DIAMONDS: Tuzo Deep continuity confirmed at Gahcho Ku

NORTHWEST TERRITORIES –Toronto's Mountain Province Diamonds, 49% owner of the Gahcho Kué diamond project 280 km northeast of Yellowknife, reports that diamond recovery results confirm the continuity of the Tuzo Deep kimberlite to at least 750 metres. The operator and 51% owner of the project is De Beers Canada.

Earlier drilling of the Tuzo Deep confirmed the resource extended to from 300 to 360 metres below surface, and that resource block was upgraded to indicated from inferred. Last year's drilling allowed the resource from 360 to 564 metres below surface to be upgraded to indicated, as well.

Diamond recoveries from the 2014 Tuzo Deep drilling program on a sample of 434 kg of kimberlite totaled 2,514 individual stones weighing together 3.24 ct. The total weight of recovered diamonds greater than 0.85 mm was 2.46 ct. The grade of the sample was 5.67 ct/tonne.

Mountain Province calls Gahcho Kué the world's largest and richest new diamond development project. The 2014 feasibility study puts its internal rate of return at 32.5%. Initial production is scheduled for the first half of 2016.

More information is available at MountainProvince.com.