TSX and OTCQX: MPVD
TORONTO and NEW YORK, March 16,
2020 /PRNewswire/ - Mountain Province Diamonds Inc.
("Mountain Province", or the "Company") (TSX and OTCQX: MPVD) today
announces that in light of recent events related to the Covid-19,
it is delaying the release of its year end results, originally
scheduled for March 16th,
by one week to March 23rd
2020 after market hours, within the statutory period for the
release of annual financial information.
The recent outbreak of the Coronavirus Covid-19 and its impact
on travel restrictions and self-isolation has hindered the Company
and its auditors' ability to complete the work on time. As
such, the Company is delaying the release of fourth quarter and
full year financials by one week to accommodate
these unexpected events.
At present, the virus is not impacting operations at the Gahcho
Kué Mine as numerous precautionary measures have been taken over
the past few weeks to ensure, as far as possible, a safe working
environment for all employees and contractors travelling to and
from site as well as the support offices in Yellowknife, Calgary and Toronto.
It is possible that the progress of Covid-19, the containment
measures for Covid-19 and the economic impacts of these measures
will impact on the business and operations of the Company over the
coming weeks, including mining, processing and sales of diamonds.
The Company is working to, where possible, manage these new short-
and medium-term risks with a view to the best interests of the
Company, its employees, contractors and all stakeholders in the
Company.
The Company is also delaying its quarterly conference call by
one week to March 24th,
2020 at 11:00 a.m. EDT. The
details of the call are as follows:
Title: Mountain Province Diamonds Inc Q4 Earnings Conference
Call
Conference ID: 59053571
Date of call: 03/24/2020
Time of call: 11:00 Eastern Time
Expected Duration: 60 minutes
Webcast Link:
https://event.on24.com/wcc/r/2177647/65AEAED957292E57DCDB6C2809B2A0DD
Participant Toll-Free Dial-In
Number:
(+1) 888 390 0546
Participant International Dial-In
Number: (+1) 416 764 8688
A replay of the webcast and audio call will be available on the
Company's website.
About the Company
Mountain Province Diamonds is a 49% participant with De
Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. Gahcho
Kué is the world's largest new diamond mine, consisting of a
cluster of various diamondiferous kimberlites, four of which are
being developed and mined under the current mine plan. The Company
also controls 67,164 hectares of highly prospective mineral claims
and leases immediately adjacent to the Gahcho Kué Mine that include
an indicated mineral resource at the Kelvin kimberlite and inferred
mineral resources for the Faraday kimberlites.
Caution Regarding Forward Looking
Information
This news release contains certain
"forward-looking statements" and "forward-looking information"
under applicable Canadian and United
States securities laws concerning the business, operations
and financial performance and condition of Mountain Province
Diamonds Inc. Forward-looking statements and forward-looking
information include, but are not limited to, statements with
respect to operational hazards, including possible disruption due
to pandemic such as Covid-19, its impact on travel, self-isolation
protocols and business and operations, estimated production and
mine life of the project of Mountain
Province; the realization of mineral reserve estimates; the
timing and amount of estimated future production; costs of
production; the future price of diamonds; the estimation of mineral
reserves and resources; the ability to manage debt; capital
expenditures; the ability to obtain permits for operations;
liquidity; tax rates; and currency exchange rate
fluctuations. Except for statements of historical fact
relating to Mountain Province,
certain information contained herein constitutes forward-looking
statements. Forward-looking statements are frequently
characterized by words such as "anticipates," "may," "can,"
"plans," "believes," "estimates," "expects," "projects," "targets,"
"intends," "likely," "will," "should," "to be", "potential" and
other similar words, or statements that certain events or
conditions "may", "should" or "will" occur. Forward-looking
statements are based on the opinions and estimates of management at
the date the statements are made, and are based on a number of
assumptions and subject to a variety of risks and uncertainties and
other factors that could cause actual events or results to differ
materially from those projected in the forward-looking
statements. Many of these assumptions are based on factors
and events that are not within the control of Mountain Province and there is no assurance
they will prove to be correct.
Factors that could cause actual results to vary materially
from results anticipated by such forward-looking statements include
the development of operation hazards which could arise in relation
to Covid-19, including, but not limited to protocols which may be
adopted to control the spread of Covid-19 and any impact of such
protocols on Mountain Province's
business and operations, variations in ore grade or recovery rates,
changes in market conditions, changes in project parameters, mine
sequencing; production rates; cash flow; risks relating to the
availability and timeliness of permitting and governmental
approvals; supply of, and demand for, diamonds; fluctuating
commodity prices and currency exchange rates, the possibility of
project cost overruns or unanticipated costs and expenses, labour
disputes and other risks of the mining industry, failure of plant,
equipment or processes to operate as anticipated.
These factors are discussed in greater detail in Mountain Province's most recent Annual
Information Form and in the most recent MD&A filed on SEDAR,
which also provide additional general assumptions in connection
with these statements. Mountain
Province cautions that the foregoing list of important
factors is not exhaustive. Investors and others who base
themselves on forward-looking statements should carefully consider
the above factors as well as the uncertainties they represent and
the risk they entail. Mountain
Province believes that the expectations reflected in those
forward-looking statements are reasonable, but no assurance can be
given that these expectations will prove to be correct and such
forward-looking statements included in this news release should not
be unduly relied upon. These statements speak only as of the
date of this news release.
Although Mountain Province
has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be anticipated,
estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Mountain Province undertakes no obligation to
update forward-looking statements if circumstances or management's
estimates or opinions should change except as required by
applicable securities laws. The reader is cautioned not to
place undue reliance on forward-looking statements.
Statements concerning mineral reserve and resource estimates may
also be deemed to constitute forward-looking statements to the
extent they involve estimates of the mineralization that will be
encountered as the property is developed.
Further, Mountain Province
may make changes to its business plans that could affect its
results. The principal assets of Mountain Province are administered pursuant to
a joint venture under which Mountain
Province is not the operator. Mountain Province is exposed to actions taken
or omissions made by the operator within its prerogative and/or
determinations made by the joint venture under its terms.
Such actions or omissions may impact the future performance of
Mountain Province. Under its current note and revolving
credit facilities Mountain
Province is subject to certain limitations on its ability to
pay dividends on common stock. The declaration of dividends
is at the discretion of Mountain
Province's Board of Directors, subject to the limitations
under the Company's debt facilities, and will depend on
Mountain Province's financial
results, cash requirements, future prospects, and other factors
deemed relevant by the Board.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/mountain-province-diamonds-delays-the-release-of-year-end-results-in-response-to-covid-19-301024776.html
SOURCE Mountain Province Diamonds Inc.
