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Mountain Province Diamonds Achieves Key Milestone with De Beers JV at Kennady Lake

August 2, 2011

Shares Issued and Outstanding: 80,295,558
TSX: MPV
NY- AMEX: MDM

TORONTO AND NEW YORK, Aug. 2, 2011 /PRNewswire/ – Mountain Province Diamonds
Inc. (“Mountain Province”, the “Company”) (TSX: MPV) (NYSE AMEX: MDM)
is pleased to announce that the Gahcho Ku© Environmental Impact Review
Panel (“Panel”) has informed the Gahcho Ku© project operator, De Beers
Canada Inc. (“De Beers”), that the Gahcho Ku© Environmental Impact
Statement (“EIS”) conforms to the terms of reference set by the Panel,
which clears the way for the Environmental Impact Review (“Review”) to
commence.

Commenting, Mountain Province Diamonds President and CEO, Patrick Evans,
said: “The Panel’s ruling represents a major milestone for our joint
venture with De Beers. The EIS is a massive body of very detailed
scientific work exceeding 11,000 pages. We now look forward to the
commencement of the environmental review which will clear the way for
the permitting of what we expect will be Canada’s next great diamond
mine.”

The Gahcho Ku© EIR was ordered by the Mackenzie Valley Environmental
Impact Review Board, which in turn has appointed the Panel to conduct
the Review for an open-pit diamond mine at Kennady Lake in Canada’s
Northwest Territories. The Review is divided into start-up, analytical,
hearing and decision phases. The Review is currently in the analytical
phase. Based on a work plan provided by the Panel, the Review is
expected to take approximately two years.

The Gahcho Ku© diamond project at Kennady Lake will be the fourth
diamond mine developed in Canada’s Northwest Territories. Kennady Lake
is situated approximately 90 kilometres south-east of De Beers’ Snap
Lake diamond mine. De Beers also operates the Victor diamond mine in
northern Ontario.

****

About Mountain Province Diamonds
Mountain Province is a 49% participant with De Beers Canada in the
Gahcho Ku© JV located at Kennady Lake in Canada’s Northwest
Territories. The Gahcho Ku© 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 Ku© is the world’s largest and highest grade diamond development
project. A December 1, 2010 feasibility study filed by Mountain
Province (available on SEDAR) indicates that the Gahcho Ku© project has
an IRR of 33.9%.

Mountain Province also controls 100% of the Kennady North Diamond
Project adjacent to the De Beers JV property. Kennady North hosts three
known diamondiferous kimberlites and, together with the De Beers JV
project, will be the subject of a geophysical survey commencing this
month.

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” provisions of the Private Securities
Litigation Refrom Act of 1995 regarding the Company’s business and/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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