Mountain Province Diamonds Inc. (MDM) Updates Mining Operations in Canada

May 05, 2011 5:50 PM ETMPVD

475 Followers

Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Seeking Alpha Analyst Since 2008

QualityStocks (www.qualitystocks.net) assists publicly traded companies by getting their story out to the investment community while helping investors discover emerging companies with plenty of growth potential. Our name, QualityStocks, emphasizes our commitment to connect subscribers with companies that have huge potential to succeed in the short and long-term future. QualityStocks provides investor relations services to publicly traded companies in exchange for compensation. The content we provide via Seeking Alpha may be part of our efforts to widen a client’s exposure. To read our full disclaimer, visit http://disclaimer.qualitystocks.net.

Mountain Province Diamonds Inc. issued an update on its mining operations in Canada where the company is prospecting for diamonds.

Mountain Province Diamonds Inc. is involved in a joint venture with De Beers Canada Inc. at the Gahcho Kué Project located in the Northwest Territories. The project is approximately 74,000 acres and is held by the joint venture through a 21 year renewable lease.

Mountain Province Diamonds Inc. reported that an update of a previous evaluation study at the Gahcho Kué Project placed a 40% higher valuation on the resources recovered from the site. The update was based on higher market prices and increased accuracy of the sampling of the diamonds.

The Gahcho Kué Project contains multiple kimberlite clusters, with the joint venture focusing on the Hearne, Tuzo and 5034 clusters. In 2010, a feasibility study commissioned by Mountain Province Diamonds Inc. and its joint venture partner indicated that these three clusters had probable diamond reserves of 1.57 carats per ton for a total of 49 million carats.

The updated study was conducted in April 2011 by WWW International Diamond Consultants Ltd. Mountain Province Diamonds Inc. is currently working to obtain a permit to continue mining at the property.

For more information on the company, go to mountainprovince.com

Please see disclaimer on QualityStocks website: disclaimer.qualitystocks.net

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Recommended For You