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Gahcho Kué Joint Venture and Yellowknives Dene First Nation Sign Impact Benefit Agreement

February 18, 2014

De Beers Canada Inc. (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 (IBA) with the Yellowknives Dene First Nation for the proposed Gahcho Kué Mine. The agreement puts in place a framework for De Beers and the Yellowknives Dene First Nation to work together over the life of the mine and it enables participation by the Yellowknives Dene First Nation in the opportunities that the mine provides.

“The Gahcho Kué Project is located within Chief Drygeese Territory.  Our members have lived on the land throughout our traditional territory, hunting, fishing and trapping, since time immemorial,” said Chief Edward Sangris. “This agreement provides certainty that training, employment and business opportunities are made available to Yellowknives Dene members and it includes financial provisions necessary for ensuring fair participation in opportunities the project will provide.”

“We already have an established relationship with the Yellowknives Dene First Nation for our Snap Lake Mine,” said Glen Koropchuk, Chief Operating Officer for De Beers. “This Impact Benefit Agreement builds on that existing relationship and it confirms our commitment to work together for the benefit of Yellowknives Dene First Nation members as we advance the Gahcho Kué mine. I would like to congratulate both negotiating teams on work well done.”

Gahcho Kué will employ close to 700 people during the two years of construction and close to 400 people during its operational phase. The Gahcho Kué life of mine is approximately 11 years in duration and will mine about 31 million tonnes of ore containing an estimated 49 million carats.

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.

The agreement was signed in Dettah on Tuesday, February 18, 2014.

NT4

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