DIAMOND DEVELOPMENT – Applications filed for Gahcho Ku

NORTHWEST TERRITORIES - DE BEERS CANADA has filed an application for its third diamond mine in Canada. Yesterday (Nov. 29) the company said it had sent the paperwork to the Mackenzie Valley Land and Water Board for the necessary permits to build and operate the Gahcho Ku mine.

The property is located at Kennady Lake, about 300 km northeast of Yellowknife and 90 km east of De Beers' Snap Lake diamond mine development project. The Gahcho Ku project is a joint venture of De Beers (51%), MOUNTAIN PROVINCE DIAMONDS (44.1%) and CAMPHOR VENTURES (4.9%).

Current plans call for creation of an open pit mine based on a resource of 31 million tonnes. Capital costs are estimated at Cdn$825 million over the three-year construction period. Gahcho Ku will employ close to 400 people during operations, producing an average of 3.0 million ct/year over 15 years.

Visit www.MountainProvince.com for further details about the project.