Mountain Province Diamonds Announces Filing of Gahcho Kué Definitive Feasibility Study

TORONTO and NEW YORK, December 7, 2010 -

    - Shares Issued and Outstanding: 77,341,973
    - TSX: MPV
    - NYSE AMEX: MDM

Mountain Province Diamonds Inc. ("Mountain Province", the "Company")
(TSX: MPV, NYSE AMEX: MDM) today announced that the National Instrument
43-101 ("NI 43-101) Technical Report on the Gahcho Kué Project has been filed
and can be accessed on SEDAR and the Company's website. The results of the
independent definitive feasibility study, dated October 15, 2010, were
released on October 21, 2010. JDS Energy and Mining Inc. ("JDS") led the
feasibility study, which was presented to the Gahcho Kué Joint Venture (JV)
between Mountain Province (49%) and De Beers Canada Inc. ("De Beers") (51%)
(collectively, the "Partners").

Financial and Project Highlights:

    Project IRR including sunk costs                 20.7%*
    Project IRR excluding sunk costs                 33.9%*
    Initial project capital                          C$549.5M
    Working capital                                  C$49.4M
    Sustaining capital including mine closure        C$36.1M
    Operating costs                                  C$48.68 per tonne
    Project mine life                                11 years
    Average annual production                        3 million tonnes
    Total diamond production                         49 million carats
    Average annual diamond production                4.45 million carats
    Diamond price                                    US$102.48 per carat**

*After taxes/royalties and unleveraged

**The base case model uses an average realized diamond price of US$102.48
per carat derived from the mean average between the modeled values of De
Beers and WWW International Diamond Consultants (based on their respective
April 2010 price books) inclusive of a real 1% escalation over LOM less an
assumed 4% marketing fee.

Commenting, Mountain Province President and CEO Patrick Evans said: "The
feasibility study delivers an economically viable, technically credible and
environmentally sound development plan for the Gahcho Kué Project. Our
immediate focus now is the completion of the Gahcho Kué Environmental Impact
Statement, which will be filed with the Mackenzie Valley Environmental Review
Board before the end of the year."

Qualified Person

The feasibility study was prepared by an integrated independent
engineering team led by JDS Energy and Mining. Mr. Daniel Johnson, P. Eng has
reviewed and approved the contents of this release.

About Mountain Province

Mountain Province is a 49% participant in the Gahcho Kué JV with De Beers
Canada (51%). Located in Canada's Northwest Territories, the Gahcho Kué
Project consists of a cluster of 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.

Cautionary Note to U.S. Investors

The Feasibility Study was prepared in accordance with the requirements of
the securities laws in effect in Canada, which differ from the requirements
of the United States securities laws. The terms "mineral reserve", "proven
mineral reserve" and "probable mineral reserve" are Canadian mining terms as
defined in accordance with NI 43-101 and the Canadian Institute of Mining,
Metallurgy and Petroleum (the "CIM") - CIM Definition Standards on Mineral
Resources and Mineral Reserves, adopted by the CIM Council, as amended. These
definitions differ from the definitions in Industry Guide 7 ("Industry Guide
7") under the U.S. Securities Act. Under Industry Guide 7 standards, a
"final" or "bankable" feasibility study is required to report reserves, the
three-year historical average price is used in any reserve or cash flow
analysis to designate reserves and the primary environmental analysis or
report must be filed with the appropriate governmental authority.

In addition, the terms "mineral resource", "measured mineral resource",
"indicated mineral resource" and "inferred mineral resource" are defined in
and required to be disclosed by NI 43-101; however, these terms are not
defined terms under Industry Guide 7 and are normally not permitted to be
used in reports and registration statements filed with the United States
Securities and Exchange Commission ("SEC"). Investors are cautioned not to
assume that any part or all of mineral deposits in these categories will ever
be converted into reserves. "Inferred mineral 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 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.
Investors are cautioned not to assume that all or any part of an inferred
mineral resource exists or is economically or legally mineable. Disclosure of
"contained ounces" in a resource is permitted disclosure under Canadian
regulations; however, the SEC normally only permits issuers to report
mineralization that does not constitute "reserves" by SEC standards as in
place tonnage and grade without reference to unit measures.

Forward-Looking Statement

This news release may contain forward-looking statements, within the
meaning of the "safe-harbor" provisions 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
    Phone: +1-416-670-5114
    www.mountainprovince.com
    E-mail: info@mountainprovince.com

For further information: Mountain Province Diamonds Inc., Patrick Evans, President and CEO, Phone: +1-416-670-5114, E-mail: info at mountainprovince.com