Mountain Province Diamonds Reports Results of the 5034 North Lobe Large Diameter Core Program
16 Juillet 2008 - 8:10PM
PR Newswire (US)
Shares Issued and Outstanding: 59,932,381 TSX: MPV AMEX: MDM
TORONTO and NEW YORK, July 16 /PRNewswire-FirstCall/ -- Mountain
Province Diamonds Inc. ("the Company) (TSX: MPV, AMEX: MDM) today
announced the results of the 5034 North Lobe large-diameter
core drilling program conducted during the summer of 2007. Under
this program five large-diameter core holes were drilled at the
northern, land based portion of 5034 North Lobe recovering
approximately 36.7 tonnes of kimberlite. Sample processing
took place at De Beers' Grande Prairie facility with diamond
recovery carried out at De Beers' GEMDL facility in Johannesburg.
The program was designed to collect approximately 100 carats from
the North Lobe to support the macro diamond size distribution
inferred from earlier micro-diamond sampling. Selected sections of
the recovered drill core were crushed to -6mm and screened at a
nominal bottom cut-off of 1.0mm. These are the first macro-diamonds
from the 5034 North Lobe. Approximately 80 carats were
recovered at a nominal 1.5mm cut-off, and 102 carats at a 1.0mm
nominal cut-off. The results at a 1.00mm nominal cut-off are
presented in Table 1 below. Table 1 2007 5034 North Lobe Core
Drilling Data
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KIMBERLITE DRILL CARATS KIMBERLITE DIAMOND GRADE PIPE HOLE +1.03mm
MASS COUNT (carats per (kg) +1.03mm tonne)(1)
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5034 North MPV-07- 8.695 7,236 136 1.20 Lobe 310C
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5034 North MPV-07- 25.19 12,773 412 1.97 Lobe 311C
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5034 North MPV-07- 21.995 7,047 255 3.12 Lobe 312C
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5034 North MPV-07- 22.50 10,789 345 2.09 Lobe 313C
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5034 North MPV-07- 23.87 6,773 274 3.52 Lobe 314C
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SUMMARY 102.250 44,618 1,422 2.29
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(1) Grade presented for illustrative purposes only. According to De
Beers Canada, confirmation of the kimberlite continuity between the
5034 North and East lobes provides sufficient confidence to be able
to extrapolate the diamond revenue modeling from the 5034 East
Lobe, which is in the indicated mineral resource category, to the
North Lobe with a much reduced diamond parcel from the North Lobe.
The sampling program was not designed to determine diamond grade or
diamond value in 5034 North Lobe. Located in Canada's Northwest
Territories, Gahcho Kue is one of 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. Mountain
Province Diamonds (49 percent) is a joint venture partner with De
Beers Canada Inc (51 percent) in the Gahcho Kue project. De Beers
is the operator of the project and can be called on to fund the
project through to commercial production. 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. DATASOURCE:
Mountain Province Diamonds Inc. CONTACT: Mountain Province Diamonds
Inc., Patrick Evans, President and CEO, Tel: (416) 670-5114
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