Gahcho Kue Partners Agree to $38 Mln 2008 Budget

Mountain Province Diamonds provided an update on the progress of the Gahcho Kue diamond project, a joint venture between Mountain Province (49 percent) and De Beers Canada (51 percent). Both partners have agreed to a C$38 million ($37.6 million) budget for 2008.

The budget allocation will support the 2008 Tuzo bulk sampling program; the update of the Gahcho Kue technical study and the Gahcho Kue project permitting.

Located in Canada's Northwest Territories, Gahcho Kue is the largest new diamond project under development globally and is currently in the permitting and advanced exploration stage of development.