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Mountain Province Diamonds Announces Tuzo Deep Drill Results

April 12, 2012

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

TORONTO AND NEW YORK, April 12, 2012 /PRNewswire/ – Mountain Province Diamonds
Inc. (“Mountain Province”, the “Company”) (TSX: MPV, NYSE-AMEX: MDM)
today announced the final results of the Tuzo Deep drill program, which
is designed to define a resource below the current Resource (from
surface to 350 meters) of the Tuzo kimberlite pipe. The Tuzo Deep drill
program targeted the depth extension of the Tuzo kimberlite pipe
between 350 meters and 750 meters. Table 1 below contains the results
of the drill program.

Table 1: 2011/12 Tuzo Deep Drill Program

     __________________________________________________________________
    |Drill hole | Azimuth |Inclination|Kimberlite intercepts  | End of |
    |           |(degrees)| at collar |       (meters)        |  hole  |
    |           |         | (degrees) |_______________________|(meters)|
    |           |         |           | From |   To |Intercept|        |
    |           |         |           |      |      |         |        |
    |           |         |           |      |      |         |        |
    |___________|_________|___________|______|______|_________|________|
    |           |    350  |      -60  |391.00|603.00|  212.00 | 708.00 |
    |MPV-11-324C|         |           |      |      |         |        |
    |___________|_________|___________|______|______|_________|________|
    |           |    340  |      -65  |436.20|573.58|  137.38 | 660.00 |
    |MPV-11-325C|         |           |      |      |         |        |
    |___________|_________|___________|______|______|_________|________|
    |           |    165  |      -65  |460.60|528.00|      *  | 528.00 |
    |MPV-11-326C|         |           |      |      |         |        |
    |___________|_________|___________|______|______|_________|________|
    |           |    173  |      -57  |463.00|675.48|  212.48 | 718.00 |
    |MPV-12-327C|         |           |      |      |         |        |
    |___________|_________|___________|______|______|_________|________|
    |           |    059  |      -55  |603.58|819.20|  215.62 | 842.00 |
    |MPV-12-328C|         |           |      |      |         |        |
    |___________|_________|___________|______|______|_________|________|
    |           |    274  |      -60  |412.20|624.87|  212.67 | 669.00 |
    |MPV-12-329C|         |           |      |      |         |        |
    |___________|_________|___________|______|______|_________|________|

*Hole MPV-11-326C was abandoned at 528m due to lost rods at bottom of
hole.
Hole MPV-12-327C is a continuation of MPV-11-326C starting at 400m at a
wedge.

The program consisted of five holes totalling 3,725 meters.  One hole,
MPV-11-326C was abandoned at 528m due to lost drill rods, however was
continued in MPV-11-327C, which started at 400m at a wedge.  All five
holes successfully confirmed the substantial presence of kimberlite
beyond the current Resource depth.

Patrick Evans, President and CEO of Mountain Province Diamonds,
commented: “The substantial kimberlite intercepts at depth below the
current Tuzo resource are 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 350 meters”.

The Tuzo kimberlite is one of four known kimberlites within the Gahcho
Kué joint venture with De Beers Canada Inc. (“De Beers”). Three of the
four kimberlites (5034, Hearne and Tuzo) have a Probable Reserve of
31.3 million tonnes with a fully diluted grade of 1.57 carats per
tonne, for total diamond content of 49 million carats.

The shape of the Tuzo kimberlite is unusual as it widens to depth, from
125 meters diameter near surface to 225 meters diameter at a depth of
300 meters. In addition, the diamond grade increases to depth. The
average grade from surface to a depth of 300 meters is 1.21 carats per
tonne, while the average grade from a depth of 300 meters to 350 meters
increases to 1.75 carats per tonne. The higher grade can be explained
by a generally lower degree of dilution as well as a coarser diamond
distribution. This leads to the conclusion that the coherent magmas at
depth (> 300 meters) have the potential for a favourable coarse diamond
distribution.

Detailed geological logging, petrography studies and microdiamond
analyses of the drill core are ongoing and will classify and correlate
the kimberlite types intersected in the deep drilling program with the
kimberlite types that comprise the current resource of the Tuzo pipe. 
The results will be integrated into a revised geological model for the
pipe. It is expected that an updated NI 43-101 Resource statement will
be available upon completion of the required analytical work,
interpretation and resource classification. An estimate for release
will be provided once this work is completed. In addition, Mountain
Province expects to be able to provide an estimate of the increase in
the kimberlite volume to depth below 350 meters prior to the end of Q2
2012.

****

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 highest grade new diamond
development project. A December 2010 feasibility study filed by
Mountain Province (available on SEDAR) indicates that the Gahcho Kué
project has an IRR of 33.9%.

Mountain Province also controls 100% of the Kennady North Diamond Project adjacent to the De Beers JV property. Kennady North hosts three known
diamondiferous kimberlites and a number of unexplained kimberlite
mineral indicators. A proposal to spin the Kennady North Diamond
Project out into a newly listed diamond company, Kennady Diamonds Inc,
will be voted on by shareholders at a Special Meeting scheduled for
April 25, 2012. Subject to shareholder, court and regulatory approval,
Kennady Diamonds is expected to start trading on May 4, 2012.

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.

SOURCE Mountain Province Diamonds Inc.


Source: PR Newswire