Mountain Province Diamonds Announces Third Quarter 2018 Production Results and Provides Details of Third Quarter Conference Call

TORONTO and NEW YORK, October 23, 2018 /PRNewswire/ --

Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) (NASDAQ: MPVD) today announces production results for the third quarter ended September 30, 2018 ("Q3 2018") from the Gahcho Kué Diamond Mine ("GK Mine"). The Company also provides the details of its Q3 conference call which will take place on November 13^th, 2018 at 11:00am EDT.

Q3 2018 Production Highlights 

(all figures reported on a 100% basis unless otherwise stated) 

• The plant treated 759,000 tonnes during the quarter, 8% less than the same quarter last year as a result of a planned maintenance shut down in the plant.
• 1,819,000 carats were recovered at an average grade of approximately 2.40 carats per tonne in Q3 2018.  Q3 2018 recovered grade of 2.40 carats per tonne, was 8% higher than the same quarter last year and increases the year to date grade profile to 2.21 carats per tonne.
• Ore tonnes mined in Q3 2018 were 1,155,000 tonnes, or 3% higher than the same quarter last year.

Q3 Production Statistics^[1]

   

                                                   2018 Q3        2017 Q3   YOY Variance

    Total tonnes mined (ore and waste)          11,592,000      8,313,000            39%
    Ore tonnes mined                             1,155,000      1,123,000             3%
    Ore tonnes treated                             759,000        823,000            -8%
    Carats recovered                             1,819,000      1,825,000             -
    Carats recovered (49% share)                   891,000        894,000             -
    Recovered grade (carats per tonne)                2.40           2.22             8%

    [1] All figures reported are on 100% basis unless otherwise stated     

Q3 2018 Production Summary 

The GK Mine operations had another solid quarter with over 11.6 million tonnes of material being mined. The recovered grade also continues to outperform expectations. The head grade in Q3 2018 was 2.40 carats per tonne which is significantly higher than originally anticipated.  As a result, the year to date head grade at the plant has reached 2.21 carats per tonne which is 5% higher than our full year 2018 forecast grade.  A planned maintenance shut down in the plant during the quarter resulted in less ore tonnes passing through the plant in comparison to what has been achieved in previous quarters of 2018.  However, daily throughput in the plant continues to be consistant with our targets for the year.