Mountain Province Diamonds Announces Results Of Kennady North Airborne Gravity Survey

Company Considers Potential Spinout of Kennady North Project

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

TORONTO AND NEW YORK, Dec. 22, 2011 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE-AMEX: MDM) is pleased to announce that analysis of the final results of the Falcon airborne gravity gradiometry (AGG) survey over the Company's 100%-controlled Kennady North Project has identified over 70 geophysical targets of which 29 are considered high priority and closely resemble the known kimberlites in the Kennady Lake area. The AGG survey was flown by Fugro Airborne Surveys. On-site quality control and interpretation of the data was done by independent consultant Mr. Kit Campbell, P. Geoph., of Intrepid Geophysics, Vancouver B.C.

Located within the diamond fields of Canada's Northwest Territories, the Kennady North Project encompasses thirteen leases and claims contiguous to the Company's 49%-controlled Gahcho Kué Project held in joint venture with De Beers Canada. Past exploration at Kennady North led to the discovery of the diamondiferous Faraday, Kelvin and Hobbes kimberlites. Drilling of these kimberlites returned excellent micro-diamond counts with a size frequency distribution very similar to the highly diamondiferous Gahcho Kué kimberlites, which have a fully diluted reserve grade of 1.57 carats per tonne.

Commenting, Mountain Province President and CEO Patrick Evans said: "We are very excited about the large number of high priority geophysical targets that have been identified at Kennady North. Besides the excellent micro-diamond counts and size frequency distribution from the known kimberlites, 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 yellow diamonds. This is very encouraging."

Mr. Evans added: "As soon as we've secured a land use permit for Kennady North, we intend following up with ground-truthing of the high priority targets in preparation for drilling next year. Mountain Province has retained Aurora Geosciences Ltd. based in Yellowknife, NWT, to manage the Kennady North exploration program."

The results of the AGG survey flown over the Gahcho Kué Project will be announced once the Joint Venture has completed an analysis of the final report.

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