Mountain Province Diamonds Provides Gahcho Kué Project Update

 Shares Issued and Outstanding: 106,039,522 TSX: MPV NYSE MKT: MDM            --  Overall project on schedule: first production H2 2016         --  Permitting on schedule: final permits H2 2014         --  Debt funding on schedule: loan agreements target Q4 2015  TORONTO and NEW YORK, June 5, 2014 /CNW/ - Mountain Province Diamonds Inc.  ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) today provided  an update on progress at the Gahcho Kué diamond project, a joint venture  between Mountain Province Diamonds (49%) and De Beers Canada (51%).  Project schedule  As at the end of May 2014 the overall project was progressing according to  plan and first production remains on schedule for H2 2016.  Permitting  Processing of the Gahcho Kué Land Use Permit and Class A Water License  remains on schedule. The public hearing on the Gahcho Kué water license was  held on May 6 and 7, 2014. On May 23, 12014, the Mackenzie Valley Land and  Water Board released draft copies of the Gahcho Kué Water Licence and Land  Use Permit for final review and comment before the end of June. These permits  are expected to be approved during H2 of 2014.  Project funding  Following the appointment last month of Rockface Capital as financial advisor  to the Company, a review of a number of debt terms sheets has been completed.  Indications of interest to participate in the provision of debt finance to  Mountain Province continue to be received. The Company expects to complete the  review of all debt proposals by the end of June following which detailed  negotiations will commence with the preferred lenders. Based on current  progress, Mountain Province expects to be able to announce further details,  including debt terms, by the end of July and expects to be able to conclude  definitive loan agreements by the end of 2014.  Tuzo Deep drilling  Drilling of the final third hole at Tuzo Deep is currently underway. Details  of the drill results will be released on completion of the program, which is  expected by the end of June. Progress has been slower than planned due to  difficult ground conditions.  ****  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 35.4 million tonnes grading  1.57 carats per tonne for total diamond content of 55.5 million carats.  Gahcho Kué is the world's largest and richest new diamond development  project. A 2014 NI 43-101 feasibility study report filed by Mountain Province  (available on SEDAR) indicates that the Gahcho Kué project has an IRR of  32.6%.  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.   Mountain Province Diamonds Inc. Patrick Evans, President and CEO 161 Bay  Street, Suite 2315 Toronto, Ontario M5J 2S1  Phone: (416) 361-3562  To view this news release in HTML formatting, please use the following URL:  CO: Mountain Province Diamonds Inc. ST: New York NI: MNG VNT