Final Preparations for Development Underway at Gahcho Kué

(IDEX Online News) – The 24-month environmental review of the Gahcho Kué diamond project, a joint venture between Mountain Province Diamonds and De Beers Canada, is nearing completion, according to Mountain Province, which holds a 49 percent stake in the project.

The final hearing is scheduled to take place in about four months’ time.

“Excellent progress is being made,” said Mount Province president and CEO Patrick Evans. “All the participants in the environmental review have been focused on ensuring that the Gahcho Kué diamond mine meets the highest possible social and environmental standards."

The company said it had received multiple proposals for financing which, if successfully concluded, would enable it to substantially meet its capital requirements.

"We are gratified by the strong interest we have received from major participants in global mining finance,” said Evans. “This reflects the robust economics of Gahcho Kué as well as the strength and experience of our operating partner.”

Located in the heart of Canada's Northwest Territories Yellowknife diamond region, Gahcho Kué is toted as the world's largest and richest new diamond mine development. It consists of a cluster of four diamondiferous kimberlites, three of which have a probable mineral reserve of 31.3 million tons grading 1.57 carats per ton for total diamond content of 49 million carats.

A March 2012 independent valuation estimated the value of the Gahcho Kué diamonds at $186 per carat.