Mountain Province Diamonds Results of Third Diamond Sale of 2018

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

TSX and NASDAQ: MPVD 

Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX and NASDAQ: MPVD) today announces the results of its recently completed third diamond sale of 2018.

The results of the third tender sale, with preceding sale results for comparative context, are summarized as follows:

   
                                                                  2018     2018     2018
                                   2017-H1   2017-Q3   2017-Q4     Feb      Mar      Apr
                                 Sales 1-5 Sales 6-7 Sales 8-10  Sale 1   Sale 2   Sale 3
    Tender Sale Proceeds (USD
    million)                          71.5      48.0       59.3     27.3     25.1    26.4
    Carats Sold ('000s)                892       753      1,005      351   177[3]     451
    Value per Carat (USD)[1]            80        64         59       78      142    59[4]
    Normalized Value per Carat
    (USD)[2]                            75        78         66       85       80      80

                                 Diamonds sold at individual sale events will not
                                 directly reflect run-of-mine production from
                                 specific processing periods. The timing of the sale
                                 of some goods may be accelerated or deferred for
                                 tactical marketing purposes. Realized average value
                                 per carat is also impacted by the binary nature of
                                 the fancies and specials bidding process within each
                                 production split, conducted approximately every five
                                 weeks with the Company's joint venture partner, De
                                 Beers Canada Inc. The winning party of each fancies
                                 and specials bid then markets 100% of those
    [1]                          diamonds.
                                 Normalized to adjust for goods accelerated or
                                 deferred, and to include fancies and specials
    [2]                          acquired through bid by De Beers Canada Inc.
                                 For 2018, due to scheduling logistics there will
                                 only be nine production splits. The first split
                                 occurred in early February and is supplying the bulk
                                 of the goods offered in both of Sales 2 and 3 of
                                 2018. Carat volumes in Sale 2 were accordingly lower
                                 than typical, with the balance to be caught up in
                                 subsequent 2018 sales. There will still be a total
    [3]                          of ten tender sales in 2018.
                                 As was noted would be the case in the commentary on
                                 the second sale, the value per carat realized in
                                 Sale 3 is lower than typical as certain fancies and
                                 specials that would otherwise have been scheduled
    [4]                          for this Sale 3 were accelerated and sold in Sale 2.