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Mountain Province Diamonds Announces Successful Permitting Of Kennady North Diamond Project

Stocks in this article: MDMMPV

Drill contract concluded

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

TORONTO AND NEW YORK, June 13, 2012 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) is pleased to announce that the Company's wholly-owned subsidiary, Kennady Diamonds Inc. ("Kennady Diamonds"), has received a Type A Land Use Permit from the Mackenzie Valley Land and Water Board in respect of the Kennady North diamond project.

"Receipt of the Land Use Permit clears the way for us to commence the summer drill program at Kennady North", said Mountain Province President and CEO Patrick Evans. "We have retained Yellowknife-based Northtech Drilling Ltd. to conduct a minimum 2,500 meter drill program, which will commence immediately", Mr. Evans added.

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 diamondiferous Kelvin, Hobbes and Faraday kimberlites, located approximately 10 kilometers from the De Beers JV at Gahcho Kué, were discovered in the early 2000's. 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.

Patrick Evans commented: "Our priority at Kennady North is to define a resource along the Kelvin - Faraday kimberlite corridor. The close proximity of these kimberlites to the Gahcho Kué mine, currently being permitted with JV partner De Beers, raises the potential for them to add to the projected mine life. We will also be testing a number of newly discovered high priority geophysical targets that correspond with unexplained kimberlite mineral trains not associated with the known kimberlites at Kennady North. We are very excited about the Kennady North exploration program and are also keen to commence drilling of the newly discovered geophysical targets at the De Beers JV."

Final analysis of the data from the Fugro airborne gravity gradiometry (AGG) survey over the De Beers JV leases resulted in the identification of 55 geophysical targets of which 23 are interpreted as high priority. The JV partners are expected to announce a follow-up exploration program in the near future.

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