Gahcho Kue Environmental Review

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Shares Issued and Outstanding: 94,168,151
TSX: MPV
NYSE MKT: MDM




TORONTO AND NEW YORK, Jan. 8, 2013 /PRNewswire/ - Mountain Province Diamonds
Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) is
pleased to announce that the Mackenzie Valley Environmental Impact
Review Board closed the public record for the Gahcho Kue environmental
impact review on January 3, 2013. The closure of the public record
marks a significant milestone in the permitting of the Gahcho Kue
diamond mine, a joint venture with De Beers Canada Inc. ("De Beers").


De Beers, the Gahcho Kue operator, made the following closing statement:


"De Beers submits that the evidence presented in this proceeding clearly
establishes the following:


(A) The Project will result in significant and positive socio-economic
benefits to the NWT and its people, including Aboriginal persons; and


(B) The development of the Project will not result in any significant
adverse environmental effects.


"Therefore, De Beers submits that the Panel should recommend to the
Minister that the Project be approved as proposed by De Beers. Assuming
the Project is approved, De Beers looks forward to continuing to work
with regulators and Aboriginal groups throughout the rest of the
regulatory process and throughout the life of the Project."





In a closing statement at the public hearings on December 7, 2012, the
chairman of the Gahcho Kue Panel stated:


"The work plan for the Gahcho Kue Project states that the report of
Environmental Impact for review will be completed by July 2013. I hope
we have demonstrated to everyone that timeliness is something that is a
high priority of the panel and as a result we will endeavour to
complete the report before that date."


Mountain Province President and CEO, Patrick Evans, said: "Based on the
high level of government and public support for the Gahcho Kue diamond
mine, combined with the encouraging statement from the chairman of the
Gahcho Kue Panel, we are optimistic that we will receive an early and
positive recommendation supporting the Gahcho Kue development plan. We
are also hopeful that Canada's Minister of Aboriginal Affairs and
Northern Development will move swiftly to approve the development of
Gahcho Kue once he has received the recommendation of the Panel."


Mr. Evans noted that a decline in production from the existing Ekati and
Diavik diamond mines, as they enter their sunset years, contributed to
an approximate 5 percent drop in the GDP of the Northwest Territories.
"Gahcho Kue, as the world's largest new diamond mine, is critical to
the future of Canada's diamond industry and will contribute important
benefits to all the people of the Northwest Territories."


Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kue JV located
at Kennady Lake in Canada's Northwest Territories. The Gahcho Kue
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 Kue 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 Kue 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.




SOURCE Mountain Province Diamonds Inc.

The full text of the De Beers closing statement is available on >www.mountainprovince.com </p>