TORONTO and NEW YORK, Sept. 6, 2018 /CNW/ – Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX and NASDAQ: MPVD) today announces the results of its seventh diamond sale completed on Friday August 31, 2018. Total proceeds from the sale were US$26.9 million (CDN$35.3 million) from 411,317 carats at an average realized value of US$65 per carat
"Our seventh sale generated high competition levels which allowed us to sell all lots and achieve full revenue," said Reid Mackie, the Company's Vice President Diamond Marketing. "Consistent with the wider rough diamond market, prices saw single digit decreases overall. Lower qualities and smaller sizes experienced price pressure but our +10.8 carat specials performed well and made a strong contribution to the higher total sale result."
Said Stuart Brown, the Company's President and Chief Executive Officer, "The seventh sale of the year totalling US$26.9 million was a pleasing result considering the time of the year and the diamonds on offer. The production from the mine and the plant continue to outperform our expectations with the higher grades continuing to help generate more carats which contribute to our positive cash generation."
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. Gahcho Kué is the world's largest new diamond mine, consisting of a cluster of four diamondiferous kimberlites, three of which are being developed and mined under the initial 12-year mine plan.
The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Keyvan Salehi, P.Eng., MBA, a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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