Mountain Province Diamonds Provides Update on Gahcho Kué Environmental Impact Statement

By Mountain Province Diamonds Inc., PRNE
Thursday, November 4, 2010

Shares Issued and Outstanding: 72,678,923

TORONTO AND NEW YORK, November 5, 2010 - Mountain Province Diamonds Inc. ("Mountain Province", the "Company")
(TSX: MPV, NYSE-AMEX: MDM) today announced that the operator of the Gahcho
Kué Joint Venture, De Beers Canada Inc ("De Beers"), has notified the Gahcho
Kué Environmental Impact Review Panel (the "Panel") that the Gahcho Kué
Environmental Impact Statement (EIS) is on track for completion and
submission before the end of 2010.

Submission of the EIS will result in the resumption of the Environmental
Impact Review of the Gahcho Kué Project, which is being led by the Panel. The
Panel is an independent administrative tribunal established by the Mackenzie
Valley Environmental Impact Review Board (the "Review Board") under the
Mackenzie Valley Environmental Resource Management Act. The five members of
the Panel are appointed from members of the Review Board.

The Review Board is a co-management board responsible for the
environmental impact assessment process in the Mackenzie Valley, where the
Gahcho Kué Project is located. The Review Board's mission is to conduct fair
and timely environmental impact assessments in the Mackenzie Valley that
protect the environment, including the social, economic and cultural
well-being of its residents.

Commenting, Mountain Province President and CEO, Patrick Evans, said:
"Completion and submission of the Gahcho Kué EIS will represent a key
milestone in the permitting process of Gahcho Kué diamond project. As the
world's largest viable diamond development project, Gahcho Kué will make an
important contribution to economic development in Canada's Northwest
and to Canada's diamond industry".

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. A recently completed independent
feasibility study indicates that the Gahcho Kué Project has an ungeared IRR
of 33.9% (excluding sunk costs) and can support an annual average production
of 4.45 million carats over an 11 year mine life. Mountain Province is a 49%
participant in the Gahcho Kué JV with De Beers Canada (51%).

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.

%CIK: 0001004530

    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

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

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