Mountain Province Diamonds Reports Preliminary Results from the Tuzo Large Diameter Bulk Sampling Program
TORONTO and NEW YORK, Aug. 6, 2008 (Canada NewsWire via COMTEX News Network) -- - 25.13 carat gem quality diamond recovered - Total 18,893 diamonds recovered from 715.6 tonnes - Average grade 2.16 carats per tonne* Shares Issued and Outstanding: 59,932,381 TSX: MPV AMEX: MDM TORONTO and NEW YORK, Aug. 6 /CNW/ - Mountain Province Diamonds Inc. ("the Company) (TSX: MPV, AMEX: MDM) today announced preliminary results from the Tuzo large-diameter bulk sampling program conducted last winter. As previously announced, a 25.13 carat gem quality diamond of excellent shape and clarity and good colour was recovered during this program. This diamond has been independently valued at $17,500 per carat, putting the diamond value at approximately $440,000. The Tuzo bulk sampling program was designed to recover approximately 1,500 carats. Combined with the approximately 600 carats recovered from Tuzo during prior years' exploration, this should be sufficient to develop a diamond revenue model for the Tuzo kimberlite pipe. Once all the results are available, the Tuzo diamonds will be valued by the Gahcho Kué project operator, De Beers Canada. Mountain Province Diamonds has retained WWW International Diamond Consultants to conduct an independent valuation of all the Gahcho Kué diamonds, including the recently recovered Tuzo diamonds. Following completion of the Tuzo diamond revenue model, it is anticipated that the Tuzo resource will be upgraded to the "indicated mineral resource" category. "We are very pleased with the results of the Tuzo bulk sampling program. Our target of 1,500 carats has been exceeded and we believe the 25.13 carat diamond is the largest gem quality diamond ever recovered from a Canadian diamond exploration drill program", said Patrick Evans, President and CEO of Mountain Province Diamonds. To extract the Tuzo bulk sample, two 24-inch large-diameter drill rigs were used. A total of nine holes were drilled, with seven holes to depths between approximately 100 and 130 meters and two holes to depths of approximately 300 meters. The preliminary results listed in Table 1 below are for eight of the nine holes drilled. The results for hole MPV-08-319L, which was one of the deep holes drilled, are still pending. A total of 18,893 diamonds have so far been recovered from 715.6 tonnes of kimberlite. <<
Table 1
2008 Tuzo Large Diameter Drilling Data
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KIMBERLITE DRILL DEPTH KIMBERLITE CARATS DIAMOND GRADE*
PIPE HOLE (from - to) MASS +1.5mm COUNT (carats
(metres) (tonnes) +1.5mm per
tonne)
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Tuzo MPV-08- 17.0 - 133.6 81.8 261.2 3,344 3.20
315L
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Tuzo MPV-08- 16.5 - 122.5 72.2 248.9 3,654 3.45
316L
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Tuzo MPV-08- 17.0 - 126.5 74.6 268.8 2,806 3.61
317L
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Tuzo MPV-08- 11.0 - 103.3 67.2 84.6 1,157 1.26
318L
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Tuzo MPV-08- Pending Pending Pending Pending Pending
319L
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Tuzo MPV-08- 15.0 - 97.8 59.1 79.6 913 1.35
320L
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Tuzo MPV-08- 15.5 - 113.0 68.9 149.5 1,768 2.17
321L
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Tuzo MPV-08- 16.0 - 102.6 60.4 110.5 1,388 1.83
322L
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Tuzo MPV-08- 17.0 - 125.2 86.6 211.5 2,318 2.44
323L
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Tuzo MPV-08- 125.2 - 305 144.8 128.6 1,545 0.89
323L
(Deep)
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SUMMARY 715.6 1,543.2 18,893 2.16
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* Grade presented for illustrative purposes only.
>>
Located in Canada's Northwest Territories, Gahcho Kué is the largest new diamond mine under development in the Western world. 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 Kué is currently undergoing permitting for the issuance of construction and operating authorisation. Mountain Province Diamonds (49 percent) is a joint venture partner with De Beers Canada Inc. (51 percent) in the Gahcho Kué 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. SOURCE: Mountain Province Diamonds Inc. Mountain Province Diamonds Inc., Patrick Evans, President and CEO, Tel: (416) 670-5114 Copyright (C) 2008 CNW Group. All rights reserved. |