Mountain Province Diamonds Provides Gahcho Kué Project Update

June 5, 2014

Shares Issued and Outstanding: 106,039,522

TSX: MPV

NYSE MKT: MDM

Mountain Province Diamonds Provides

Gahcho Kué Project Update

 Overall project on schedule: first production target H2 2016

 Permitting on schedule: final permits target H2 2014

 Debt funding on schedule: loan agreements target Q4 2014

Toronto and New York, June 5, 2014 – 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