Mountain Province Diamonds Announces Non-Brokered Private Placement

May 28, 2014

Shares Issued and Outstanding: 106,039,522



TORONTO AND NEW YORK, May 28, 2014 /PRNewswire/ – Mountain Province Diamonds
Inc. (“Mountain Province”, the “Company”) (TSX: MPV, NYSE MKT: MDM)
today announced that the Company is undertaking a non-brokered private
placement to raise approximately C$35 million through the placement of
common shares at a price of C$5 per common share.

The proceeds of the private placement will be used to support the
Company’s share of ongoing capital expenditures at the Gahcho Kué
project and for general corporate purposes.

The private placement is expected to close on or before June 12, 2014,
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 35.4 million tonnes grading
1.57 carats per tonne for total diamond content of 55.5 million carats.

Gahcho Kué is the world’s largest and richest new diamond development
project. A 2014 NI 43-101 feasibility study report filed by Mountain
Province (available on SEDAR) indicates that the Gahcho Kué project has
an IRR of 32.6%.

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

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