Last updated on April 16, 2014 at 1:21 EDT

Mountain Province Diamonds Increases Non-Brokered Private Placement to C$29.1M

November 18, 2013

Shares Issued and Outstanding: 94,522,151



TORONTO AND NEW YORK, Nov. 18, 2013 /PRNewswire/ – Mountain Province Diamonds
Inc. (“Mountain Province”, the “Company”) (TSX: MPV, NYSE MKT: MDM)
today announced an increase to its previously announced non-brokered
private placement of common shares. Due to strong support from existing
shareholders, the private placement has been increased from C$25M to

Additional proceeds under the private placement will be used to support
the Company’s share of initial capital expenditures at the Gahcho Kué
project, the 2014 Tuzo Deep drill program and for general corporate

The private placement is expected to close on or before November 22,
2013, and is subject to regulatory approval.

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 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%.

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