An anonymous director reports

MOUNTAIN PROVINCE DIAMONDS APPOINTS BANKS TO ARRANGE AND UNDERWRITE US$370M TERM LOAN FACILITY

Mountain Province Diamonds Inc. has appointed three leading international banks to arrange and underwrite a senior secured term loan facility of up to $370-million (U.S.) to finance the company's share of the construction cost of the Gahcho Kue diamond mine located in Canada's Northwest Territories. Gahcho Kue is a joint venture between De Beers Canada Inc. (51 per cent) and Mountain Province (49 per cent).

Mountain Province has mandated Deutsche Bank AG (acting through its London branch), Natixis SA and Nedbank Ltd. as the lead arrangers to underwrite, arrange and manage the primary syndication of the facility, subject to the satisfaction of certain conditions including, but not limited to, the successful completion of due diligence and internal bank approvals of the lead arrangers and agreement of facility documentation, which is expected prior to the end of 2014.

As at the end of June, 2014, the overall project was progressing according to plan and remains on schedule for first production during the second half of 2016. Mountain Province is currently financing its share of the capital with equity and has arranged sufficient equity to finance planned capital commitments through to the end of 2014.

Mountain Province is being advised by Rockface Capital of the United Kingdom.

Mountain Province Diamonds is a 49-per-cent participant with De Beers Canada in the Gahcho Kue JV located at Kennady Lake in Canada's Northwest Territories. The Gahcho Kue project consists of a cluster of four diamondiferous kimberlites, three of which have a probable mineral reserve of 35.4 million tonnes grading 1.57 carats per tonne for total diamond content of 55.5 million carats.

Gahcho Kue is the world's largest and richest new diamond development project. A 2014 National Instrument 43-101 feasibility study report filed by Mountain Province (available on SEDAR) indicates that the Gahcho Kue project has an internal rate of return of 32.6 per cent.

Qualified person

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