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Mountain Province Diamonds Operating Partner De Beers Confirms Gahcho Kué Permitting On Schedule

About Mountain Province Diamonds

Located in the heart of Canada's diamond district, Gahcho Kué is the world's largest and richest new diamond mine development. Mountain Province is a 49% participant with De Beers Canada in the Gahcho Kué JV.

The Gahcho Kué Project consists of a cluster of four diamondiferous kimberlites, three of which have a probable mineral reserve of 31.3 million tonnes grading 1.57 carats per tonne for total diamond content of 49 million carats. A March 2012 independent valuation estimates the actual value of the Gahcho Kué diamonds at $186 per carat. A December 2010 feasibility study filed by Mountain Province (available on SEDAR) indicates that the Gahcho Kué project has an IRR of 33.9%.

Qualified Person

This news release has been prepared under the supervision of Carl G. Verley, P.Geol. who serves as the qualified person under National Instrument 43-101.

Forward-Looking Statements

This news release may contain forward-looking statements, within the meaning of the "safe-harbor" provision of the Private Securities Litigation Reform Act of 1995, regarding the Company's business or financial condition. Actual results could differ materially from those described in this news release as a result of numerous factors, some of which are outside the control of the Company.

SOURCE Mountain Province Diamonds Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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