Mountain Province Diamonds Inc. (TSX: MPVD) has signed a non-binding memorandum of understanding with its partner in the Gahcho Kué mine, De Beers Canada Inc. The MoU contemplates incorporating properties owned by Kennady Diamonds Inc. into the Gahcho Kué joint venture in the event that Mountain Province’s proposed acquisition of Kennady Diamonds is approved. Mountain Province and De Beers will now work towards a definitive agreement based on the MoU.

In further news from Mountain Province Diamonds Inc., the company has announced Stuart Brown’s appointment as its new President and Chief Executive Officer as of July 1, 2018.

Brown has over 25 years of experience in the diamond industry, where he has gained a wealth of experience across all aspects throughout the diamond pipeline from exploration, mine development and operations to the selling and marketing of diamonds.

In 2006, after numerous roles within De Beers over a period of 14 years, Brown was appointed as the De Beers Group CFO. He held that position for over five years, and in 2010 was appointed joint acting CEO to run De Beers’ global activities in addition to his CFO duties. Since September 2013, he has been the CEO of publicly listed Firestone Diamonds Plc, a diamond producer in Lesotho.

Jonathan Comerford, Mountain Province’s Non Executive Chairman, said, “We are very pleased to announce Stuart Brown as our new CEO. The Board conducted an exhaustive search for the role, and Stuart was a standout candidate for the depth of his background in the diamond sector. He has incredible experience in the space, having held the highest positions in De Beers. He is also very familiar with the Gahcho Kué diamond mine and its team from his time with De Beers. Mountain Province is building a strong team to execute our strategy of exploration and mining extension, and we are confident that Stuart’s experience, both in De Beers and with Firestone, and his standing in the diamond industry will add substantial value to the Company.

“On behalf of the Board, I’d like to thank David Whittle for stepping in as Interim CEO last June. Over the past year, he has done a tremendous job of leading the company through a difficult period with the successful refinancing of Mountain Province’s bank debt. He also completed the acquisition of Kennady Diamonds, which added significant long-term value for the company’s shareholders. I’m delighted that David will remain on the Mountain Province Board, resuming his roles as both the Senior Non Executive Director and as Head of the Audit Committee.”

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in the Northwest Territories. Gahcho Kué is the world’s largest new diamond mine, consisting of a cluster of four diamondiferous kimberlites, three of which are being developed and mined under the initial 12-year mine plan.