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File: 20170401 FT Private Placement @ 0.10.docx

MARGARET LAKE DIAMONDS INC.

Margaret Lake Diamonds Inc. Announces Non Brokered Flow Through Private Placement for Gross Proceeds of Up to $500,000
TSXV: DIA
April 28, 2017, Vancouver, British Columbia - Margaret Lake Diamonds Inc. (TSXV:DIA, FSE:M85) (the "Company") announce
--->s a non-brokered Flow Through private placement (the "Offering") of up to 5,000,000 units (each a "Unit") at a price o
--->f $0.10 per Unit, for aggregate gross proceeds of up to $500,000.  Each Unit shall consist of one Flow Through common 
--->share of the Company and one half of one transferable non flow through common share purchase warrant ("Warrant"), with
---> two Warrants entitling the holder thereof to acquire one additional non flow through common share at a price of $0.15
---> for a period of twelve (12) months following closing of the Offering.
The Company may pay finder's fees of 6% cash and 10% Units under the Offering in accordance with applicable securities
---> laws and the policies of the Exchange. The net proceeds from the Offering will be used for the Company's planned upco
--->ming ground geophysical programs.  
Closing of the Offering is subject to receipt of applicable regulatory approvals including the approval of the Exchang
--->e. The securities issued will be subject to a standard four month and one day hold period.
About Margaret Lake Diamonds Inc.
Margaret Lake Diamonds Inc. is a diamond exploration company focused on the Northwest Territories with the Margaret La
--->ke property in proximity to Gahcho Kue, the new Canadian diamond mine owned by De Beers and Mountain Province Diamonds
--->, and adjacent to the ongoing advanced exploration by Kennady Diamonds. In addition the Company has a joint venture wi
--->th Arctic Star Exploration Corp. on the Diagras property in the Lac de Gras area in proximity to the Ekati and Diavik 
--->producing diamond mining operations. The Board of Margaret Lake Diamonds Inc. is comprised of persons with combined in
--->volvement of over 50 years in the Canadian diamond sector.
ON BEHALF OF THE BOARD OF DIRECTORS
"Paul Brockington"
Paul Brockington, President and Chief Executive Officer

For further information, please contact:
Margaret Lake Diamonds Inc.
Paul Brockington
President and CEO
Phone: 604-630-2810
Website: www.margaretlake.com
Forward-looking Information

This news release contains forward-looking information that involve various risks and uncertainties regarding future e
--->vents. Such forward-looking information can include without limitation statements based on current expectations involv
--->ing a number of risks and uncertainties and are not guarantees of future performance of the Company. Actual results an
--->d future events could differ materially from anticipated in such information. These and all subsequent written and ora
--->l forward-looking information are based on estimates and opinions of management on the dates they are made and express
--->ed qualified in their entirety by this notice.

The Company assumes no obligation to update forward-looking information should circumstances or management's estimates
---> or opinions change.  Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in th
--->e policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.