Mountain Province sales over 643K carats

Mountain Province recovers

1.5 mn carats of diamond

According to the Mountain Province Q1 2019, they have recovered 1,584,552 carats at an average grade of 1.82 carats per tonne, slightly lower than the same period last year and mainly as a result of planned mine sequencing of lower grade ore tonnes mined and treated during the quarter and due to the previously announced plant modifications

                 

Revenue from 643,739 carats sold at $60.7 million (US$45.8 million) compared to $66.6 million from 527,000 carats sold in Q1 2018 (US$52.4 million) at an average realised value of $94 per carat (US$71) 2018: $126 per carat, (US$99).

Q1 2019 mining results were in line with the Company's expectations with over 9.5 million tonnes of material mined, 16% higher than the same period last year.

The plant treated 870,949 tonnes, or approximately 9,677 tonnes per day, 11% higher than the same period last year, and recovered just under 1.6 million carats. The Gahcho Kué Mine remains on track to achieve its 2019 production guidance of 6.6 – 6.9 million carats.

Stuart Brown, the Company's President and Chief Executive Officer, commented: "We are pleased with the Q1 operational and financial results for the Gahcho Kué Mine, given the mining area which consisted of lower grade ore. Production figures are slightly ahead of expectations and costs are at the lower end of our guidance for 2019. The 2019 target of 3.3 – 3.45 million carats (our 49% share of the full production) recovered, remains unchanged. We are encouraged by the early results of the plant changes implemented and look forward to updating the market on the progress of this initiative in the coming months."