Mountain Province Diamonds Provides Gahcho Kué Project Update

By Mountain Province Diamonds Inc, PRNE
Sunday, December 12, 2010

TORONTO and NEW YORK, December 13, 2010 -

    - Shares Issued and Outstanding: 77,361,057
    - TSX: MPV

Mountain Province Diamonds Inc. ("Mountain Province", the "Company")
(TSX: MPV, NYSE AMEX: MDM) today announced that the Gahcho Kué JV partners,
Mountain Province and De Beers Canada Inc., received the final Gahcho Kué
definitive feasibility study at a JV meeting on December 8, 2010. The
feasibility study is now the subject of a final review by the partners, which
is expected to be completed by the end of the first quarter of 2011.
Finalization of the detailed project execution plan is also currently

Upon satisfactory completion of the review and the project execution
plan, the partners expect to commence work on the plan and budget for the
Gahcho Kué mine during the second quarter of 2011. The plan and budget will
serve as the basis for a final investment decision, which is expected to be
made once the partners have clarity on the progress of the environmental

Mountain Province also confirmed that the Gahcho Kué Environmental Impact
Assessment remains on track for filing with the Mackenzie Valley
Environmental Review Board prior to year-end.

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. Gahcho Kué is the world's largest
and highest grade diamond development project. A recently completed
independent 43-101 definitive feasibility study indicates that the Gahcho Kué
project has an IRR of 33.9%.

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: +1-416-361-3562

For further information: Mountain Province Diamonds Inc., Patrick Evans, President and CEO, Phone: +1-416-361-3562, E-mail: info at

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