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Mountain Province Diamonds Announces Receipt Of Interim Order In Connection With Proposed Arrangement With Kennady Diamonds And Confirms Date For Special Meeting Of Shareholders

Stocks in this article: MDM MPV

Mountain Province Provides Statement Required by Section 610(b) of the NYSE Amex Company Guide

Shares Issued and Outstanding: 80,645,558 TSX: MPV NYSE- AMEX: MDM

TORONTO AND NEW YORK, March 29, 2012 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE-AMEX: MDM) today announced that it has received an interim order of the Supreme Court of Ontario with respect to its previously announced plan of arrangement, pursuant to which the Company will transfer the Kennady North property to Kennady Diamonds Inc. ("Kennady") (the "Arrangement").

On March 13, 2012, Mountain Province announced the Arrangement. Upon completion of the transfer of the Kennady North property and working capital in the amount of approximately C$3M to Kennady Diamonds, Mountain Province intends to distribute the shares of Kennady Diamonds to Mountain Province shareholders on the basis of one Kennady Diamonds share for every five shares of Mountain Province held by shareholders at the Effective Date.  The Arrangement is subject to, among others, a final court order as well as regulatory and shareholder approvals.

Assuming Mountain Province shareholders approve the Arrangement, Kennady Diamonds will seek approval to list its common shares for trading on the TSX Venture Exchange.

As part of the interim order, Mountain Province has set the date for the special meeting of shareholders and confirms that it will be held on Wednesday, April 25 th at 4:00 p.m. at the offices of Fraser Milner Casgrain LLP at 77 King Street West, Suite 400, Toronto, Ontario, where shareholders will be asked to approve, among other items of business, the Arrangement.

Mountain Province also confirmed today that the auditors' report received from its independent public accounting firm on its audited financial statements for the fiscal year ended December 31, 2011 (the "Annual Financial Statements") contained a going concern explanatory note. Mountain Province's Annual Financial Statements were included in Form 20-F for its filings in the United States with the Securities and Exchange Commission on March 29, 2012.   Mountain Province's Annual Financial Statements are also filed on SEDAR at www.sedar.com in Canada

This press release and public confirmation of the "going concern" note is required by Section 610(b) of the NYSE AMEX Company Guide, which requires a listed company that receives an audit opinion that contains a going concern qualification to make a public announcement of such in the United States. This announcement does not represent any change or amendment to Mountain Province's Annual Financial Statements or to its Annual Report on Form 20-F for the fiscal year ended December 31, 2011.

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