Last updated on April 24, 2014 at 5:50 EDT

Mountain Province Diamonds Closes C$29.4M Non-Brokered Private Placement

November 27, 2013

Shares Issued and Outstanding: 100,501,351



TORONTO AND NEW YORK, Nov. 27, 2013 /PRNewswire/ – Mountain Province Diamonds
Inc. (“Mountain Province”, the “Company”) (TSX: MPV, NYSE MKT: MDM) is
pleased to announce the closing of the previously announced
non-brokered private placement of common shares for gross proceeds of
C$29.4 million. The Company has issued 5,889,200 common shares at a
price of C$5.00 per share.

The shares are subject to a four month hold period, expiring on March
26, 2014. Proceeds of 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
purposes. A finder’s fee in the amount of $567,330 has been paid in
relation to the private placement.

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