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Valuation of Gahcho Kue Kimberlites Jump 41%

May 5, 2011 6:07 PM   By Ricci Dipshan
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RAPAPORT...Mountain Province Diamonds provided an update on its independent valuation of diamonds recovered from the Gahcho Kue project and reported that values had increased 41 percent from April 2010. The valuation was conducted by WWW International Diamond Consultants and the average modeled price per carat for the Gahcho Kue kimberlites was now $122.

In their report to Mountain Province, WWW found the most valuable stone was the Tuzo sample -- a 25.13-carat diamond  of H/I color and valued at $20,000 per carat. "The stone with the highest value per carat sample is a 9.90-carat stone in the 5034 C/E sample. This is a makeable stone of high color (D/E) which WWW valued at $24,000 per carat giving a total value of $237,600."

The results of the valuation, grouped for the first time, placed Gahcho Kue diamonds into larger parcels, with each parcel representing diamonds from the Hearne, Tuzo and the separate lobes of the 5034 kimberlite. In the opinion of WWW, grouping of the diamonds into larger parcels increased the accuracy of the diamond valuation.

Patrick Evans, Mountain Province's president, said, "The results of this independent diamond valuation reflect the strong performance of rough diamond prices since the previous valuation conducted on April 2010. Based on the analysis of leading diamond producers and analysts, the global diamond industry will experience peak diamond supply during 2011, with burgeoning demand - particularly from the robust Chinese and Indian markets - outstripping mine supply. There is a strong probability that rough diamond prices will continue to experience strong double digit increases as production from aging mines decrease and new mine supply falls short of growing demand. As the world's largest and richest diamond development project, Gahcho Kue is well placed to enjoy excellent diamond price support as it prepares for production".

Located in Canada's Northwest Territories, Gahcho Kue is the largest new diamond project under development globally. The project consists of a cluster of kimberlites, three of which have a probable reserve of 31.2 million tonnes grading at 1.57 carats per tonne containing 49 million carats. The Gahcho Kue project is a joint venture between Mountain Province Diamonds and De Beers Canada Inc.
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Tags: Gahcho Kue, Mountain Province Diamonds, Patrick Evans, Mountain Province President and CEO, Ricci Dipshan, WWW International Diamond Consultants Ltd
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