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Mountain Province Diamonds Announces 78.5% Increase In Tuzo Kimberlite Volume

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

TORONTO AND NEW YORK, July 3, 2012 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) is pleased to announced a 78.5 percent increase in the volume estimate of the Tuzo kimberlite pipe at the Gahcho Kué JV with De Beers Canada Inc. ("De Beers"). The Tuzo Deep volume estimate is based on the pierce points from five inclined drill holes completed in April, 2012, as well as two pierce points from earlier drilling.

The results of the Tuzo Deep drilling indicate an increase from the previous kimberlite volume estimate of 6.6 million cubic meters to 11.781 million cubic meters. The bulk of this volume increase (4.578 million cubic meters) is modelled from a depth of 354 meters (the cut-off of the current resource estimate) to a depth of 564 meters; an increase in depth of 210 meters.

This represents a significant increase in the volume of the Tuzo kimberlite and confirms the depth extension of the kimberlite pipe from 354 meters to 564 meters. The inclined Tuzo Deep drill holes flattened as they traversed from granite to the less dense kimberlite; therefore the volume estimate to 564 meters does not represent the total potential depth of the Tuzo kimberlite pipe, which remains open to depth below 564 meters.

Patrick Evans, President and CEO of Mountain Province Diamonds, commented: "The substantial increase in the volume of the Tuzo kimberlite pipe to depth below the current resource is very encouraging. In addition, the current Tuzo resource model indicates that the diamond grade increases to depth. If this trend continues, the potential exists for higher grade kimberlite ore below 354 meters".

With an average density of 2.40 grams per cubic centimeter, the Tuzo volume increase of approximately 5 million cubic meters is equivalent to an increase of approximately 12.4 million tonnes over 210 meters from a depth of 354 meters to 564 meters.

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