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Mountain Province Diamonds and De Beers Canada Enter into Revised and Restated Gahcho Kue Joint Venture Agreement.

Publication: PR Newswire
Publication Date: 06-JUL-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Mountain Province Gains Control over Share of Marketing Rights

Shares Issued and Outstanding: 60,097,746 TSX: MPV AMEX: MDM

TORONTO and NEW YORK, July 6 /PRNewswire-FirstCall/ -- Mountain Province Diamonds Inc. ("Mountain Province" or the "Company") (TSX: MPV, AMEX: MDM) today announced that the Company has entered into an amended and restated joint venture agreement (the "2009 Agreement") with De Beers Canada Inc. ("De Beers") (jointly, "the Participants") in respect of the Gahcho Kue diamond project located in Canada's Northwest Territories. The 2009 Agreement replaces the Joint Venture Agreement entered into by the Participants in 2002 (the "2002 Agreement").

Key terms of the 2009 Agreement include: 1. The Participants' continuing interests in the Gahcho Kue project will be Mountain Province 49% and De Beers 51%, with Mountain Province's interest no longer subject to the dilution provisions in the 2002 Agreement except for normal dilution provisions which are applicable...

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