11:52 AM EDT, 08/22/2024 (MT Newswires) -- Mountain Province Diamonds ( MPVDF ) said overnight Wednesday it completed an updated reserve and resource estimate as well as a life of mine plan for the Gahcho Kue diamond mine in the Northwest Territories.

In a statement it added the updated LOM is the result of engineering work done to steepen the pit walls, resulting in realization of further value.

Mountain Province said its 49% share of operating cash flow from remaining open pit mining operations is estimated at $626 million.

Ore processing is now estimated to finish early in 2031 instead of 2030. On a full-year basis from 2024 to 2031, the company said the total diamond recovery is projected at 36.3 million carats compared to 30.8 million carats in the 2022 Technical Report.

"We will continue to look for opportunities to optimize production and manage costs," chief executive Mark Wall said.

The property hosts probable reserves of 23.6 million tonnes grading 1.47 carat per tonne (c/t) for 34.6 million carats of contained diamond.

Indicated resources stood at 24.7 million tonnes grading 1.57 c/t for 38.8 million carats of diamond, while inferred resources totaled 13.3 million tonnes grading 1.79 c/t for 23.7 million carats of diamond.

The updated life of mine plan extends production through 2031 and reflects an increase in resources of 2.7 million tonnes at 2.0 c/t for 5.5 million carats compared to the previous plan.

The mine is owned 51% by De Beers Canada and 49% by Mountain Province.

Mountain Province's shares were last seen up $0.02 to $0.145 on the Toronto Stock Exchange.

Price: 0.15, Change: +0.02, Percent Change: +16.00