Mountain Province recovers 1.93M carats diamonds in Q2
2018-07-19 06:08 ET - News Release
Mr. Stuart Brown reports
MOUNTAIN PROVINCE DIAMONDS ANNOUNCES SECOND QUARTER 2018 PRODUCTION RESULTS
Mountain Province Diamonds Inc. has released its production results for the second quarter ended June 30, 2018, and first half of 2018 from the Gahcho Kue diamond mine. The Company also provides Q2 2018 and H1 2018 conference call details.
Q2 2018 and H1 2018 Production Highlights
( all figures reported on a 100% basis unless otherwise stated ) The plant treated 899,000 tonnes during the quarter, 17% ahead of the same quarter last year. In the first half of 2018, the plant treated 1,684,479 tonnes.
A record 1,930,500 carats were recovered at an average grade of approximately 2.15 carats per tonne in Q2 2018. Year to date, 3,571,500 carats have been recovered at an average grade of 2.12 carats per tonne. Q2 2018 recovered grade of 2.15 carats per tonne, was 2% higher than the same quarter last year, reflecting a strong grade performance in the second quarter.
Ore tonnes mined in Q2 2018 were 341,000 tonnes, significantly less than what was achieved in the same period last year. This was primarily due to a high waste cycle in the quarter as a result of the start up of the Hearne Pit. Year to date, a total of 1,082,000 tonnes of ore have been mined.
Q2 Production Statistics1 2018 Q2 2017 Q2YOY Variance Total tonnes mined (ore and waste)10,285,0008,390,000 23% Ore tonnes mined 341,000 940,000 -64% Ore tonnes treated 899,000 767,000 17% Carats recovered 1,930,5001,614,000 20% Carats recovered (49% share) 946,000 791,000 20% Recovered grade (carats per tonne) 2.15 2.10 2% 1All figures reported are on 100% basis unless otherwise stated
Q2 2018 and H1 2018 Production Summary
The plant continues to perform well and exceed expectations, mainly as a result of ongoing improvements and optimization work since commercial production began in early 2017; the results are reflected in the latest quarterly production statistics. The recovered grade also continues to outperform expectations and is a key driver in achieving production targets at the GK Mine. Mining operations are also performing well, with over 10 million tonnes of material being mined during the quarter. Q2 2018 was a planned high waste cycle period brought on by the start up of the Hearne pit, as a result, ore tonnes mined were significantly less than was achieved during the same period last year. It is not expected that this will impact full year ore mined targets.
At June 30 2018, the Company remains well positioned to achieve the upper end of its full year 2018 production guidance of 6.3 {A –} 6.6 million carats recovered.
Stuart Brown, the Company's President and Chief Executive Officer, commented: "The second quarter performance continues to follow the trend of ongoing excellent performance set by the GK Mine team, in a safe and sustainable manner. We expect this trend to continue as we enter the second half of the year. The continued good performance is pleasing as the mine matures into its steady state production methodology of continuous improvement."
Q2 2018 Conference Call Details
The Company will release its 2018 Second Quarter results on Wednesday, August 8, 2018, after market close in Toronto and New York.
The Company will host a conference call to discuss the results on Thursday, August 9, 2018 at 11:00 a.m. Eastern Time.
Conference Call Dial-In Details:
Conference ID: 2878127 Date of call: 08/09/2018 Time of call: 11:00 Eastern Time Expected Duration: 60 minutes Participant Toll-Free Dial-In Number: (866) 300-0510 Participant International Dial-In Number: (636) 812-6656 Replay: Toll-Free Dial-In: (855) 859-2056 International Dial-In: (404) 537-3406 Passcode: 2878127
A replay will also be available on the Company's website.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kue diamond mine located in Canada's Northwest Territories. Gahcho Kue is the world's largest new diamond mine, consisting of a cluster of four diamondiferous kimberlites, three of which are being developed and mined under the initial 12 year mine plan.
Qualified Person
The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Keyvan Salehi, P.Eng., MBA, a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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