TORONTO and NEW YORK, November 19,
2018 /PRNewswire/ --
TSX and NASDAQ: MPVD
Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX:
MPVD) (NASDAQ: MPVD) is pleased to announce the appointment of Tom McCandless as Vice
President of Exploration effective November 1st, 2018.
Dr. McCandless has over 40 years of experience in mineral exploration, and was directly involved in the exploration
that led to the discovery of the Ekati and Renard diamond mines. More recently he served as a Director on the board of Kennady
Diamonds Corp. where he was part of the team responsible for the due diligence and negotiations leading to the acquisition of
Kennady Diamonds by Mountain Province in April 2018. As president
of MCC Geoscience Inc. he has consulted for grassroots exploration through to operating mines located in North and South America, Africa and Europe. He is
also a registered professional geoscientist (BC, NT/NU) and an Adjunct Professor at the University of
Alberta and University of Arizona.
Stuart Brown, the Company's President and CEO commented, "We are very pleased to
announce the appointment of Tom as our new head of exploration. Tom is a seasoned professional and brings a wealth of knowledge
to the team. He will play a key role in moving our exploration programs forward as we continue our search for the next
potential discovery of diamonds on our properties. He is also very familiar with the Gahcho Kué diamond mine from his
time with Kennady Diamonds. Mountain Province is building a strong team to execute our
strategy of exploration and mining extension, and we are confident that Tom's experience, and his standing in the diamond
industry will add substantial value to the Company."
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine
located in Canada's Northwest Territories. Gahcho Kué 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.
Caution Regarding Forward Looking Information
This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian
and United States securities laws concerning the business, operations and financial performance
and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include,
but are not limited to, statements with respect to estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future
production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to
manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate
fluctuations. Except for statements of historical fact relating to Mountain
Province, certain information contained herein constitutes forward-looking statements. Forward-looking
statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates,"
"expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or
statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are
based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions
and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements. Many of these assumptions are based on factors
and events that are not within the control of Mountain Province and there is no assurance they
will prove to be correct.
Factors that could cause actual results to vary materially from results anticipated by such forward-looking
statements include variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine
sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental
approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of
project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of
plant, equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Mountain Province's most
recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions
in connection with these statements. Mountain Province cautions that the foregoing
list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements
should carefully consider the above factors as well as the uncertainties they represent and the risk they entail.
Mountain Province believes that the expectations reflected in those forward-looking
statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not be unduly relied upon. These statements speak
only as of the date of this news release.
Although Mountain Province has attempted to identify important factors that
could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may
be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Mountain Province undertakes no
obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as
required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking
statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute
forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is
developed.
Further, Mountain Province may make changes to its business plans that could
affect its results. The principal assets of Mountain Province are administered
pursuant to a joint venture under which Mountain Province is not the operator.
Mountain Province is exposed to actions taken or omissions made by the operator within its
prerogative and/or determinations made by the joint venture under its terms. Such actions or omissions may impact
the future performance of Mountain Province. Under its current note and revolving
credit facilities Mountain Province is subject to certain limitations on its ability to pay
dividends on common stock. The declaration of dividends is at the discretion of Mountain
Province's Board of Directors, subject to the limitations under the Company's debt facilities, and will depend on
Mountain Province's financial results, cash requirements, future prospects, and other factors
deemed relevant by the Board.
PLEASE CONTACT: Mountain Province Diamonds Inc., David Whittle, Interim President
and CEO, 161 Bay Street, Suite 1410, Toronto, Ontario M5J 2S1, Phone: +1-416-361-3562,
E-mail: info@mountainprovince.com