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Mountain Province Diamonds Provides Gahcho Kué Project Update

  • Exploration drilling commences
  • Ice road deliveries to Gahcho Kué completed
  • Mineral Services retained to complete new Tuzo resource statement

Shares Issued and Outstanding: 94,168,151 TSX: MPV NYSE MKT: MDM

TORONTO AND NEW YORK, April 5, 2013 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) is pleased to announce that drilling of the new exploration targets at the Gahcho Kué ("GK") project, a joint venture with De Beers Canada Inc. ("De Beers"), commenced this week. Following completion of a ground gravity survey, the Operator of the GK project has recommended ten targets for the first phase of the exploration drill program. Drilling of the targets is expected to be completed by the end of April 2013. Based on the success of the first phase drill program, consideration will be given to testing additional targets that have been identified.

Mountain Province is also pleased to report that the planned deliveries of materials, equipment and fuel to the GK site were completed on schedule by the end of March 2013.

The Company also announced that Mineral Services Canada Inc. has been retained to prepare an updated independent NI 43-101 resource statement for the Tuzo kimberlite, which will incorporate the results of the recently completed deep drilling program. The resource update is expected to be completed before the end of the current quarter.

Finally, Mountain Province confirmed today that the auditors' report received from its independent public accounting firm on its audited financial statements for the fiscal year ended December 31, 2012 (the "Annual Financial Statements"), contained a going concern explanatory note. Mountain Province's Annual Financial Statements were included in Form 20-F for its filings in the United States with the Securities and Exchange Commission on April 1, 2013. Mountain Province's Annual Financial Statements are also filed on SEDAR at www.sedar.com in Canada.

This press release and public confirmation of the going concern note is required by Section 610(b) of the NYSE MKT Company Guide, which requires a listed company that receives an audit opinion that contains a going concern qualification to make a public announcement of such in the United States. This announcement does not represent any change or amendment to Mountain Province's Annual Financial Statements or to its Annual Report on Form 20-F for the fiscal year ended December 31, 2012.

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