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Mountain Province Announces Completion Of Arrangement With Kennady Diamonds

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

TORONTO AND NEW YORK, July 10, 2012 /PRNewswire/ - Mountain Province Diamonds Inc. (TSX: MPV) (NYSE MKT: MDM) ("Mountain Province" or the "Company") announced today that it has completed the previously announced plan of arrangement (the "Arrangement") on July 6, 2012, the effective date of the Arrangement, pursuant to which Mountain Province transferred the Kennady North property to Kennady Diamonds Inc. ("Kennady Diamonds").

Upon completion of the transfer of the Kennady North property and working capital of C$3M to Kennady Diamonds in exchange for 16,143,111 shares of Kennady Diamonds, Mountain Province distributed 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. The Arrangement is described in detail in the Company's information circular dated March 29, 2012, (the "Circular"), and any capitalized terms otherwise not defined in this news release shall have the meaning as set out in the Circular.

Shareholders entitled to receive Kennady Diamonds shares will receive evidence of the electronic registration of ownership of the Kennady Diamonds shares under the Direct Registration System adopted by the Transfer Agent, as soon as practicable following the Effective Date.

Mountain Province shareholders voted in favour of the special resolution on April 25, 2012, approving the Arrangement.  The Court issued a final order approving the Arrangement on April 30, 2012.  The Arrangement also received conditional approval of the Toronto Stock Exchange on May 25, 2012.  The TSX Venture Exchange conditionally approved the listing of the Kennady Diamonds shares on June 8, 2012.  Kennady Diamonds has been listed on the TSX Venture Exchange under the symbol KDI, and begins trading July 10, 2012.

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