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Mountain Province Diamonds Achieves Key Milestone With De Beers JV At Kennady Lake

Shares Issued and Outstanding: 80,295,558 TSX: MPV NY- AMEX: MDM

TORONTO AND NEW YORK, Aug. 2, 2011 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV) (NYSE AMEX: MDM) is pleased to announce that the Gahcho Kué Environmental Impact Review Panel ("Panel") has informed the Gahcho Kué project operator, De Beers Canada Inc. ("De Beers"), that the Gahcho Kué Environmental Impact Statement ("EIS") conforms to the terms of reference set by the Panel, which clears the way for the Environmental Impact Review ("Review") to commence.

Commenting, Mountain Province Diamonds President and CEO, Patrick Evans, said: "The Panel's ruling represents a major milestone for our joint venture with De Beers. The EIS is a massive body of very detailed scientific work exceeding 11,000 pages. We now look forward to the commencement of the environmental review which will clear the way for the permitting of what we expect will be Canada's next great diamond mine."

The Gahcho Kué EIR was ordered by the Mackenzie Valley Environmental Impact Review Board, which in turn has appointed the Panel to conduct the Review for an open-pit diamond mine at Kennady Lake in Canada's Northwest Territories. The Review is divided into start-up, analytical, hearing and decision phases. The Review is currently in the analytical phase. Based on a work plan provided by the Panel, the Review is expected to take approximately two years.

The Gahcho Kué diamond project at Kennady Lake will be the fourth diamond mine developed in Canada's Northwest Territories. Kennady Lake is situated approximately 90 kilometres south-east of De Beers' Snap Lake diamond mine. De Beers also operates the Victor diamond mine in northern Ontario.

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