NEWS RELEASE

November 18, 2013

Shares Issued and Outstanding: 94,522,151

TSX: MPV

NYSE MKT: MDM

Mountain Province Diamonds Increases

Non-Brokered Private Placement to C$29.1M

Toronto and New York, November 18, 2013 - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) today announced an increase to its previously announced non-brokered private placement of common shares. Due to strong support from existing shareholders, the private placement has been increased from C$25M to C$29.1M.

Additional proceeds under the private placement will be used to support the Company's share of initial capital expenditures at the Gahcho Ku? project, the 2014 Tuzo Deep drill program and for general corporate purposes.

The private placement is expected to close on or before November 22, 2013, and is subject to regulatory approval.

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Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Ku? JV located at Kennady Lake in Canada's Northwest Territories. The Gahcho Ku? Project consists of a cluster of four diamondiferous kimberlites, three of which have a probable mineral reserve of 31.3 million tonnes grading 1.57 carats per tonne for total diamond content of 49 million carats.

Gahcho Ku? is the world's largest and richest new diamond development project. A December 2010 feasibility study filed by Mountain Province (available on SEDAR) indicates that the Gahcho Ku? project has an IRR of 33.9%.

Qualified Person

This news release has been prepared under the supervision of Carl G. Verley, P.Geo., who serves as the qualified person under National Instrument 43-101.

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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Mountain Province Diamonds Inc.

Patrick Evans, President and CEO

161 Bay Street, Suite 2315

Toronto, Ontario M5J 2S1

Phone: (416) 361-3562

E-mail: info@mountainprovince.com

www.mountainprovince.com

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