Mountain Province Diamonds Provides Feasibility Study Update

Feasibility Study on Track for Completion in Mid-2010

TORONTO and NEW YORK, January 25 - TSX: MPV

NY - AMEX: MDM

Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (
TSX: MPV, NY-AMEX: MDM) is pleased to announce that the Gahcho Kué
definitive feasibility study, which commenced in August, 2009, is
progressing satisfactorily and remains on budget and on schedule for
completion by mid- 2010. Key elements of the feasibility study, including
the mine schedule, pit design, waste dump design, process plant design, and
waste and water management are advancing satisfactorily.

A final draft of the Gahcho Kué project description has been presented
to the Gahcho Kué Joint Venture partners, De Beers Canada Inc. ("De Beers")
and Mountain Province. Once completed, the project description will be
incorporated into the Environmental Impact Statement ("EIS"), which will be
submitted the Mackenzie Valley Environmental Impact Review Board ("MVEIRB
"). Key elements of the draft project description include the following:

     -   Average annual production rate of approximately 3 million tonnes of
         ore;
     -   Life of mine from the open-pit resource of approximately 12 years;
         and
     -   Average annual production rate of approximately 4.5 million carats.

The above elements of the project description are provided for
guidance purposes and remain subject to final review, confirmation and
approval by the Joint Venture partners.

Finalization of the EIS is running in parallel with the feasibility
study with the intention of completing permitting for the Gahcho Kué
project at the earliest possible date.

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.

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, 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: +1-(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/