News Column

Mountain Province Diamonds Appoints Banks to Arrange and Underwrite US$370M Term Loan Facility

July 30, 2014

ENP Newswire - 30 July 2014

Release date- 29072014 - Toronto and New York - Mountain Province Diamonds Inc. (TSX: MPV, NYSE MKT: MDM) is pleased to announce the appointment of three leading international banks to arrange and underwrite a senior secured term loan facility of up to US$370M to fund the Company's share of the construction cost of the Gahcho Kue diamond mine located in Canada'sNorthwest Territories.

Gahcho Kue is a joint venture between De Beers Canada Inc. (51%) and Mountain Province (49%).

Mountain Province has mandated Deutsche Bank A.G., acting through its London Branch, Natixis S.A. and Nedbank Limited as the lead arrangers ('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 H2 2016. Mountain Province is currently funding its share of the capital with equity and has arranged sufficient equity to fund 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% participant with De Beers Canada in the Gahcho Kue JV located at Kennady Lake in Canada'sNorthwest 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 NI 43-101 feasibility study report filed by Mountain Province (available on SEDAR) indicates that the Gahcho Kue project has an IRR of 32.6%.

Forward-Looking Statements

This news release may contain forward-looking statements, within the meaning of the 'safe harbor' provision of the Private Securities Litigation Reform Act of 1995, regarding the Company's business or financial condition. Actual results could differ materially from those described in this news release as a result of numerous factors, some of which are outside the control of the Company.


Patrick Evans

President and CEO

Mountain Province Diamonds Inc.

Tel: (416) 361-3562


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Source: ENP Newswire

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