Gahcho Kué Joint Venture and North Slave Métis Alliance sign Impact Benefit Agreement

 Gahcho Kué Joint Venture and North Slave Métis Alliance sign Impact Benefit
                                  Agreement

PR Newswire

YELLOWKNIFE, NT, TORONTO, ON, NEW YORK, NY, July 10, 2013

YELLOWKNIFE, NT, TORONTO, ON, NEW YORK, NY, July 10, 2013 /PRNewswire/ - De
Beers and Mountain Province Diamonds (TSX: MPV, NYSE MKT: MDM) are pleased to
announce that De Beers, as Operator of the Gahcho Kué Project, has entered
into an Impact Benefit Agreement with the North Slave Métis Alliance for the
proposed Gahcho Kué Mine. The agreement sets in place a framework for De
Beers and the North Slave Métis Alliance to optimize the participation of the
North Slave Métis Alliance in the Gahcho Kué Mine through employment, business
opportunities, training and development, and financial benefits.

"This is the first Impact Benefit  Agreement to be concluded for the  proposed 
Gahcho Kué  Mine," said  Glen Koropchuk,  Chief Operating  Officer. "The  two 
negotiating teams  worked hard  and efficiently  to complete  this  agreement, 
which is mutually  beneficial and  builds on the  strong relationship  already 
established. It incorporates the shared learning we have from our  experience 
working together over the years at the Snap Lake Mine, which is also  operated 
by  De  Beers.  The  negotiation  of  further  impact  benefit  agreements  is 
continuing."

"This is a  good day  for the  North Slave  Métis Alliance,"  said Bill  Enge, 
President. "The life of mine Impact Benefit Agreement that we signed with  De 
Beers for the proposed Gahcho Kué  diamond mine ensures the North Slave  Métis 
people will benefit from this  development. We're looking forward to  working 
with and strengthening  our relationship  with De  Beers. They  have a  great 
track record of working with us with  respect to their Snap Lake diamond  mine 
and we have every reason to believe their Gahcho Kué mine track record will be
matched."

The Gahcho Kué  diamond mine  will have a  mine life  of approximately  eleven 
years, will employ up to 700 people during construction and approximately  400 
people during  operations. It  will  produce on  average 4.5  million  carats 
annually over its mine life.

About De Beers Group

De Beers Group is a member of the Anglo American plc group. Established in
1888, De Beers is the world's leading diamond company with unrivalled
expertise in the exploration, mining and marketing of diamonds. Together with
its joint venture partners, De Beers employs approximately 16,000 people
across the diamond pipeline, and is the world's largest diamond producer by
value, with mining operations in Botswana, Canada, Namibia and South Africa.
In Canada, De Beers operates the Snap Lake Mine in the Northwest Territories
and the Victor Mine in northern Ontario. De Beers is also a joint venture
partner in the Gahcho Kué Project in the Northwest Territories. For further
information about De Beers visit www.debeersgroup.com.

About Mountain Province Diamonds

Mountain Province Diamonds discovered the first kimberlite at Kennady Lake in
1995 and in 1997 entered into a joint venture agreement with Monopros, a
subsidiary of De Beers. Mountain Province is a 49% participant with De Beers
Canada in the Gahcho Kué JV located in Canada's Northwest Territories. 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%. Further
information is available at www.mountainprovince.com.

SOURCE Mountain Province Diamonds Inc.

Contact:

Cathie Bolstad
Director, External & Corporate Affairs
De Beers Canada
Tel: (867) 766-7300

Patrick Evans
President and CEO
Mountain Province Diamonds
Tel: (416) 361-3563

Bill Enge
President
North Slave Métis Alliance
Tel: (867) 873-6762
 
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