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Mountain Province Diamonds Announces Progress At The Gahcho Kué Project And Kennady North Project

  • Gahcho Kué Environmental Review progressing well
  • Falcon airborne gravity gradiometry survey completed
  • Tuzo drilling on track for completion in Q1, 2012

Shares Issued and Outstanding: 80,345,558 TSX: MPV NYSE- AMEX: MDM

TORONTO AND NEW YORK, Dec. 12, 2011 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE-AMEX: MDM) today announced that the first formal session of the Gahcho Kué Environmental Impact Review (EIR) has concluded successfully. The Environmental Impact Statement (EIS) analysis session took place over five days in Yellowknife, NWT, and was attended by representatives of the Canadian federal government, the Government of the Northwest Territories, as well as representatives from Aboriginal communities who may be affected by the proposed development of Gahcho Kué.

In his closing remarks, Mr. Alan Erlich, Manager of Environmental Assessment for the Mackenzie Valley Environmental Impact Review Board, ("Review Board") commended the Gahcho Kué project operator, De Beers Canada, for the quality of the presentations and level of engagement. Following conclusion of the analysis session, the focus of the EIR turns to the first information requests (IR's) from participants, which are due in January 2012. Mountain Province shareholders are reminded that they can follow the progress of the EIR on the website of the Mackenzie Valley Review Board at www.reviewboard.ca.

Mountain Province is also pleased to announce that final results of the Falcon airborne gravity gradiometry (AGG) survey over both the 49%-controlled Gahcho Kué Joint Venture property and the 100%-controlled Kennady North Project have been received from the contractor, Fugro Airborne Surveys.

Commenting, Mountain Province President and CEO Patrick Evans said: "It is encouraging that the Falcon AGG data clearly identifies the known kimberlites at both Gahcho Kué and Kennady North. This will aid the Company in analyzing the results of the survey and understanding the potential of newly discovered targets. The final results will be released as soon as the analysis is complete."

Finally, Mountain Province also announced that two of the planned holes of the Tuzo Deep drill program have been completed and the third drill hole is well underway. It is expected that the remaining drilling will be completed in Q1, 2012, when the results will be announced.

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