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Mountain Province Diamonds Results of Sixth Diamond Sale of 2018 and Exceptional Stone Recoveries
Mountain Province Diamonds Results of Sixth Diamond Sale of 2018 and Exceptional Stone Rec...
About this update from Mountain Province Diamonds Inc.
[{"type":"text","content":"\n\n\n\nMountain Province Diamonds Results of Sixth Diamond Sale of 2018 and Exceptional Stone Recoveries\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, Aug. 15, 2018\n\n\n\nTSX and NASDAQ: MPVD\n\n\n\nTORONTO and NEW YORK, Aug. 15, 2018 /CNW/ - Mountain Province Diamonds Inc. (\"Mountain Province\", the \"Company\") (TSX and NASDAQ: MPVD) today announces the results of its recently completed sixth diamond sale of 2018. Total proceeds came in as expected at US$22.2 million (CDN$28.9 million) from the sale of 334,751 carats at an average realized price of US$66 per carat.\n\n\"Our sixth sale was well attended by customers despite the normal market slowdown which occurs in advance of the market's summer break,\" said Reid Mackie, the Company's Vice President Diamond Marketing. The lower realised price per carat of US$66 per carat compared to the previous sale of US$85 a carat was driven by a much smaller offering of fancies and specials and a slight softening in prices for smaller, lower priced diamonds. Overall the impact of the small decline in average prices for run of mine goods was not material compared to those achieved in the previous sales and prices for better quality fancies and specials remain firm.\n\nThe Company is also pleased to announce that it successfully bid for the fancies and specials from the most recent shipment of diamonds received from the mine. The parcel includes four exceptional gem stones with carat weights of 91, 83, 58, and 45 carats. The continued recovery of exceptional stones from Gahcho Kué firmly establishes the mine as a regular producer of large, high value diamonds.  \n\nProduction for July set new records from a tonnes processed and carats recovered perspective with 299,150 tonnes processed yielding 709,106 carats on a 100% basis, at an approximate grade of 2.37 carats per tonne.  The higher grade is attributable to more tonnage from higher grade areas in 5034 and the Hearne pit where we are currently seeing higher grades yielding a finer distribution.\n\nSaid Stuart Brown...