Last updated on April 24, 2014 at 16:01 EDT

Gahcho Kué Joint Venture and North Slave Métis Alliance sign Impact Benefit Agreement

July 10, 2013

YELLOWKNIFE, NT, TORONTO, ON, NEW YORK, NY, July 10, 2013 /PRNewswire/ – De
Beers and Mountain Province Diamonds (TSX: MPV, NYSE MKT: MDM) are
pleased to announce that De Beers, as Operator of the Gahcho Kué
Project, has entered into an Impact Benefit Agreement with the North
Slave Métis Alliance for the proposed Gahcho Kué Mine.  The agreement
sets in place a framework for De Beers and the North Slave Métis
Alliance to optimize the participation of the North Slave Métis
Alliance in the Gahcho Kué Mine through employment, business
opportunities, training and development, and financial benefits.

“This is the first Impact Benefit Agreement to be concluded for the
proposed Gahcho Kué Mine,” said Glen Koropchuk, Chief Operating
Officer.  “The two negotiating teams worked hard and efficiently to
complete this agreement, which is mutually beneficial and builds on the
strong relationship already established.  It incorporates the shared
learning we have from our experience working together over the years at
the Snap Lake Mine, which is also operated by De Beers. The negotiation
of further impact benefit agreements is continuing.”

“This is a good day for the North Slave Métis Alliance,” said Bill Enge,
President.  “The life of mine Impact Benefit Agreement that we signed
with De Beers for the proposed Gahcho Kué diamond mine ensures the
North Slave Métis people will benefit from this development.  We’re
looking forward to working with and strengthening our relationship with
De Beers.  They have a great track record of working with us with
respect to their Snap Lake diamond mine and we have every reason to
believe their Gahcho Kué mine track record will be matched.”

The Gahcho Kué diamond mine will have a mine life of approximately
eleven years, will employ up to 700 people during construction and
approximately 400 people during operations.  It will produce on average
4.5 million carats annually over its mine life.

About De Beers Group

De Beers Group is a member of the Anglo American plc group. Established
in 1888, De Beers is the world’s leading diamond company with
unrivalled expertise in the exploration, mining and marketing of
diamonds. Together with its joint venture partners, De Beers employs
approximately 16,000 people across the diamond pipeline, and is the
world’s largest diamond producer by value, with mining operations in
Botswana, Canada, Namibia and South Africa. In Canada, De Beers
operates the Snap Lake Mine in the Northwest Territories and the Victor
Mine in northern Ontario. De Beers is also a joint venture partner in
the Gahcho Kué Project in the Northwest Territories. For further
information about De Beers visit www.debeersgroup.com.

About Mountain Province Diamonds

Mountain Province Diamonds discovered the first kimberlite at Kennady
Lake in 1995 and in 1997 entered into a joint venture agreement with
Monopros, a subsidiary of De Beers. Mountain Province is a 49%
participant with De Beers Canada in the Gahcho Kué JV located in
Canada’s Northwest Territories.  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%. Further information is
available at www.mountainprovince.com.

SOURCE Mountain Province Diamonds Inc.

Source: PR Newswire