Mountain Province Diamonds 2009 Year-End Financial Statements

Shares Issued and Outstanding: 60,097,746
AMEX: MDM

NEW YORK, July 6 /PRNewswire-FirstCall/ - Mountain Province Diamonds Inc.
("Mountain Province" or the "Company") (AMEX: MDM) today announced that its
audited financial statements for the fiscal year ended March 31, 2009 contain
disclosures related to the use of the going concern assumption in the
preparation of its financial statements. Within the disclosures, management
has discussed the Company's current financial situation and also its plans for
the future funding of operations. This announcement is being made in
compliance with Section 610(B) of the American Stock Exchange Company Guide,
which requires listed companies to make a public announcement disclosing the
receipt of an audit opinion that contains emphasis of matter commentary
related to the use of the going concern assumption.
In a separate release earlier today, Mountain Province announced that the
Company and De Beers Canada Inc ("De Beers"), its joint venture partner at the
Gahcho Kue diamond project, have concluded a revised and restated joint
venture agreement, which constitutes a material development. While
negotiations for the revised and restated joint venture agreement were
ongoing, the Company refrained from concluding financing arrangements which,
if successful, would have avoided the abovementioned going concern reference.
Following the announcement of the revised and restated joint venture
agreement, the Company now intends pursuing financing alternatives to
adequately fund working capital requirements. There can be no assurance that
the Company will be successful in raising sufficient capital on acceptable
terms.
Located in Canada'sNorthwest Territories, Gahcho Kue is one of the largest new
diamond projects under development globally. Mountain Province (49%) and De
Beers (51%) control the Gahcho Kue project through a joint venture. The
project consists of a cluster of kimberlites, three of which have an indicated
resource of approximately 30.2 million tonnes grading at 1.67 carats per tonne
(approximately 50.5 million carats) and an inferred resource of approximately
6 million tonnes grading at 1.73 carats per tonne (approximately 10.3 million
carats). Mineral resources that are not mineral reserves do not have
demonstrated economic viability.

Qualified Person

This news release has been prepared under the supervision of Carl G. Verley,
P.Geo., who serves as the qualified person under National Instrument 43-101.

Note to U.S. Investors

This press release describes minerals which have been classified as "indicated
resources" and "inferred resources" under Canadian National Instrument 43-101.
We advise U.S. investors that while those terms are recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission do not
recognize them. "Inferred resources" have a great amount of uncertainty as to
their existence, and great uncertainty as to their economic and legal
feasibility. It cannot be assumed that all or any part of an inferred mineral
resource as defined under Canadian National Instrument 43-101 will ever be
upgraded to a higher category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. U.S. investors are cautioned not to assume that
any part or all of mineral deposits in these categories will ever be converted
into reserves nor that part or all of an inferred resource exists, or is
economically or legally minable.

Forward-Looking Statements

This news release may contain forward-looking statements, within the meaning
of the "safe-harbor" provision of the Private Securities Litigation Reform Act
of 1995, regarding the Company's business or financial condition. Actual
results could differ materially from those described in this news release as a
result of numerous factors, some of which are outside the control of the
Company.

SOURCE Mountain Province Diamonds Inc.

Mountain Province Diamonds Inc., Patrick Evans, President and CEO, Tel: (416)
670-5114