Mountain Province Diamonds Inc. (MPV.TO: Quote,MDM: Quote) said Monday that the Gahcho Kué Joint Venture partners, De Beers Canada Inc. and Mountain Province, have approved the initial capital to advance the Gahcho Kué diamond mine at Kennady Lake in Canada's Northwest Territories in preparation for development.
The C$31.3 million budget, C$21.3 million for 2012 and C$10 million for Q1, 2013, will focus on advancing preparation work for the construction and operating permit applications; front-end engineering and design; preparations and procurement for the 2013 winter road; detailed engineering; purchase of critical long-lead equipment; and feasibility study update.
In addition, Mountain Province Diamonds said final court approval for the planned spin-out of the Kennady North project was received on April 30, and that it is currently awaiting final regulatory approval for the planned listing of Kennady Diamonds Inc. on the TSX-V.
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by RTT Staff Writer
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