Mountain Province Diamonds Provides Gahcho Kué Project Update

        Mountain Province Diamonds Provides Gahcho Kué Project Update

PR Newswire

TORONTO & NEW YORK, March 12, 2013

  *Ice road reaches Gahcho Kué: deliveries commence
  *Permitting of first diamond mine progressing
  *Tuzo Deep Resource Statement due Q2 2013
  *2013 ground geophysics completed
  *Geotechnical drilling underway
  *Exploration drilling to commence in April

Shares Issued and Outstanding: 94,168,151
TSX: MPV
NYSE MKT: MDM

TORONTO & NEW YORK, March 12, 2013 /PRNewswire/ - Mountain Province Diamonds
Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) is pleased
to provide an update on recent developments at the Gahcho Kué ("GK") project,
a joint venture with De Beers Canada Inc. ("De Beers").

"There is a high level of activity  at Gahcho Kué, which is reflective of  the 
significant advances made in preparation for development of the first  diamond 
mine", said Patrick Evans, Mountain  Province President and CEO.  "Encouraging 
progress continues to be made with the permitting and we expect an updated  NI 
43-101 resource statement for the massive  Tuzo kimberlite in Q2. Already  the 
world's largest and richest new  diamond mine, Gahcho Kué  is set to get  even 
bigger with the  inclusion of the  Tuzo Deep potential  resource. With  ground 
geophysics now completed we're also  gearing up to start exploration  drilling 
of the  first  15  new  targets  in immediate  proximity  to  the  four  known 
kimberlites at GK.  If successful,  our winter exploration  drill program  may 
offer further exciting resource upside."

2013 winter ice road

The 2013 winter road reached the GK  project site at Kennady Lake on March  2, 
2013, with the first loads arriving on March 4, 2013. Over the next two  weeks 
approximately  110  truckloads  of  materials,  equipment  and  fuel  will  be 
delivered to GK. The final deliveries are expected by before the end of March,
2013.

Permitting

The public record for the  environmental impact review closed successfully  on 
January 3, 2013. The  report and recommendation from  the Gahcho Kué Panel  is 
now awaited. On completion, the Panel report will be submitted to the Minister
of Aboriginal  Affairs  and Northern  Development  who has  the  authority  to 
approve the development of the first diamond mine at GK. While both the  Panel 
report and Ministerial  approval are  awaited, the Mackenzie  Valley Land  and 
Water  Board  has  opened  the  public  registry  to  facilitate   expeditious 
processing of the GK permits.

Mr. Evans  commented: "The  project development  schedule remains  subject  to 
final regulatory  approval.  While  there  is  a  high  level  of  public  and 
government support,  delays  in final  regulatory  approval could  impact  the 
development  schedule.  Shareholders   will  be  kept   informed  of   further 
developments following receipt of the report of the Gahcho Kué Panel".

Tuzo Deep

The Tuzo Deep geological  report was completed in  January, 2013 and the  Tuzo 
Deep grade  report was  completed in  mid-February, 2013.  These reports  were 
prepared by De  Beers in its  capacity as the  Operator of the  GK project  to 
establish the geological continuity of  the Tuzo kimberlite from the  Probable 
Reserve portion (from surface to 300 meters) to a depth of 564 meters and also
to provide a tonnage and grade estimate for Tuzo Deep.

The reports  provide compelling  evidence that  the kimberlite  units  present 
below 300 meters are the same as those present in the Probable Reserve portion
and also that similar grades were estimated at depth.

The De  Beers technical  report  does not  classify  the Tuzo  Deep  potential 
resource in accordance with the  Canadian Institute of Mining, Metallurgy  and 
Petroleum (CIM)  guidelines.  Mountain  Province  is  therefore  retaining  an 
independent qualified person  (QP) to  complete a quality  assurance (QA)  and 
quality control (QC) review of the  De Beers geological and technical  reports 
with a  view to  presenting to  shareholders an  updated independent  National 
Instrument 43-101 resource estimate  for the Tuzo  kimberlite. It is  expected 
that this report will be released during Q2 2013.

Geophysics

A geophysics team was mobilized to GK in January, 2013 and completed a  ground 
gravity survey over 15 high-priority drill targets. There were 3,230  stations 
surveyed on 13 grids  over the 15  targets. The results  from the survey  will 
support final exploration drill-hole placement.

Geotechnical drilling

Geotechnical  drilling  related  to  planned  surface  infrastructure  at   GK 
commenced in February, 2013 and is expected to be completed before the end  of 
April. A total of 33 sonic holes and 31 core holes will be drilled.

Exploration drilling

Core drilling of the first phase  15 priority geophysical targets is  expected 
to commence  before  the end  of  March. A  second  core drill  rig  is  being 
mobilized to site and the first phase drilling is expected to be completed  by 
the end of April. Based on the success of the first phase drill program, up to
a further 14 priority geophysical targets may be drill tested.

                                     ****

Mountain Province Diamonds is  a 49% participant with  De Beers Canada in  the 
Gahcho Kué JV located at Kennady  Lake in Canada's Northwest Territories.  The 
Gahcho Kué Project consists of  a cluster of four diamondiferous  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 richest new diamond mine development.  A 
December 2010  feasibility  study filed  by  Mountain Province  (available  on 
SEDAR) indicates that the Gahcho Kué project has an IRR of 33.9%.

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.

SOURCE Mountain Province Diamonds Inc.

Contact:

Mountain Province Diamonds Inc.
Patrick Evans, President and CEO
Phone: (416) 361-3562

E-mail:info@mountainprovince.com

www.mountainprovince.com