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Mountain Province Diamonds Provides Gahcho Kué Project Update

        Mountain Province Diamonds Provides Gahcho Kué Project Update

PR Newswire

TORONTO AND NEW YORK, April 5, 2013

  *Exploration drilling commences
  *Ice road deliveries to Gahcho Kué completed
  *Mineral Services retained to complete new Tuzo resource statement

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

TORONTO AND NEW YORK, April 5, 2013 /PRNewswire/ - Mountain Province Diamonds
Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) is pleased
to announce that drilling of the new exploration targets at the Gahcho Kué
("GK") project, a joint venture with De Beers Canada Inc. ("De Beers"),
commenced this week. Following completion of a ground gravity survey, the
Operator of the GK project has recommended ten targets for the first phase of
the exploration drill program. Drilling of the targets is expected to be
completed by the end of April 2013. Based on the success of the first phase
drill program, consideration will be given to testing additional targets that
have been identified.

Mountain Province is  also pleased to  report that the  planned deliveries  of 
materials, equipment and fuel to the GK site were completed on schedule by the
end of March 2013.

The Company also announced that Mineral Services Canada Inc. has been retained
to prepare an updated  independent NI 43-101 resource  statement for the  Tuzo 
kimberlite, which will incorporate the results of the recently completed  deep 
drilling program. The resource update is  expected to be completed before  the 
end of the current quarter.

Finally, Mountain Province confirmed today that the auditors' report  received 
from  its  independent  public  accounting  firm  on  its  audited   financial 
statements for the fiscal year ended December 31, 2012 (the "Annual  Financial 
Statements"), contained a going concern explanatory note. Mountain  Province's 
Annual Financial Statements were included in Form 20-F for its filings in  the 
United States with the  Securities and Exchange Commission  on April 1,  2013. 
Mountain Province's Annual  Financial Statements  are also filed  on SEDAR  at 
www.sedar.com in Canada.

This press  release and  public  confirmation of  the  going concern  note  is 
required by Section  610(b) of the  NYSE MKT Company  Guide, which requires  a 
listed company that receives  an audit opinion that  contains a going  concern 
qualification to make a public announcement of such in the United States. This
announcement does not represent any change or amendment to Mountain Province's
Annual Financial  Statements or  to its  Annual Report  on Form  20-F for  the 
fiscal year ended December 31, 2012.

                                     ****

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