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Mountain Province Diamonds Reports Feasibility Study Results on Gahcho Kué Diamond Project

Mountain Province Diamonds Inc. (TSX: MPV, NYSE AMEX: MDM) today announced the results of an independent feasibility study dated October 15, 2010, on the Gahcho Kué diamond project located in Canada's Northwest Territories.

JDS Energy and Mining Inc. ("JDS") led and prepared the feasibility study, which has been 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:

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.

Gahcho Kué Mineral Reserve Report

Mountain Province today also announced a new Mineral Reserve estimate for the Gahcho Kué Project. The Mineral Reserve is the Indicated Resource contained in the proposed open pit mine that can be mined and processed profitably and is scheduled for treatment in the feasibility study life of mine plan.

Gahcho Kué Mineral Reserve Estimate

Commenting, Mountain Province CEO Patrick Evans said: "The feasibility study delivers an economically viable, technically credible and environmentally sound development plan for the Gahcho Kué project. Also, the IRR exceeds the minimum 15% required under the Joint Venture agreement to support a decision to develop. Our focus now shifts to completion of the Gahcho Kué environmental impact assessment, which will be filed with the Mackenzie Valley Environmental Review Board prior to 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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