Mountain Province Survey Identifies 106 Targets at Kennady North

Mountain Province Diamonds’ analysis of the Fugro airborne gravity gradiometry (AGG) survey flown over the Kennady North diamond project identified 106 geophysical targets. Additionally, Mountain Province will be commencing a 560 line-kilometer total magnetic field (MAG) ground survey this week over those geophysical targets.

Mountain Province DiamondsThe MAG survey will be conducted at 20 meter line-spacing and the results will enable the company to prioritize the geophysical targets for drilling as soon as practically possible.

Mountain Province’s president, Patrick Evans, said, ”We are very excited about the large number of geophysical targets that have been identified at Kennady North. We expect the results from the MAG survey to provide excellent data to guide our planned drill program. Besides the excellent micro-diamond counts and size frequency distribution from the known kimberlites at Kennady North, a 0.40-carat diamond was recovered from a 65 kilogram sample taken from Faraday and the samples recovered from Faraday also exhibit an unusually high percentage of desirable yellow diamonds.”

The mining company is preparing to spin-out Kennady North into a newly listed public company in mid-April 2012. Shareholders will receive further details of the proposed transaction and planned special meeting later this month.

Mountain Province Diamonds is a 49 percent participant with De Beers Canada in the Gahcho Kue joint venture located at Kennady Lake in Canada’s Northwest Territories.

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