Shares Issued and Outstanding: 59,895,481 TSX: MPV AMEX: MDM

    TORONTO and NEW YORK, May 13 /PRNewswire-FirstCall/ - Mountain Province
Diamonds Inc ("the Company") today provided an update on progress at the
Gahcho Kue diamond project in Canada's Northwest Territories, which is a
joint venture between the Company (49%) and De Beers Canada Inc (51%).

    Gahcho Kue Geology and Resource Models

    On December 17, 2007, Mountain Province announced that it had been
advised by the Gahcho Kue project operator, De Beers Canada Inc ("De
Beers"), that the updated Gahcho Kue geology and resource models would be
released early in the second quarter of 2008. De Beers has now advised the
Company that work on the updated geological and resource models is ongoing.
De Beers has also advised the Company that when complete, the updated
geological and resource models will only be "interim" and will not be
compliant with National Instrument 43-101 (NI 43-101), i.e. they will not
be in a form which will permit public disclosure to Mountain Province
shareholders. Once the updated geological and resource models are
available, the Company will consult with Mr. Carl Verley (the Company's
qualified person under NI 43-101) and the Ontario Securities Commission to
establish what further work is required in order for the results of these
updates to be made available to Mountain Province shareholders.

    2008 Tuzo Bulk Sampling Program

    On March 19, 2008, the Company announced the successful conclusion of
the large-diameter drill program at the Tuzo kimberlite and that the
concentration of the bulk samples at De Beers' Grand Prairie facility would
be completed by the end of May, 2008. De Beers has advised Mountain
Province that the concentration of the bulk sample has been completed ahead
of schedule and that diamond recovery from the Tuzo bulk sample is
currently taking place at De Beers' GEMDL facility in South Africa,
following which the entire Tuzo diamond parcel will be sent to the Diamond
Trading Company (DTC) in London for cleaning and valuation. Results from
this program will be released as soon as they are available.

    Conceptual Study Update

    On December 17, 2007, Mountain Province announced that it had been
advised by De Beers that the update of the 2006 Gahcho Kue conceptual study
would be completed by the second quarter of 2008. De Beers has now advised
the Company that work on the updated study is ongoing. De Beers has also
advised the Company that the updated study to be provided by the project
Operator will not be complaint with NI 43-101. Once the updated study is
available, Mountain Province will address this issue with the Company's
technical advisors, JDS Mining, and the Ontario Securities Commission to
establish what further work is required in order for the results of the
update to be made available to Mountain Province shareholders.

    Permitting

    The Mackenzie Valley Environmental Impact Review Board (MVEIRB)
published the final terms of reference for the Gahcho Kue Environmental
Impact Statement (EIS) on October 5, 2007. Details of the terms of
reference are available on the website of the MVEIRB at http://www.mveirb.nt.ca.

    On May 9, 2008, the project Operator, De Beers, addressed a letter to
the MVEIRB stating:

    "In our letter of December, 2007, De Beers Canada Inc. anticipated that
the Environmental Impact Statement (EIS) for the Environmental Impact
Review of the Gahcho Kue Project would be filed in June 2008. Since that
time the Gahcho Kue team has been focused on preparing an EIS that meets
the Terms of Reference. The preparation of a draft EIS is nearing
completion. However, the Joint Venture has taken the decision to defer
filing of the EIS at this time. To assist with planning the Panels
activities, we will notify the Board in advance of the expected filing date
in the late fall of 2008."

    Rough Diamond Pricing

    In 2006 Mountain Province retained WWW International Diamond
Consultants (WWW) to conduct an independent valuation of the Gahcho Kue
diamonds. WWW concluded that the average value for the Gahcho Kue diamonds
was approx. $83 per carat. It is now reported by independent diamond
analysts that rough diamond prices increased by 25 percent in 2007 and are
up by a further 11 percent so far in 2008. Commenting, Mountain Province
President and CEO, Patrick Evans said: "Based on the cumulative 36 percent
increase in average rough diamond prices since 2006, it is reasonable to
conclude that the average value for the Gahcho Kue diamonds is now more
than $112 per carat, which is very encouraging."

    Located in Canada's Northwest Territories, Gahcho Kue is one of the
largest new diamond projects under development globally. The project
consists of a cluster of three primary kimberlites with an indicated
resource of approximately 14.4 million tonnes grading at 1.64 carats per
tonne (approximately 23.6 million carats) and an inferred resource of
approximately 17 million tonnes grading at 1.35 carats per tonne
(approximately 22.9 million carats). Gahcho Kue is currently in the
permitting stage of development.

    Mountain Province Diamonds (49 percent) is a joint venture partner with
De Beers Canada Inc (51 percent) in the Gahcho Kue project. De Beers is the
operator of the project and can be called on to fund the project through to
commercial production.

    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.

    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.

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