Mountain Province Announces C$4.5M Private Placement

TORONTO and NEW YORK -

Shares Issued and Outstanding: 60,097,746 TSX: MPV AMEX: MDM

Mountain Province Diamonds Inc. (”Mountain Province” or the “Company”) (TSX: MPV, AMEX: MDM) today announced that the Company is arranging a non- brokered private placement of up to 3 million Units at a price of C$1.50 (US$1.30) per Unit. If fully subscribed, the private placement will raise proceeds of C$4.5M.

Each Unit is comprised of one common share and one-half of a common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at an exercise price of C$2.00 (US$1.73 ) within 18 months from closing. Closing is expected on or before July 31, 2009. Net proceeds from the offering will be used to support the development of the Gahcho Kué diamond project and for general corporate purposes.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company’s securities in the United States.

Located in Canada’s Northwest Territories, Gahcho Kué 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.

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.

Note to U.S. Investors

This press release describes minerals which have been classified as “indicated resources” and “inferred resources” under Canadian National Instrument 43-101. We advise U.S. investors that while those terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission do not recognize them. “Inferred resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource as defined under Canadian National Instrument 43-101 will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves nor that part or all of an inferred resource exists, or is economically or legally minable.

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.

For further information: Mountain Province Diamonds Inc., Patrick Evans , President and CEO, Tel: +1-416-670-5114/

Source: Mountain Province Diamonds Inc.

For further information: Mountain Province Diamonds Inc., Patrick Evans, President and CEO, Tel: +1-416-670-5114