Shares Issued and Outstanding: 77,361,057
TSX: MPV
NYSE AMEX: MDM

TORONTO AND NEW YORK, Dec. 13 /CNW/ -Mountain Province Diamonds Inc. ("Mountain Province", the "Company")
(TSX: MPV, NYSE AMEX: MDM) today announced that the Gahcho Kué JV
partners, Mountain Province and De Beers Canada Inc., received the
final Gahcho Kué definitive feasibility study at a JV meeting on
December 8, 2010. The feasibility study is now the subject of a final
review by the partners, which is expected to be completed by the end of
the first quarter of 2011. Finalization of the detailed project
execution plan is also currently underway.

Upon satisfactory completion of the review and the project execution
plan, the partners expect to commence work on the plan and budget for
the Gahcho Kué mine during the second quarter of 2011. The plan and
budget will serve as the basis for a final investment decision, which
is expected to be made once the partners have clarity on the progress
of the environmental review.

Mountain Province also confirmed that the Gahcho Kué Environmental
Impact Assessment remains on track for filing with the Mackenzie Valley
Environmental Review Board prior to year-end.

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About Mountain Province

Mountain Province is a 49% participant in the Gahcho Kué JV with De
Beers Canada (51%). Located in Canada's Northwest Territories, the
Gahcho Kué Project consists of a cluster of 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
Kué is the world's largest and highest grade diamond development
project. A recently completed independent 43-101 definitive feasibility
study indicates that the Gahcho Kué project has an IRR of 33.9%.

Forward-Looking Statement

This news release may contain forward-looking statements, within the
meaning of the "safe-harbor" provisions 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.