Canadian Federal Government Approves Gahcho Kué Diamond Mine Development

   Canadian Federal Government Approves Gahcho Kué Diamond Mine Development

PR Newswire


YELLOWKNIFE, TORONTO and NEW YORK, Oct. 22, 2013 /PRNewswire/ - De Beers
Canada and Mountain Province Diamonds (TSX: MPV, NYSE MKT: MDM) are pleased to
announce that the Minister of Aboriginal Affairs and Northern Development
Canada, the Hon. Bernard Valcourt, has today approved the development of the
Gahcho Kué diamond mine as recommended by the Mackenzie Valley Environmental
Impact Review Board.

Tony Guthrie, Chief Executive  Officer for De  Beers Canada, commented:  "The 
Minister's approval confirms that the plans for the development and  operation 
of the Gahcho  Kué diamond mine  meet the highest  standards. The new  diamond 
mine will benefit the economy and  residents of the Northwest Territories  and 
enhance Canada's position as a premier diamond producer."

Federal government approval allows the  Mackenzie Valley Land and Water  Board 
to commence processing of the applications  for the Land Use Permit and  Water 
License required to construct and operate the Gahcho Kué mine.

Patrick Evans, Mountain  Province President  and CEO, added:  "Gahcho Kué  has 
gone through the most comprehensive environmental review of any mining project
in  the  Northwest  Territories.  Through  this  process,  consultation   with 
stakeholders has been  extensive. The  shareholders of  Mountain Province  now 
look forward to an efficient and timely completion of the remaining regulatory
process, which is necessary  to ensure the optimal  development of the  Gahcho 
Kué diamond mine".

Gahcho  Kué  will  employ  close  to  700  people  during  the  two  years  of 
construction and  close to  400 people  during its  operations phase.  It  is 
forecast to produce an average of 4.5 million carats annually over the  eleven 
year mine life.  Gahcho Kué is  a joint  venture between De  Beers (51%)  and 
Mountain  Province  Diamonds  (49%)  and  is  located  280  km  northeast   of 
Yellowknife, Northwest Territories.

Given the expected  timing for the  issuance of  a land use  permit to  enable 
pioneer work to commence, which requires approximately 42 days for processing,
as well as the impact of the  winter ice road on logistics, the joint  venture 
is currently  reassessing the  Gahcho Kué  development plan  to determine  the 
optimal development schedule. In addition, the joint venture is also  updating 
the 2010 Gahcho Kué feasibility study  and expects to announce the results  of 
an Optimization Study early in the New Year. Further details will be announced
as they become available.

About De Beers Group of Companies
De Beers 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 withits joint venture
partners,De  Beers  employs  more  than   23,000  people  (directly  and   as 
contractors) across the diamond pipeline,  andis the world's largest  diamond 
producer by value,  with mining  operations in Botswana,  Canada, Namibia  and 
South Africa. As part of the company's operating philosophy, the people of  De 
Beers are committed to Living up to Diamonds by making a lasting  contribution 
to the  communities in  which they  live and  work, and  transforming  natural 
resources into shared national wealth. For further information about De  Beers 

About Mountain Province Diamonds
Mountain Province Diamonds discovered the first kimberlite at Kennady Lake  in 
1995 and in 1997 entered into a  joint venture 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

Forward-Looking Statements
This news release may contain  forward-looking statements, within the  meaning 
of the "safe-harbour"  provision of the  Private Securities Litigation  Reform 
Act of  1995, regarding  Mountain Province's  business. 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.


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
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