Mountain Province Diamonds has announced 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, Polished Prices reported.
"Permitting of the Gahcho Kué diamond mine continues to progress satisfactorily. This has provided the joint venture partners with sufficient confidence to continue to progress the Gahcho Kué project according to schedule," Mountain Province CEO Patrick Evans said in a statement.
Mountain Province said it had commissioned an updated independent valuation of the diamonds recovered from the Gahcho Kué project. The valuation was conducted by WWW International Diamonds Consultants Ltd.
"The updated valuation indicates that the valuation of the Gahcho Kué diamonds increased marginally from April 2011 to March 2012 with the actual value per carat increasing by approximately 1 percent from $185 to $186. The modeled values also remained essentially unchanged,' the company said.
Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué JV, located in Canada's Northwest Territories.
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