D E C E M B E R 24 , 2 0 1 4

Y E L L O W K N I F E , N T | T O R O N T O , O N | N E W Y O R K , N Y

G A H C H O K U É J O I N T V E N T U R E AND D E N I N U K U É F I R S T N A T I O N S I G N I M P A C T B E N E F I T

A G R E E M E N T

De Beers Canada Inc. (De Beers) and Mountain Province Diamonds (TSX: MPV; NYSE MKT: MDM) are pleased to announce that an Impact Benefit Agreement (IBA) has been entered into with the Deninu Kué First Nation for the proposed Gahcho Kué Diamond mine, a joint venture between De Beers (51%) and Mountain Province Diamonds (49%) located 280 km's northeast of Yellowknife, Northwest Territories. De Beers is the Operator of the Gahcho Kué Project.
The IBA puts in place a framework for De Beers and the Deninu Kué First Nation to work together over the life of the mine to develop economic, environmental and cultural programs with Deninu Kué First Nation members.
"De Beers is committed to sustainable development and through this Agreement the Deninu Kué First Nation members can access new employment, training and business opportunities while ensuring strong environmental and cultural programs," said Glen Koropchuk, Chief Operating Officer for De Beers in Canada. "We want to thank the negotiating teams on both sides for their hard work in concluding the IBA."
"On behalf of Deninu Kué First Nation I am extremely pleased to be entering into an Impact Benefit Agreement with De Beers Canada Inc. and Mountain Province Diamonds. This is a historic moment for Deninu Kué First Nation to be acknowledged by the mining industry and a very important step towards a self-sustaining future," said Chief Louis Balsillie.
Mountain Province CEO Patrick Evans added: "We welcome the signing of the IBA with the Deninu Kué First Nation. This agreement is the final IBA for the Gahcho Kué Project and collectively, these agreements provide a firm foundation for cooperation that will be mutually beneficial and promote the interests of all parties."
Gahcho Kué will employ close to 700 people during the two years of construction and approximately 400 people during its operational phase.

C O N T A C T :

Tom Ormsby Chief Louis Balsillie Director of External & Corporate Affairs Deninu Kué First Nation De Beers - Mining, Canada Tel +1 (867) 394-4335
Tel +1 (416) 645-1710, ext. 2151
[email protected]
Patrick Evans
President & CEO
Mountain Province Diamonds
Tel +1 (416) 361-3562

A B O U T T H E D E   B E E R S G R O U P O F C O M P A N I E S

De Beers is a member of the Anglo American plc group. Established in 1888, De Beers is the world's leading Diamond company with unrivalled expertise in the exploration, mining and marketing of diamonds. Together with its joint venture partners, De Beers employs more than
20,000 people (directly and as contractors) across the Diamond pipeline, and is the world's largest Diamond producer by value, with mining operations in Botswana, Canada, Namibia and South Africa. As part of the Company's operating philosophy, the people of De Beers are committed to Living up to Diamonds by making a lasting contribution to the communities in which they live
and work, and transforming natural resources into shared national wealth. For further information about De Beers visit www.debeersgroup.com

A B O U T M O U N T A I N P R O V I N C E D I A M O N D S

Mountain Province Diamonds discovered the first kimberlite at Kennady Lake in 1995 and in
1997 entered into a joint venture with Monopros, a subsidiary of De Beers. Mountain Province is a 49% participant with De Beers Canada in the Gahcho Kué JV located in Canada's Northwest Territories. Gahcho Kué is the world's largest and richest new Diamond mine development. A March 2014 feasibility study filed by Mountain Province (available on SEDAR) indicates that the Gahcho Kué Project has an IRR of 32.6%. Further information is available at
www.mountainprovince.com.

F O R W A R D - L O O K I N G S T A T E M E N T S

This news release may contain forward-looking statements, within the meaning of the "safe- harbour" provision of the Private Securities Litigation Reform Act of 1995, regarding Mountain Province's business. 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.

Photo available upon request

Chief Louis Balsillie of the Deninu Kué First Nation in Fort Resolution, left, signs an Impact Benefit Agreement for the Gahcho Kué Project with De Beers Canada. Pictured at right is Glen Koropchuk, Chief Operating Officer for De Beers in Canada. The signing took place on December 23, 2014 and is the final IBA for the Gahcho Kué Project.