Mountain Province Diamonds Announces Results of Independent Valuation of Gahcho Kué Diamonds

Actual Price per Carat US$134

TORONTO and NEW YORK, August 4, 2010 -

    Shares Issued and Outstanding: 72,124,423
    TSX: MPV
    NY-AMEX: MDM

Mountain Province Diamonds Inc. ("Mountain Province", the "Company")
(TSX: MPV, NY-AMEX: MDM) today announced the results of an updated
independent valuation of the diamonds recovered from the Gahcho Kué Project
during the exploration phase. The valuation was conducted by WWW
International Diamond Consultants Ltd. and took place at the London offices
of the Diamond Trading Company in early April, 2010. All diamond values
presented below are based on the WWW Price Book as at 13 April, 2010.

Commenting, Mountain Province President and CEO, Patrick Evans, said: "We
are pleased with the results of this independent diamond valuation, which
reflect a statistically robust sample and rising rough diamond prices since
the onset of the credit crises."

Table 1 below reflects the actual price per carat for the parcel of
8,243.56 carats of diamonds recovered from the Gahcho Kué Project.

    Table 1

    -------------------------------------------------------------------------
                                 Actual Price US$/carat
    -------------------------------------------------------------------------
    Pipe             Zone       Total Carats     $/Carat       Total Dollars
    -------------------------------------------------------------------------
    5034         Centre Lobe          633.80       80.23              50,852
                  West Lobe         1,119.40       79.63              89,134
                  East Lobe         1,264.21      178.59             225,770
    -------------------------------------------------------------------------
    5034 Total                      3,017.41      121.22             365,757
    -------------------------------------------------------------------------
    Hearne                          2,906.45       60.44             175,654
    -------------------------------------------------------------------------
    Tuzo                            2,319.70      243.03             563,750
    -------------------------------------------------------------------------
    Total                           8,243.56      134.06           1,105,161
    -------------------------------------------------------------------------

Table 2 below presents models of the average price per carat (US$/carat)
for each kimberlite lithology. The modeled price per carat is determined
using statistical methods to estimate the average value of diamonds that will
be recovered from potential future production from Gahcho Kué.

    Table 2

    -------------------------------------------------------------------------
                       Modeled Average Price US$/carat
    -------------------------------------------------------------------------
                               + 1.00mm                    +1.50mm
    -------------------------------------------------------------------------
    Pipe              High      Model      Low       High     Model     Low
    -------------------------------------------------------------------------
    5034 NE Lobe       131       107        96        143      116      104
    5034 Centre        122       100        91        137      113      102
    5034 West          141       114       103        157      127      114
    -------------------------------------------------------------------------
    Tuzo                81        67        61         93       77       70
    -------------------------------------------------------------------------
    Hearne              82        68        62         93       78       71
    -------------------------------------------------------------------------
    Note: 1.50mm prices provided for reference purposes only.

In their report to Mountain Province, WWW stated: "The Tuzo sample and
the 5034 East sample both contained one high value large stone. For Tuzo
there was a 25.14 carat stone valued at $17,000 per carat and 5034 East had a
9.90 carat stone valued at $15,000 per carat. It is encouraging that such
high value stones were recovered in samples of this size. If they are found
in the same frequency throughout the resource then the modelled APs (Average
Prices') will certainly be towards the 'high' values."

Commenting further, Mr. Evans said: "Experience shows that during the
mining phase larger populations of large, high value diamonds are commonly
recovered, which has the potential to improve diamond revenues. Besides the
high-value 25.14 and 9.9 carat diamonds referred to above, several other
large high-value diamonds of gem quality have been recovered from Gahcho Kué,
including 7.0 carat, 6.6 carat and 5.9 carat diamonds from the 5034
kimberlite and 8.7 carat, 6.4 carat and 4.9 carat diamonds from the Hearne
kimberlite. The presence of coarser diamonds is an important driver of
overall diamond value at Gahcho Kué."

Mountain Province is also pleased to announce that the Gahcho Kué
independent definitive feasibility study remains on track for completion at
the end of this month.

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
(1.00mm cut-off) of approximately 30.2 million tonnes grading at 1.67 carats
per tonne (approximately 50.5 million carats) and an inferred resource
(1.00mm cut-off) 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.

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: 416-670-5114, 401 Bay Street, Suite 2700, Toronto,
Ontario, M5H 2Y4, Phone: +1-416-361-3562, Fax: +1-416-603-8565,
www.mountainprovince.com, E-mail: info@mountainprovince.com

For further information: Mountain Province Diamonds Inc., Patrick Evans, President and CEO, Tel: 416-670-5114, 401 Bay Street, Suite 2700, Toronto, Ontario, M5H 2Y4, Phone: +1-416-361-3562, Fax: +1-416-603-8565, www.mountainprovince.com, E-mail: info at mountainprovince.com