Mountain Province Diamonds Provides GahchoKué Project Update

         Mountain Province Diamonds Provides GahchoKué Project Update

  PR Newswire

  TORONTO and NEW YORK, March 12, 2013

TORONTO and NEW YORK, March 12, 2013 /PRNewswire/ --

  *Ice road reaches GahchoKué: 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

Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX:
MPV, NYSE MKT: MDM) is pleased to provide an update on recent developments at
the GahchoKué ("GK") project, a joint venture with De Beers Canada Inc. ("De
Beers").

"There is a high level of activity at GahchoKué, 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 Tuzokimberlite in Q2. Already the
world's largest and richest new diamond mine, GahchoKué 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 GahchoKué 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 GahchoKué 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 Tuzokimberlite 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 Tuzokimberlite. 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
GahchoKué JV located at Kennady Lake in Canada'sNorthwest Territories. The
GahchoKué 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.

GahchoKué 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 GahchoKué 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.

For further information: Mountain Province Diamonds Inc.Patrick Evans,
President and CEO Phone: +1-(416)361-3562 E-mail: info@mountainprovince.com
http://www.mountainprovince.com

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(MPV.MDM)
 
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