Shares Issued and Outstanding: 115,204,550
TSX: MPV
NYSE MKT: MDM
TORONTO and NEW YORK , July 28, 2014 /CNW/ - Mountain Province Diamonds
Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) is
pleased to announce the appointment of three leading international
banks to arrange and underwrite a senior secured term loan facility of
up to US$370M (the "Facility") to fund the Company's share of the
construction cost of the Gahcho Kué diamond mine located in Canada's
Northwest Territories . Gahcho Kué is a joint venture between De Beers
Canada Inc. (51%) and Mountain Province (49%).
Mountain Province has mandated Deutsche Bank A.G., acting through its
London Branch, Natixis S.A. and Nedbank Limited as the lead arrangers
("Lead Arrangers") to underwrite, arrange and manage the primary
syndication of the Facility, subject to the satisfaction of certain
conditions including, but not limited to, the successful completion of
due diligence and internal bank approvals of the Lead Arrangers and
agreement of Facility documentation, which is expected prior to the end
of 2014.
As at the end of June 2014 , the overall project was progressing
according to plan and remains on schedule for first production during
H2 2016. Mountain Province is currently funding its share of the
capital with equity and has arranged sufficient equity to fund planned
capital commitments through to the end of 2014.
Mountain Province is being advised by Rockface Capital of the United
Kingdom .
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué JV located
at Kennady Lake in Canada's Northwest Territories . The Gahcho Kué
Project consists of a cluster of four diamondiferous kimberlites, three
of which have a probable mineral reserve of 35.4 million tonnes grading
1.57 carats per tonne for total diamond content of 55.5 million carats.
Gahcho Kué is the world's largest and richest new diamond development
project. A 2014 NI 43-101 feasibility study report filed by Mountain
Province (available on SEDAR) indicates that the Gahcho Kué project has
an IRR of 32.6%.
Qualified Person
This news release has been prepared under the supervision of Carl G.
Verley , P.Geo., who serves as the qualified person under National
Instrument 43-101.
Forward-Looking Statements
This news release may contain forward-looking statements, within the
meaning of the "safe-harbor" provision of the Private Securities
Litigation Reform Act of 1995, regarding the Company's business or
financial condition. Actual results could differ materially from those
described in this news release as a result of numerous factors, some of
which are outside the control of the Company.
SOURCE Mountain Province Diamonds Inc.