Mountain Province Diamonds Provides Gahcho Kué Project Update

TORONTO and NEW YORK, April 5, 2013 /PRNewswire/ --

• 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

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 10 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 http://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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Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué JV located at Kennady Lake in Canada's Northwest Territories. 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.

Gahcho Kué is the world's largest and richest new diamond mine development. 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.Geo, 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.

For further information:

Mountain Province Diamonds Inc.
Patrick Evans, President and CEO
Phone: +1(416)361-3562
E-mail: info@mountainprovince.com

http://www.mountainprovince.com

(MPV. MDM)

SOURCE Mountain Province Diamonds Inc.