Mountain Province Diamonds Announces Third Quarter 2020 Production Results and Provides Conference Call Details
TSX and OTCQX: MPVD
TORONTO and NEW YORK, Oct. 15, 2020 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD)(OTCQX: MPVD) today announces production results for the third quarter ended September 30, 2020 ("the Quarter" or "Q3 2020") from the Gahcho Ku Diamond Mine ("GK Mine"). All figures are expressed in Canadian dollars unless otherwise noted.
Q3 Highlights
(all figures reported on a 100% basis unless otherwise stated)
- 9,880,757 total tonnes mined, a 16% decrease on comparable period (Q3 2019: 11,742,138).
- 889,340 ore tonnes mined, an 11% decrease on comparable period (Q3 2019: 1,004,828).
- 821,049 ore tonnes treated, an 8% decrease on comparable period (Q3 2019: 890,325).
- 1,794,408 carats recovered at an average grade of 2.19 carats per tonne, a 17% increase on comparable quarter (Q3 2019: 1,528,494 carats at 1.72).
Q3 2020 Production Figures
| | 2020 Q3 | 2019 Q3 | YoY Variance |
| Total tonnes mined (ore and waste) | 9,880,757 | 11,742,138 | -16% |
| Ore tonnes mined | 889,340 | 1,004,828 | -11% |
| Ore tonnes treated | 821,049 | 890,325 | -8% |
| Carats recovered | 1,794,408 | 1,528,494 | 17% |
| Carats recovered (49% share) | 879,260 | 748,962 | 17% |
| Recovered grade (carats per tonne) | 2.19 | 1.72 | 27% |
The variance in the latest quarterly production figures compared to same period last year, and specifically the total ore and waste tonnes mined, continue to be affected as a direct result of the impacts of COVID-19 on mine operations. As previously announced, reduced levels of personnel, travel restrictions to and from site, revised health and safety protocols on site, and new operating procedures to reduce the risk of COVID-19 are some of the key driving factors in the lower production figures.
However, and on a more positive note, the latest quarterly productions figures are significantly better than what was achieved during Q2 2020 as mine operations have started to adapt to the new protocols in place. The higher total carats and grade in Q3 2020 can be attributed to the mining and treatment of 5034 pit.
Stuart Brown, the Company's President and Chief Executive Officer, commented:
"We are pleased with the latest quarterly production figures considering the impacts of COVID-19 on operations over the past few months. We have dramatically improved our mining operations from the previous quarter (Q2 2020) by achieving 30% more in total tonnes mined and we expect this trend to continue into the next quarter. Total carats and grades were also higher in Q3, primarily as a result of mining from the 5034 pit where grades are higher than other parts of the ore body."
"As previously announced, we have resumed our traditional selling channels, having completed our first sale during the COVID-19 Pandemic in September, with the next sale scheduled to close at the end of October. Overall, things are starting to trend in the right direction for the Company considering the ongoing challenges of COVID-19."
Q3 2020 Conference Call Dial-In Details:
The Company will release its Q3 2020 financial results on Wednesday November 4th, 2020 after market hours. The Company will host its quarterly conference call on Thursday November 5th, 2020 at 11:00am ET.
Title: Mountain Province Diamonds Inc. Q3 2020 Earnings Conference Call
Conference ID: 53381156
Date of call: 11/05/2020
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes
Webcast Link: https://produceredition.webcasts.com/starthere.jsp?ei=1387421&tp_key=675dd22682
Participant Toll-Free Dial-In Number: (+1) 888 390 0546
Participant International Dial-In Number: (+1) 416 764 8688
A replay of the webcast and audio call will be available on the Company's website.
About Mountain Province Diamonds Inc.