Mr. Jared Lazerson reports

MARGARET LAKE DIAMONDS FILES EXPLORATION PERMIT FOR KIYUK LAKE GOLD PROPERTY, NUNAVUT; SPRING 2019 DRILL PROGRAM PLANNED

Margaret Lake Diamonds Inc. has applied for a land use permit (LUP) at its Kiyuk Lake gold property located in southern Nunavut. Currently, Kiyuk Lake has a Type B water licence that is valid until June, 2022. The Type B licence allows the company to access local water sources for camp and drilling use.

Upon receipt of the LUP, the company plans to construct an exploration camp in late March followed by up to 5,000 metres of diamond core drilling in spring 2019. Ground magnetic surveys to further define high-priority drill targets are also being planned. The drill program will focus on expanding high-grade Rusty zone along strike and to depth as well as testing the highest priority drill targets.

About the Kiyuk Lake gold property

The Kiyuk Lake land package consists of 70 contiguous mineral claims encompassing over 59,000 hectares and offers year-round accessibility to a 35-person base camp. Significant past exploration, beginning with Newmont Mining in 2008 and most recently Cache Exploration in 2017, has resulted in over 13,000 metres of core drilling and delineation of four mineralized zones and five additional high-priority target areas that have yet to be drill tested. Mineralization has been traced across a 13-kilometre strike length and remain open in all directions. The main focus of exploration to date has been on the high-grade Rusty zone. In 2017, drilling within the Rusty zone returned broad intercepts of gold mineralization including:

• Eight metres of 26.48 grams per tonne gold from 108 m, including two m of 92.76 g/t gold from 110 m, in DDH KI17-001;
• 38 m of 1.16 g/t gold from 58 m, including eight m of 3.98 g/t gold from 68 m, in DDH KI17-002;
• 122 m of 1.82 g/t gold from 188 m, including 15 m of 3.34 g/t gold from 294 m, in DDH KI17-004;
• 249 m of 1.6 g/t gold from 8.2 m in DDH KI13-004 (no cut-off).

* Drill intercepts are not true widths. True widths are not known at this time. See Cache Exploration press releases dated Oct. 12, 2017, and Oct. 26, 2017, and Prosperity Goldfields press release dated April 9, 2013. While the company believes the historical work was performed according to best practices and the exploration data are reliable, a qualified person has not verified the results independently.

Qualified person

The technical data in this news release have been reviewed and approved by Buddy Doyle, PGeo, a qualified person under the provisions of National Instrument 43-101.

About Margaret Lake Diamonds Inc.

Margaret Lake Diamonds is a Canadian junior mining company focused on mineral exploration in Canada's most prolific mining districts. The company is earning an 80-per-cent interest in the high-grade Kiyuk Lake gold property located in southern Nunavut and also holds interests in two diamond exploration properties in the Northwest Territories -- the Margaret Lake project located adjacent to Mountain Province Diamond's Kennady North project and close proximity to Gahcho Kue, the newest Canadian diamond mine owned by De Beers and Mountain Province Diamonds.

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