Mountain Province Diamonds Inc

Mountain Province Provides Update on Gahcho Kué Diamond Project

Toronto and New York (ots/PRNewswire) - - Joint Venture Approves CAD$38 Million Budget for 2008 - 2008 Tuzo Bulk Sampling Program Commences - Shares Issued and Outstanding: 59,788,881 TSX: MPV AMEX: MDM Mountain Province Diamonds Inc ("the Company") (TSX: MPV, AMEX: MDM) today provided an update on progress at the Gahcho Kué diamond project in Canada's Northwest Territories, which is a joint venture between Mountain Province (49%) and De Beers Canada Inc (51%). Gahcho Kué 2008 Budget Mountain Province is pleased to announce that the joint venture partners have approved a C$38 million budget for 2008 in support of: - The 2008 Tuzo bulk sampling program; - The update of the Gahcho Kué technical study; and - The Gahcho Kué project permitting. 2008 Tuzo Kimberlite Bulk Sampling Program Mobilisation for the 2008 Tuzo bulk sampling program has commenced. Flooding of the ice runway and the Tuzo drill pads is currently underway. The bulk sampling of Tuzo will be conducted by large-diameter drilling using two 24-inch drill rigs. A total of nine large-diameter holes will be drilled to recover a diamond parcel of approximately 1,500 carats. Seven of the nine holes will be drilled to depths of approximately 100 meters and the remaining two holes will be drilled to depths of approximately 300 meters. The drilling is expected to commence in mid-February 2008, and be completed within 60 days. Technical Study Update Mountain Province also announced that work on the update of the Gahcho Kué technical study is continuing and is expected to be completed by the second quarter of 2008. Permitting The Mackenzie Valley Environmental Impact Review Board (MVEIRB) published the final terms of reference for the Gahcho Kué Environmental Impact Statement (EIS) on October 5, 2007. Details of the terms of reference are available on website of the MVEIRB at www.mveirb.nt.ca. It is currently anticipated that the Gahcho Kué EIS will be filed during 2008. 2007 5034 North Lobe Kimberlite Bulk Sampling Program The 2007 5034 North Lobe bulk sampling program concluded at the end of October. Five of the planned six large-diameter core holes were completed and approximately 33 tonnes of kimberlite was recovered, which the project operator, De Beers Canada, considers sufficient to complete the planned objective of the diamond size distribution modeling for the 5034 North Lobe diamonds. It is anticipated that the 5035 North Lobe kimberlite resource will be upgraded to an "indicated resource" during the second quarter of 2008. Kimberlite Geology and Resource Modeling The Gahcho Kué project operator, De Beers Canada, has also advised Mountain Province that the update of the geology and resource models for the 5034, Hearne and Tuzo kimberlites will be completed at the end of the first quarter 2008. Classification of the resource and review of this work will take place early in the second quarter of 2008, when the final results will be released. The finalization of the Tuzo diamond revenue model will depend on the success of the 2008 Tuzo bulk sampling program and is expected to be completed by the end of the first quarter of 2009. Located in Canada's Northwest Territories, Gahcho Kué is the largest new diamond project 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 Kué is currently in the permitting and advanced exploration stage of development. 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. n 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. ots Originaltext: Mountain Province Diamonds Inc Im Internet recherchierbar: http://www.presseportal.ch Contact: For further information: Mountain Province Diamonds Inc., Patrick Evans, President and CEO, Tel: +1-416-670-5114

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