Mountain Province Diamonds Provides Exploration Update on Southwest Corridor at the Gahcho Kué Mine

TORONTO and NEW YORK, January 18, 2018 /PRNewswire/ --

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Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX and NASDAQ: MPVD) today announces an update on the exploration program currently ongoing in the Southwest Corridor area of the Gahcho Kué mine site. The Southwest Corridor area lies between the 5034 and Hearne pipes, and in the course of mining activity has been recognized as containing diamondiferous kimberlite that is not included in the project resource statements. The current exploration program has included geophysical surveys, as well as exploration drilling which remains ongoing.

A geophysical program was carried out in the fall of 2017. This program comprised a ground gravity survey centred on the Southwest Corridor area as well as other nearby areas, including between the Tuzo and Tesla pipes. Approximately 70% of the ground gravity survey was completed in the fall, and has identified a potential target in the corridor between Tesla and Tuzo. The remaining 30% of the survey will be completed in February, including infill stations to complete the assessment of this new target. As well, the geophysical program included an airborne magnetics and electromagnetics survey spanning the full lease area around the mine, which has detected a possible extension of the Tesla pipe to the southwest.

A 17 hole exploration drill program in the Southwest Corridor, based on a 50 metre by 50 metre spacing plan, was commenced in November 2017. Drilling remains ongoing and is expected to continue until mid-March.  Six holes have been completed to date, and a summary of results is provided as follows:

                                                                                      End
                                                                                       of
                                                                   Intercept True    Hole
    Drill Hole  Azimuth Inclination     Intercept[1],[2]     (m)     Thickness[3] (m) (m)
                                       From        To      Length

    MPV-17-435C   300       -54        76.65     120.08     43.43          25.4       126
    MPV-17-436C   311       -54       107.00     130.23     23.23          13.8       164
    MPV-17-437C   329       -54       151.80     199.70     47.90          26.4       230
    MPV-17-438C   285       -50       151.60     157.00      5.40           3.1       191
    MPV-17-439C   305       -60       157.00     164.50      7.50           3.5       224
    MPV-17-440C   327       -50       211.27     229.40     18.13          11.6       284

[1]Intercept is composed of kimberlite, kimberlite granite breccia, granite kimberlite breccia, and internal granitic dilution.