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Mountain Province Diamonds Announces $31.3M Initial Gahcho Kué Capital Program

  • Final court approval received for Kennady North Spin-out
  • Kennady North drill program set to commence
  • Gahcho Kué diamond prices increase marginally

Shares Issued and Outstanding: 80,715,558 TSX: MPV NYSE MKT: MDM

TORONTO AND NEW YORK, May 28, 2012 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) today announced that the Gahcho Kué Joint Venture partners, De Beers Canada Inc. ("De Beers") and Mountain Province, have approved the initial capital to advance the Gahcho Kué diamond mine at Kennady Lake in Canada's Northwest Territories in preparation for development.

The C$31.3M budget ( C$21.3M for 2012 and C$10M for Q1, 2013) will focus on advancing:
  1. Preparation work for the construction and operating permit applications;
  2. Front-end engineering and design (FEED);
  3. Preparations and procurement for the 2013 winter road;
  4. Detailed engineering;
  5. Purchase of critical long-lead equipment; and
  6. Feasibility study update

Commenting, Mountain Province CEO Patrick Evans said: "Permitting of the Gahcho Kué diamond mine continues to progress satisfactorily. This has provided the joint venture partners with sufficient confidence to continue to progress the Gahcho Kué project according to schedule".

The Technical Sessions of the Environmental Impact Review (EIR), which were intended to resolve as many technical issues as possible prior to the public hearings, took place in Yellowknife from May 22 to May 25, 2012 and concluded successfully. The EIR continues to progress in accordance with the work plan established by the Mackenzie Valley Environmental Impact Review Board (MVEIRB) with the closure of the public record under the EIR expected prior to the end of 2012. Shareholders are reminded that they can follow the EIR progress on the website of the MVEIRB at

In addition, final court approval for the planned spin-out of the Kennady North project was received on April 30, 2012, and the Company is currently awaiting final regulatory approval for the planned listing of Kennady Diamonds Inc. on the TSX-V. A further announcement on the record and effective dates is expected to be made shortly.

Preparations have been made for the commencement of the first phase of the planned Kennady North drill program, which will commence as soon as the Company receives its land use permit. Mountain Province is pleased to have received the support of the Lutsel K'e Dene First Nation for the Kennady North land use permit application and expects the permit will be issued prior the end of Q2, 2012.

Plans are in place for two drill rigs to be mobilized to Kennady North with the first rig focussed on in-fill drilling along the Kelvin - Faraday kimberlite corridor, where a number of high priority drill targets have been identified. The second drill rig will test approximately twelve newly discovered kimberlite targets that are accessible during summer. The remainder of the high priority targets will be tested during a second phase winter drill program which will be conducted in early 2013.

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