Exhibit 99.1
Mountain Province Diamonds Announces The Results of its Latest Diamond Sale
TSX and OTCQX: MPVD
TORONTO and NEW YORK, Nov. 2, 2020 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", or the "Company") (TSX and OTCQX: MPVD) is pleased to announce the results of its latest diamond sale in Antwerp, Belgium, which closed on October 30th 2020. This is the Company's second commercial sale since the start of the pandemic.
In the latest sale, 559,528 carats were sold for total proceeds of $45.7 million (US$34.3 million) resulting in an average value of $81 per carat (US$61 per carat). This is the Company's largest open market sale to date, a record in both volume and value terms which shows confidence is returning to the rough diamond market.
Stuart Brown, the Company's President and CEO, commented:
"We are pleased with the result of our second post COVID-19 sale despite the ongoing challenges during the pandemic; the interest shown at the sale was excellent and drove the outstanding result. The continued recovery in diamond prices across the categories is positive for the company and indeed the industry. We are encouraged that a positive momentum is building as we enter the all-important traditional retail selling season."
About Mountain Province Diamonds Inc.
Mountain Province Diamonds is a 49% participant with De Beers Group in the Gahcho Kué diamond mine located in Canada's Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 106,202 hectares of highly prospective mineral claims and leases immediately adjacent to the Gahcho Kué Joint Venture property that include an indicated mineral resource at the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.
For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com
Qualified Person
The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Keyvan Salehi, P.Eng., MBA, and Tom E. McCandless, Ph.D., P.Geo., both Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
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 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 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.
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SOURCE Mountain Province Diamonds Inc.
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original content: http://www.newswire.ca/en/releases/archive/November2020/02/c6902.html
%CIK: 0001004530
For further information: Stuart Brown, President, Chief Executive Officer, and Director, Phone: (416) 361-3562, E-mail: info@mountainprovince.com; Keyvan Salehi, Vice President, Corporate Development, Phone: (416) 361-3562, E-mail: info@mountainprovince.com
CO: Mountain Province Diamonds Inc.
CNW 17:01e 02-NOV-20