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Gahcho Kué Development Remains On Schedule

Jun 10, 2014 4:44 AM   By Deena Taylor
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RAPAPORT... Mountain Province Diamonds reported that the work on Gahcho Kué   in Canada is progressing as planned, with first production slated to begin in the second half of 2016.

Gacho Kue's  water license and land use permit is undergoing a  final review. The company expects to attain approval for the license in the second half of 2014.

The company also appointed Rockface Capital in May as its financial advisor to review a number of debt-term sheets. The company intends to complete a review of all debt proposals by the end of June, when detailed negotiations with preferred lenders will begin. Based on current progress, Mountain Province expects to be able to announce details, including debt terms, by the end of July and hopes to conclude definitive loan agreements by the end of 2014.

Additionally, Mountain Province reported that drilling of the final third hole at Tuzo Deep is currently underway, but that progress has been slower than planned due to difficult ground conditions.

Gahcho Kué is 49 percent owned by Mountain Province and 51 percent by De Beers Canada and is located in Canada's Northwest Territories. Gacho Kué has an estimated diamond reserve of 55.5 million carats.
Tags: De Beers Canada, Deena Taylor, diamonds, Gahcho Kué, Mountain Province Diamonds
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