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File: NR20150327.docx

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March 27, 2015 Shares Issued and Outstanding: 23,494,009
Release No. 20150302

Margaret Lake Diamonds Inc. Closes Non-Brokered 
Flow-Through Private Placement 

March 27, 2015, Vancouver, British Columbia - Margaret Lake Diamonds Inc. (TSXV: DIA) ("MLD" or the "Company") is plea
--->sed to announce that, further to its news release dated March 18, 2015, it has received final TSX Venture Exchange acc
--->eptance for the closing of its non-brokered private placement which consists of 559,000 flow-through common shares of 
--->the Company at a price of $0.18 per flow-through Share, for total gross proceeds of $100,620 (the "Private Placement")
--->.

The securities issued in this closing are subject to a four-month and a day hold period expiring July 27, 2015.

Proceeds from the flow-through shares will be used for Canadian Exploration Expenses within the meaning of the Income 
--->Tax Act. This will specifically include the processing and analysis of some 160 indicator mineral samples from the Mar
--->garet Lake property.

Paul Brockington, a subscriber to the Private Placement, is a "related party" to the Company under Multilateral Instru
--->ment 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Accordingly, the closing of
---> the Private Placement is a "related party transaction" under MI 61-101. The Private Placement is a transaction that i
--->s exempt from (i) the formal valuation requirements under Section 5.4 of MI 61-101 pursuant to Subsections 5.5(a) of M
--->I 61-101 and (ii) from the minority approval requirements under Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)
--->(a) of MI 61-101. The Company did not file a material change report more than 21 days before the expected closing of t
--->he Private Placement as the details of the participation therein by related parties of the Company were not settled at
---> that time, and the Board of Directors considered it to be in the best interest of the Company to close the Private Pl
--->acement once it had been substantially fully subscribed.

About Margaret Lake Diamonds Inc.

Margaret Lake Diamonds Inc. is a diamond exploration company focused on the Northwest Territories in proximity to Gahc
--->ho Kue, the next Canadian diamond mining development by De Beers and Mountain Province Diamonds, and adjacent to the o
--->ngoing exploration by Kennady Diamonds.  The Board of MLD is comprised of persons with combined involvement of over 50
---> years in the Canadian diamond sector.

For further information, please contact:

Margaret Lake Diamonds Inc.
Paul Brockington
President and CEO
Phone: 604-630-2810
Website:  www.margaretlakediamonds.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the 
--->TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.