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Mountain Province Diamonds Announces Results of 2014 Tuzo Deep Drill Program

June 30, 2014

Kimberlite intercepted to below 740 meters from surface

Shares Issued and Outstanding: 115,144,550

TSX: MPV

NYSE MKT: MDM

TORONTO AND NEW YORK, June 30, 2014 /PRNewswire/ – Mountain Province Diamonds
Inc. (“Mountain Province”, the “Company”) (TSX: MPV, NYSE MKT: MDM) is
pleased to announce the results of the 2014 Tuzo Deep drill program,
which confirms the continuation of kimberlite to a depth of more than
740 meters below surface.

In July 2013, Mountain Province released an updated independent National
Instrument 43-101 resource statement for the Gahcho Kué project, which
incorporated the results of the 2012 Tuzo Deep drill program. The Tuzo
resource from a depth of 300 meters to 360 meters was upgraded from an
inferred resource to an indicated resource, extending the indicated
resource from surface to 360 meters below surface. In addition, the
2012 Tuzo Deep drilling resulted in the declaration of an inferred
resource from a depth of 360 meters to 564 meters below surface.

At the conclusion of the 2012 Tuzo Deep drill program, it was apparent
that the Tuzo kimberlite remained open to depth below 564 meters, and
the recently completed 2014 Tuzo Deep drill program was designed to
test the kimberlite to approx. 750 meters.

Mountain Province President and CEO, Patrick Evans, commented: “We are
pleased that the 2014 Tuzo Deep drill program has confirmed the
continuation of the kimberlite to a depth of more than 740 meters below
surface. Based on the current geological model, it appears that the
Tuzo kimberlite plunges further to depth to the northeast below 740
meters.”

Mr. Evans added: “Challenging ground conditions resulted in one hole
(MPV14-408C) having to be wedged twice (MPV14-409C and 410C) and
eventually abandoned in kimberlite due to unstable ice conditions after
reaching a depth of approx. 570 meters below surface”.

Table 1 below provides details the results of the 2014 Tuzo Deep drill
program.

Table 1

Tuzo Deep 2014 Drill Program

     _____________________________________________________________________
    |          |       |Inclination|   Kimberlite Intercepts (m) |  End   |
    |          |       |   from    |         (approximate)       |   of   |
    |Drill Hole|Azimuth|Horizontal |_____________________________|Hole (m)|
    |          |       |           | From |   To |      Comment  |        |
    |          |       |           |      |      |               |        |
    |          |       |           |      |      |               |        |
    |__________|_______|___________|______|______|_______________|________|
    |MPV14-406C|   243 |    -87.3  |84.80 |655.20|Hole drilled on|   727  |
    |          |       |           |      |      |west side of   |        |
    |          |       |           |      |      |kimberlite.    |        |
    |          |       |           |      |      |Exited         |        |
    |          |       |           |      |      |kimberlite     |        |
    |          |       |           |      |      |where the pipe |        |
    |          |       |           |      |      |plunges to the |        |
    |          |       |           |      |      |north-east     |        |
    |__________|_______|___________|______|______|_______________|________|
    |MPV14-407C|    -  |       -   |   -  |     -|Not drilled    |     -  |
    |__________|_______|___________|______|______|_______________|________|
    |MPV14-408C|   77  |      -89  |231.90|395.00|Hole stopped in|   395  |
    |          |       |           |      |      |kimberlite,    |        |
    |          |       |           |      |      |wedged and     |        |
    |          |       |           |      |      |continued as   |        |
    |          |       |           |      |      |MPV14-409C     |        |
    |__________|_______|___________|______|______|_______________|________|
    |MPV14-409C|   267 |    -87.6  |311.00|569.90|Hole stopped in| 596.90 |
    |          |       |           |      |      |kimberlite,    |        |
    |          |       |           |      |      |wedged and     |        |
    |          |       |           |      |      |continued as   |        |
    |          |       |           |      |      |MPV14-410C     |        |
    |__________|_______|___________|______|______|_______________|________|
    |MPV14-410C|  80.1 |    -87.5  |440.00|457.00|Hole abandoned |   457  |
    |          |       |           |      |      |in kimberlite  |        |
    |          |       |           |      |      |due to unstable|        |
    |          |       |           |      |      |ice            |        |
    |__________|_______|___________|______|______|_______________|________|
    |MPV14-411C|   147 |    -72.2  |  601 |743.00|Angled hole    |   827  |
    |          |       |           |      |      |drilled from   |        |
    |          |       |           |      |      |land to the    |        |
    |          |       |           |      |      |north of Tuzo. |        |
    |          |       |           |      |      |Exited         |        |
    |          |       |           |      |      |kimberlite to  |        |
    |          |       |           |      |      |the south of   |        |
    |          |       |           |      |      |the pipe where |        |
    |          |       |           |      |      |it plunges to  |        |
    |          |       |           |      |      |the north-east.|        |
    |__________|_______|___________|______|______|_______________|________|

Core recovered from the 2014 Tuzo Deep drill program will be processed
at the Geoanalytical Laboratories Diamond Services of the Saskatchewan
Research Council (“SRC”).

The Gahcho Kué joint venture will assess the results of the 2014 Tuzo
Deep drill program to determine possible next steps in upgrading the
Tuzo Deep resource.

****

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%.

Overall project development is more than 25 percent complete and
scheduled for first production in H2 2016.

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

All reserve and resource estimates reported by the Corporation were
calculated in accordance with the Canadian National Instrument 43-101
and the Canadian Institute of Mining and Metallurgy Classification
system. These standards differ significantly from the requirements of
the U.S. Securities and Exchange Commission. Mineral resources which
are not mineral reserves do not have demonstrated economic viability.

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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