Mountain Province Diamonds Returns 40-Metre Kimberlite Intercept, 40 metres from known Tuzo Resource, Positive Drilling Results from the Hearne Kimberlite at the Gahcho Kué Mine

TORONTO, June 12, 2023

TORONTO, June 12, 2023 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) announces the discovery of additional kimberlite, approximately 40 metres to the northeast of the modeled Tuzo kimberlite. In addition, the drilling of the Hearne Deep and the Northwest Extension has seen multiple intercepts of up to 287 metres of kimberlite.

The Hearne Northwest Extension was identified in late 2021 when a kimberlite exposure (25 meters across) was encountered in a lower bench face during routine mining operations. Drilling programs in 2022 indicated that a significant volume of previously unknown kimberlite could exist, with ten of sixteen drillholes reported kimberlite intersections up to 114 meters in the extension (see news releases, July 18 and November 30, 2022). In the 2023 program ten of eleven drillholes collared within and outside of the Hearne pit have intersected kimberlite with the longest intersection being 287 meters.

Mark Wall, the Company's President and Chief Executive Officer commented:

"These latest results at Hearne confirm that a significant volume of kimberlite exists in the Northwest Extension. Combined with our earlier results, we now have 21 drillholes that define the extension below the final pit and to the northwest. We are actively engaged with our operating partner De Beers to look at ways to recover this deeper kimberlite by underground mining."

In the present program, seven drillholes were collared outside of the pit and four were collared on kimberlite within the pit to test the width and depth of the extension respectively. A summary of the latest drilling results is provided below.