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Mountain Province Diamonds Announces Production Results for the Fourth Quarter ended December 31, 2016 and Completion of First Diamond Sale
Mountain Province Diamonds Announces Production Results for the Fourth Quarter ended Decem...
About this update from Mountain Province Diamonds Inc.
[{"type":"text","content":"\n\n\n\nMountain Province Diamonds Announces Production Results for the Fourth Quarter ended December 31, 2016 and Completion of First Diamond Sale\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO and NEW YORK, Jan. 26, 2017\n\n\n\nShares Issued and Outstanding: 160,068,833TSX and NASDAQ: MPVD\n\n\n\nTORONTO and NEW YORK, Jan. 26, 2017 /CNW/ - Mountain Province Diamonds Inc. (\"Mountain Province\", the \"Company\") (TSX and NASDAQ: MPVD) today announced the production results for the fourth quarter ended December 31, 2016 from the Gahcho Kué Diamond Mine together with the completion of the Company's first diamond sale held between January 16 and 25 in Antwerp, Belgium. \n\nThe total mining of waste and ore from the 5034 open pit for the twelve months to December 31, 2016 was approximately 22.5 million tonnes with approximately 70,000 tonnes of ore stockpiled at yearend. \n\nRamp-up production at Gahcho Kué commenced ahead of schedule on August 1, 2016. During the period from August 1 to December 31, 2016 the Gahcho Kué mine processed 515,000 tonnes of kimberlite recovering 862,000 carats for an average grade of 1.67 carats per tonne. During the fourth quarter of 2016 the plant processed approximately 412,000 tonnes of ore and produced 697,000 carats on a 100 percent basis, of which the Company's 49 percent share is approximately 341,000 carats. \n\nMountain Province President and CEO Patrick Evans commented: \"Commissioning ramp up from August to early December went smoothly. Extremely cold conditions during December impacted the mine's conveyor systems, but the mining and processing progressed satisfactorily. Winterization measures to address the conveyor issues are well underway with commercial production now expected to be achieved by the end of the current quarter.\"\n\nMountain Province today also reported the results of the Company's first diamond sale. A total of approx. 49,420 carats were sold for proceeds of approx. US$6.27 million representing an average price of approx. US$127 per carat.\n\nApproximately 75 percent of t...