De Beers Canada And Mountain Province Diamonds Inc. Provide Gahcho Kué Project Update

Gahcho Kué JV partners De Beers Canada Inc. (51%) and Mountain Province Diamonds Inc. (49%) announced that they have; Approved the Gahcho Kué feasibility study with agreed revisions and clarifications; Approved the execution of the necessary development work for the Gahcho Kué project; and Mandated the Gahcho Kué project operator to prepare a plan and budget for the development of the Gahcho Kué mine. The plan and budget, once approved by the JV partners, will serve as the basis for a final investment decision, which is expected to be made once the partners have clarity on the progress of the environmental review currently underway. Mountain Province is a 49% participant in the Gahcho Kué JV with De Beers Canada (51%). Located in Canada's Northwest Territories, the Gahcho Kué Project consists of a cluster of kimberlites, three of which have a probable mineral reserve of 31.3 million tonnes grading 1.57 carats per tonne for total diamond content of 49 million carats. Gahcho Kué is the world's largest and highest grade diamond development project. A recently completed definitive feasibility study (available of SEDAR) indicates that the Gahcho Kué project has an IRR of 33.9%.