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Mountain Province Diamonds Initiates Exploration at Kennady North Project

January 20, 2011

Shares Issued and Outstanding: 77,706,057
TSX: MPV
NYSE- AMEX: MDM

TORONTO, and NEW YORK, Jan. 20 /PRNewswire/ – Mountain Province Diamonds Inc.
(“Mountain Province”, the “Company”) (TSX: MPV, NYSE-AMEX: MDM) today
announced plans for work to be completed on the Company’s 100%-owned
Kennady North Project, which is located immediately to the north and
west of the Gahcho Kue Project, a joint venture between Mountain
Province
and De Beers Canada Inc. (“De Beers”).

The Kennady North Project consists of five mining leases and eight
mineral claims, an area of approximately 30,374 acres.  The property
hosts the Kelvin, Faraday and Hobbes kimberlites, which were discovered
approximately ten years ago and are located between 7 km and 12 km
northeast of the Gahcho Kue kimberlite cluster. The land package falls
within the boundaries of the original AK claims staked in 1992 that
originally comprised 520,000 acres.  Since 2006, when Mountain Province
recovered a 100% interest in the Kennady North Project, no further
exploration activity has taken place. During that period the Company’s
primary focus has been on the advancement of the Gahcho Kue Project.

A desktop study is currently underway to compile and review all of the
previous work completed on Kennady North. The comprehensive database
will allow Mountain Province to fast track and fine tune its future
exploration plans in an efficient and cost effective manner. The
results will be used to design and implement an exploration program on
the Kennedy North Project, which is expected to commence in the coming
months. Once confirmed, details of these activities will be announced.

****

Located in Canada’sNorthwest Territories, Gahcho Kue is one of the
largest new diamond projects under development globally. The project
consists of a cluster of kimberlites, three of which have an indicated
resource of approximately 30.2 million tonnes grading at 1.67 carats
per tonne (approximately 50.5 million carats) and an inferred resource
of approximately 6 million tonnes grading at 1.73 carats per tonne
(approximately 10.3 million carats). Mineral resources that are not
mineral reserves do not have demonstrated economic viability. Results
of an independent feasibility study of the Gahcho Kue Project were
announced on December 7, 2010, and the Gahcho Kue EIS was filed on
December 23, 2010.

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: newswire



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