: Geotechnical Data Acquisition to Facilitate Mine
Infrastructure Design
Additional micro-diamond results from the remaining 5034 North Lobe core not yet logged will be processed prior to year end.
De Beers is in the process of planning the next stage of the Advanced Exploration Program on the Tuzo pipe. Further drilling is being considered for the first quarter of 2007. Engineering studies are also currently being conducted on various aspects of the project with a view to reducing the capital and operating costs of the project. The results of the core drilling and large diameter drilling programs together would then be used to raise the resource status of 5034 North Lobe and Tuzo.
The Gahcho Kue project was referred to an Environmental Impact Review by the Mackenzie Valley Environmental Impact Review Board in June 2006. In July 2006, De Beers filed an application for a judicial review of the referral. Once this judicial review is complete the priority will be to move through the permitting process as efficiently as possible in order to meet the projected timeline for full production in 2012.
Located in Canada's Northwest Territories, Gahcho Kue is the largest new diamond mine under development globally. The project consists of a cluster of three primary kimberlites with an indicated resource of approximately 14.4 million tonnes grading at 1.64 carats per tonne (approximately 23.6 million carats) and an inferred resource of approximately 17 million tonnes grading at 1.35 carats per tonne (approximately 22.9 million carats). Gahcho Kue is currently in the permitting and advanced exploration stage of development. At full production the Gahcho Kue diamond mine is expected to produce approximately 3 million carats a year over 15 years.
Mountain Province Diamonds is a joint venture partner with De Beers Canada Inc. and Camphor Ventures. Mountain Province has a 44.1 percent interest in the Joint Venture; Camphor 4.9 percent; and De Beers 51 percent. Mountain Province recently announced that it has acquired 33.5 percent of Camphor Ventures, increasing the Company's effective interest in the Joint Venture to approximately 46 percent. De Beers is the operator of the project and solely responsible for funding the project through to commercial production. By completing a bankable feasibility study De Beers has the right to increase its interest to 55 percent. Following construction and commissioning of a commercial mine, De Beers will have the right to increase its interest to 60 percent.
Qualified Person
This news release has been prepared under the supervision of Carl G. Verley, P.Geo., who serves as the qualified person under National Instrument 43-101.
Forward-Looking Statements
This news release may contain forward-looking statements, within the meaning of the "safe-harbor" provision of the Private Securities Litigation Reform Act of 1995, regarding the Company's business or financial condition. Actual results could differ materially from those described in this news release as a result of numerous factors, some of which are outside the control of the Company.
Issued and Outstanding: 55,575,715
CANADA OFFICE: 14th Floor, 220 Bay Street Toronto, Ontario M5J 2W4
Contact:
Contacts:
Mountain Province Diamonds Inc.
Patrick Evans
President and CEO
(416) 361-3562
(416) 603-8565 (FAX)
Email: info@mountainprovince.com
Website: www.mountainprovince.com
BarnesMcInerney Inc.
Michael Schiniou
Account Executive
(416) 367-5000 ext. 252
--------------------------------------------------------------------------------
Source: Mountain Province Diamonds Inc.
Mountain Province Diamonds Announces Interim Results of 2006 Drill Campaign at Gahcho Kue Project
Thursday October 5, 6:03 pm ET
TORONTO, ONTARIO and NEW YORK, NEW YORK--(MARKET WIRE)--Oct 5, 2006 -- Mountain Province Diamonds Inc (TSX:MPV.TO - News)(AMEX:MDM - News) (the "Company") today announced interim results of the 2006 core drilling campaign conducted at the Gahcho Kue diamond project. The primary purpose of the drill program, which was managed by project operator De Beers Canada Inc. ("De Beers"), was to further delineate the kimberlite bodies of the 5034 North Lobe and Tuzo pipe and to carry out geotechnical drilling for pit design. One civil engineering hole was also drilled.
Twenty-five of the originally planned 31 core holes were completed as part of the winter drill program. As announced on July 26, 2006, a summer drill program was conducted to complete four of the outstanding core holes from the winter program. These additional holes were completed in August. Based on the encouraging results the program was extended to include two additional holes at the Tuzo kimberlite pipe; bringing the total number of core holes completed this year to 31. The results of this program are contained in Table 1 below.
Table 1
2006 Core Drilling Data
---------------------------------------------------------------------
MICRO
DIA-
KIM- MOND
BER- KIM- STONE
INC- FINAL LITE BER- COUNT
LINA- HOLE HOLE DRIL- LITE above
TION DIA- PUR- DEPTH LED WEIGHT 75 mic-
HOLE PIPE (degrees) METER POSE TYPE (m) (m) (kg) rons)
---------------------------------------------------------------------
MPV- GEO No
06- 5034 -65 HQ TECHNI- CORE 380 Kimber- n/a n/a
269C CAL lite
---------------------------------------------------------------------
MPV-
05- 5034 -90 HQ PILOT CORE 411 266 192 Results
241C Pending
---------------------------------------------------------------------
MPV-
05- 5034 -80 HQ/NQ PILOT CORE 303 237 192 1773
242C
---------------------------------------------------------------------
MPV-
06- 5034 -80 HQ PILOT CORE 378 273 224 Results
243C Pending
---------------------------------------------------------------------
MPV-
06- 5034 -75 HQ PILOT CORE 333 257 200 Results
244C Pending
---------------------------------------------------------------------
MPV-
06- 5034 -80 HQ PILOT CORE 357 285 192 Results
245C Pending
---------------------------------------------------------------------
MPV- COUN- CIVIL No
06- TRY -90 HQ ENGIN- CORE 27 Kimber- n/a n/a
267C ROCK EERING lite
---------------------------------------------------------------------
MPV- GEO No
06- HEARNE -60 HQ TECHNI- CORE 250 Kimber- n/a n/a
264C CAL lite
---------------------------------------------------------------------
MPV- DELIN-
06- TUZO -60 HQ EATION CORE 204 54 (a) (a)
246C
---------------------------------------------------------------------
MPV- DELIN-
06- TUZO -60 HQ EATION CORE 259 80 (a) (a)
250C
---------------------------------------------------------------------
MPV- DELIN-
06- TUZO -60 HQ EATION CORE 169 39 (a) (a)
252C
---------------------------------------------------------------------
MPV- DELIN-
06- TUZO -60 HQ EATION CORE 75 26 (a) (a)
266C
---------------------------------------------------------------------
MPV- DELIN- No
06- TUZO -55 HQ EATION CORE 230 Kimber- n/a n/a
273C lite
---------------------------------------------------------------------
MPV- GEO
06- TUZO -65 HQ/HQ3 TECHNI- CORE 402 124 (a) (a)
249C CAL
---------------------------------------------------------------------
MPV-
06- TUZO -90 HQ PILOT CORE 408 386 (a) (a)
247C
---------------------------------------------------------------------
(a) Will be considered for Treatment Following Next Phase of
Core Drilling
ADVERTISEMENT
Two of the holes drilled to increase confidence in the Tuzo pipe margins intersected kimberlite earlier than expected. The impact of these holes on the Tuzo geological model will be assessed once all logging has been completed.
De Beers has retained Mineral Services, Vancouver as the consulting petrologist for the 2006 drill program. Minerals Services has completed summary core logs for seven Tuzo holes logged in July. A further 15 holes from 5034 North Lobe and Tuzo are in the process of being logged.
De Beers has sent 163 samples from core logged from 5034 North Lobe to the Saskatchewan Research Council Geoanalytical Laboratory (SRC) for micro-diamond processing. The micro-diamond results received to date from one hole in 5034 North Lobe are contained in Table 2 below.
Table 2
2006 Micro-Diamond Data
---------------------------------------------------------------------
INCLINATION HOLE FINAL HOLE
HOLE PIPE (degrees) DIAMETER PURPOSE TYPE DEPTH (m)
---------------------------------------------------------------------
MPV-06-256C 5034 -55 HQ DELINEATION CORE 258
---------------------------------------------------------------------
MPV-06-275C 5034 -65 HQ DELINEATION CORE 233
---------------------------------------------------------------------
MPV-06-258C 5034 -90 HQ DELINEATION CORE 385
---------------------------------------------------------------------
MPV-06-254C 5034 -65 HQ GEOTECHNICAL CORE 180
---------------------------------------------------------------------
MPV-06-255C 5034 -60 HQ GEOTECHNICAL CORE 221
---------------------------------------------------------------------
MPV-06-260C 5034 -60 HQ GEOTECHNICAL CORE 369
---------------------------------------------------------------------
MPV-06-261C 5034 -60 HQ GEOTECHNICAL CORE 387
---------------------------------------------------------------------
MPV-06-268C TUZO -55 HQ DELINEATION CORE 90
---------------------------------------------------------------------
MPV-06-271C TUZO -60 HQ DELINEATION CORE 66
---------------------------------------------------------------------
MPV-06-274C TUZO -60 HQ DELINEATION CORE 212
---------------------------------------------------------------------
MPV-06-276C TUZO -70 HQ/NQ DELINEATION CORE 571
---------------------------------------------------------------------
MPV-06-277C TUZO -70 HQ/NQ DELINEATION CORE 540
---------------------------------------------------------------------
MPV-06-263C TUZO -80 HQ GEOTECHNICAL CORE 411
---------------------------------------------------------------------
MPV-06-270C TUZO -70 HQ GEOTECHNICAL CORE 426
---------------------------------------------------------------------
MPV-06-272C TUZO -65 HQ GEOTECHNICAL CORE 395
---------------------------------------------------------------------
PURPOSE DEFINITION
Pilot: Core Hole Precursor for Placement of Evaluation
Hole
Delineation: Geotechnical Data Acquisition to Facilitate Mine
Design
Geotechnical: Geotechnical Data Acquisition to Facilitate Mine
Design
Civil Engineering: Geotechnical Data Acquisition to Facilitate Mine
Infrastructure Design
Additional micro-diamond results from the remaining 5034 North Lobe core not yet logged will be processed prior to year end.
De Beers is in the process of planning the next stage of the Advanced Exploration Program on the Tuzo pipe. Further drilling is being considered for the first quarter of 2007. Engineering studies are also currently being conducted on various aspects of the project with a view to reducing the capital and operating costs of the project. The results of the core drilling and large diameter drilling programs together would then be used to raise the resource status of 5034 North Lobe and Tuzo.
The Gahcho Kue project was referred to an Environmental Impact Review by the Mackenzie Valley Environmental Impact Review Board in June 2006. In July 2006, De Beers filed an application for a judicial review of the referral. Once this judicial review is complete the priority will be to move through the permitting process as efficiently as possible in order to meet the projected timeline for full production in 2012.
Located in Canada's Northwest Territories, Gahcho Kue is the largest new diamond mine under development globally. The project consists of a cluster of three primary kimberlites with an indicated resource of approximately 14.4 million tonnes grading at 1.64 carats per tonne (approximately 23.6 million carats) and an inferred resource of approximately 17 million tonnes grading at 1.35 carats per tonne (approximately 22.9 million carats). Gahcho Kue is currently in the permitting and advanced exploration stage of development. At full production the Gahcho Kue diamond mine is expected to produce approximately 3 million carats a year over 15 years.
Mountain Province Diamonds is a joint venture partner with De Beers Canada Inc. and Camphor Ventures. Mountain Province has a 44.1 percent interest in the Joint Venture; Camphor 4.9 percent; and De Beers 51 percent. Mountain Province recently announced that it has acquired 33.5 percent of Camphor Ventures, increasing the Company's effective interest in the Joint Venture to approximately 46 percent. De Beers is the operator of the project and solely responsible for funding the project through to commercial production. By completing a bankable feasibility study De Beers has the right to increase its interest to 55 percent. Following construction and commissioning of a commercial mine, De Beers will have the right to increase its interest to 60 percent.
Qualified Person
This news release has been prepared under the supervision of Carl G. Verley, P.Geo., who serves as the qualified person under National Instrument 43-101.
Forward-Looking Statements
This news release may contain forward-looking statements, within the meaning of the "safe-harbor" provision of the Private Securities Litigation Reform Act of 1995, regarding the Company's business or financial condition. Actual results could differ materially from those described in this news release as a result of numerous factors, some of which are outside the control of the Company.
Issued and Outstanding: 55,575,715
CANADA OFFICE: 14th Floor, 220 Bay Street Toronto, Ontario M5J 2W4
Contact:
Contacts:
Mountain Province Diamonds Inc.
Patrick Evans
President and CEO
(416) 361-3562
(416) 603-8565 (FAX)
Email: info@mountainprovince.com
Website: www.mountainprovince.com
BarnesMcInerney Inc.
Michael Schiniou
Account Executive
(416) 367-5000 ext. 252
--------------------------------------------------------------------------------
Source: Mountain Province Diamonds Inc.