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Mountain Province Diamonds Files NI 43-101 Technical Report on Gahcho Kué Project

Mountain Province Diamonds Inc. (TSX: MPV, NYSE AMEX: MDM) today announced that the National Instrument 43-101 Technical Report on the Gahcho Kué Project has been filed and can be accessed on SEDAR.

The results of the independent definitive feasibility study, dated October 15, 2010, were released on October 21, 2010. JDS Energy and Mining Inc. ("JDS") led the feasibility study, which was presented to the Gahcho Kué Joint Venture (JV) between Mountain Province (49%) and De Beers Canada Inc. ("De Beers") (51%) (collectively, the "Partners").

Financial and Project Highlights:

After taxes/royalties and unleveraged

The base case model uses an average realized diamond price of US$102.48 per carat derived from the mean average between the modeled values of De Beers and WWW International Diamond Consultants (based on their respective April 2010 price books) inclusive of a real 1% escalation over LOM less an assumed 4% marketing fee.

Commenting, Mountain Province President and CEO Patrick Evans said: "The feasibility study delivers an economically viable, technically credible and environmentally sound development plan for the Gahcho Kué Project. Our immediate focus now is the completion of the Gahcho Kué Environmental Impact Statement, which will be filed with the Mackenzie Valley Environmental Review Board before the end of the year."

Qualified Person

The feasibility study was prepared by an integrated independent engineering team led by JDS Energy and Mining. Mr. Daniel Johnson, P. Eng has reviewed and approved the contents of this release.

Source: Mountain Province Diamonds Inc.

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