NORTHWEST TERRITORIES – The bulk sampling program at the Gaucho Ku diamond project has been pushed back a year to 2008. DE BEERS CANADA of Toronto has informed its junior partner, MOUNTAIN PROVINCE DIAMONDS, that it has been unable to find a suitable drilling contractor to undertake a large-diameter drill program in 2007.
De Beers, which has a 51% interest and is the operator, is committed to a number of other programs at the site next year at a cost of $30 million. A review of the 2005 pre-feasibility study is to be done. Applications for construction and operating permits will continue. An 8,400-m core drilling program at the Tuzo kimberlite pipe will be conducted.
The delay is of concern to Mountain Province (44.1% interest) because of the other activities, including an updated geological model, that must be deferred. Mountain Province president and CEO Patrick Evans said in a news release, “This impedes our ability to more accurately establish the overall value of the Gahcho Ku diamond project and also increases the risk that the project development could be delayed.”
Complete details on the Gahcho Ku project are available at www.MountainProvince.com.