Business
Mountain Province Diamonds Provides Operational Update and Announces Extension of Lenders' Waiver
Mountain Province Diamonds Provides Operational Update and Announces Extension of Lenders'...
About this update from Mountain Province Diamonds Inc.
[{"type":"text","content":"\n\n\n\nMountain Province Diamonds Provides Operational Update and Announces Extension of Lenders' Waiver\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, May 31, 2017\n\n\n\nShares Issued and Outstanding: 160,173,833TSX: MPVD NASDAQ: MPVD \n\n\n\nTORONTO and NEW YORK, May 31, 2017 /CNW/ - Mountain Province Diamonds Inc. (\"Mountain Province\", the \"Company\") (TSX: MPVD, NASDAQ: MPVD) is pleased to announce the recovery during April 2017 of an 84.65 carat and 53.90 carat gem quality diamond from the Gahcho Kue diamond mine. The joint venture partners bid for the production of fancy coloured and special (+10.8 carat) diamonds on almost a monthly basis. The bid for April 2017 production of fancies and specials was won by Mountain Province and included the two exceptional diamonds mentioned above. The fancies and specials are now owned by Mountain Province and will be included in the Company's upcoming sales through its broker in Antwerp, Belgium.\n\nMountain Province President and CEO Patrick Evans commented: \"The 84.65 carat diamond is the largest gem quality diamond recovered to date and provides further confirmation that Gahcho Kué hosts a population of large, high quality gem diamonds. The 53.90 carat diamond is the highest quality exceptional stone recovered to date and is expected to achieve a record price at tender.\"\n\nThe Company is also pleased to announce the receipt today of a unanimous waiver from all seven participants in its loan facility of the requirement to fund the cash call reserve account until August 31, 2017. Under the terms of the loan facility, the Company was subject to maintaining a cash call reserve account balance of approximately US$27.9 million as at March 31, 2017 and had previously received a waiver from the lenders until May 31, 2017.  \n\nDuring the extension period to August 31, 2017, the Company expects to provide the lenders an updated Life of Mine plan for Gahcho Kué from the operator, De Beers Canada, along with an updated financial model, further diamond pricing analysis and...