GAHCHO KUE

Mountain Province Diamonds announced that the Gahcho Kué Joint Venture between De Beers Canada (51%) and the Company (49%) has appointed JDS Energy and Mining to conduct the Gahcho Kué Feasibility Study. The project consists of a cluster of kimberlites and is located in Canada’s Northwest Territories.

Mountain Province Diamonds Inc. announced it is arranging a non-brokered private placement of up to 3 million Units at a price of C$1.50 (US$1.30) per Unit. If fully subscribed, the private placement will raise proceeds of C$4.5 million. Each Unit is comprised of one common share and one-half of a common share purchase warrant. Each whole warrant will entitle the holder to acquire one additional common share at an exercise price of C$2.00 (US$1.73) within 18 months from closing. Closing is expected on or before July 31, 2009. Net proceeds from the offering will be used to support the development of the Gahcho Kué diamond project and for general corporate purposes.

Mountain Province Diamonds Inc. (MPV) announced that the company has entered into an amended and restated joint venture agreement with De Beers Canada Inc. in respect of the Gahcho Kué diamond project located in Canada’s Northwest Territories. The 2009 agreement replaces the Joint Venture Agreement entered into by the Participants in 2002. Under the terms of the 2009 Agreement, the Participants have undertaken to cause a feasibility study on the Gahcho Kué project to be commissioned as soon as possible. To this end, the Joint Venture has received a feasibility study proposal from JDS Energy and Mining, which is currently under consideration. The company expects to make a further announcement in this regard in the near future. MPV will pay 100% of the costs of this feasibility study.