Mountain Province Diamonds Inc. (MPVD) has announced the completion of an updated mineral reserve, mineral resource estimate, and life of mine plan for the Gahcho Kué Mine, a joint venture located in Northwest Territories, Canada. The updated plan includes a reevaluation of the pit walls to increase the value extracted from the mine.
The company plans to file a technical report in accordance with National Instrument 43-101 within 45 days of this announcement. The updated plan shows an estimated operating cash flow of $626 million for Mountain Province’s 49% share from remaining open pit mining operations. The ore processing is expected to conclude by early 2031, with an estimated total diamond recovery of 36.3 million carats from 2024 to 2031.
Mark Wall, the President and CEO of the company, highlighted the significance of the production profile update and the projected cash flow value. He also noted the potential upside in economics due to the current soft diamond market. The engineering improvements at the mine have allowed for deeper ore extraction and reduced waste stripping.
The updated plan extends production through 2031, with an additional 2.7 Mt at 2.0 c/t (5.5 Mcts) compared to the previous plan. The mineral resource and reserve estimates have been updated based on recent block model updates and data from resource extension programs.
Qualified Persons have prepared the mineral resource and reserve estimates, and the company intends to file the technical report on SEDAR within the specified timeframe. Mountain Province Diamonds Inc. is a participant in the Gahcho Kué diamond mine and holds significant mineral claims in the surrounding area for future development. The company’s Forward-Looking Statements reflect the current expectations and future prospects.
