Mountain Province Diamonds Reports Preliminary Results from the Tuzo Large Diameter Bulk Sampling Program



    - 25.13 carat gem quality diamond recovered
    - Total 18,893 diamonds recovered from 715.6 tonnes
    - Average grade 2.16 carats per tonne(*)

    Shares Issued and Outstanding: 59,932,381
    TSX: MPV
    AMEX:   MDM

    TORONTO and NEW YORK, Aug. 6 /CNW/ - Mountain Province Diamonds Inc.
("the Company) (TSX: MPV, AMEX:   MDM) today announced preliminary results from
the Tuzo large-diameter bulk sampling program conducted last winter. As
previously announced, a 25.13 carat gem quality diamond of excellent shape and
clarity and good colour was recovered during this program. This diamond has
been independently valued at $17,500 per carat, putting the diamond value at
approximately $440,000.
    The Tuzo bulk sampling program was designed to recover approximately
1,500 carats. Combined with the approximately 600 carats recovered from Tuzo
during prior years' exploration, this should be sufficient to develop a
diamond revenue model for the Tuzo kimberlite pipe. Once all the results are
available, the Tuzo diamonds will be valued by the Gahcho Kué project
operator, De Beers Canada. Mountain Province Diamonds has retained WWW
International Diamond Consultants to conduct an independent valuation of all
the Gahcho Kué diamonds, including the recently recovered Tuzo diamonds.
Following completion of the Tuzo diamond revenue model, it is anticipated that
the Tuzo resource will be upgraded to the "indicated mineral resource"
category.
    "We are very pleased with the results of the Tuzo bulk sampling program.
Our target of 1,500 carats has been exceeded and we believe the 25.13 carat
diamond is the largest gem quality diamond ever recovered from a Canadian
diamond exploration drill program", said Patrick Evans, President and CEO of
Mountain Province Diamonds.
    To extract the Tuzo bulk sample, two 24-inch large-diameter drill rigs
were used. A total of nine holes were drilled, with seven holes to depths
between approximately 100 and 130 meters and two holes to depths of
approximately 300 meters. The preliminary results listed in Table 1 below are
for eight of the nine holes drilled. The results for hole MPV-08-319L, which
was one of the deep holes drilled, are still pending. A total of 18,893
diamonds have so far been recovered from 715.6 tonnes of kimberlite.

    
    Table 1

    2008 Tuzo Large Diameter Drilling Data
    -------------------------------------------------------------------------
    KIMBERLITE   DRILL       DEPTH      KIMBERLITE  CARATS  DIAMOND  GRADE(*)
       PIPE       HOLE    (from - to)      MASS     +1.5mm   COUNT   (carats
                           (metres)      (tonnes)           +1.5mm     per
                                                                      tonne)
    -------------------------------------------------------------------------
    Tuzo        MPV-08-   17.0 - 133.6     81.8      261.2    3,344    3.20
                 315L
    -------------------------------------------------------------------------
    Tuzo        MPV-08-   16.5 - 122.5     72.2      248.9    3,654    3.45
                 316L
    -------------------------------------------------------------------------
    Tuzo        MPV-08-   17.0 - 126.5     74.6      268.8    2,806    3.61
                 317L
    -------------------------------------------------------------------------
    Tuzo        MPV-08-   11.0 - 103.3     67.2       84.6    1,157    1.26
                 318L
    -------------------------------------------------------------------------
    Tuzo        MPV-08-     Pending      Pending   Pending  Pending  Pending
                 319L
    -------------------------------------------------------------------------
    Tuzo        MPV-08-   15.0 - 97.8      59.1       79.6      913    1.35
                 320L
    -------------------------------------------------------------------------
    Tuzo        MPV-08-   15.5 - 113.0     68.9      149.5    1,768    2.17
                 321L
    -------------------------------------------------------------------------
    Tuzo        MPV-08-   16.0 - 102.6     60.4      110.5    1,388    1.83
                 322L
    -------------------------------------------------------------------------
    Tuzo        MPV-08-   17.0 - 125.2     86.6      211.5    2,318    2.44
                 323L
    -------------------------------------------------------------------------
    Tuzo        MPV-08-   125.2 - 305     144.8      128.6    1,545    0.89
                 323L
                (Deep)
    -------------------------------------------------------------------------
    SUMMARY                               715.6    1,543.2   18,893    2.16
    -------------------------------------------------------------------------

    (*) Grade presented for illustrative purposes only.
    

    Located in Canada's Northwest Territories, Gahcho Kué is the largest new
diamond mine under development in the Western world. The project consists of a
cluster of three primary kimberlites with an indicated resource of
approximately 14.4 million tonnes grading at 1.64 carats per tonne
(approximately 23.6 million carats) and an inferred resource of approximately
17 million tonnes grading at 1.35 carats per tonne (approximately 22.9 million
carats). Gahcho Kué is currently undergoing permitting for the issuance of
construction and operating authorisation.
    Mountain Province Diamonds (49 percent) is a joint venture partner with
De Beers Canada Inc. (51 percent) in the Gahcho Kué project. De Beers is the
operator of the project and can be called on to fund the project through to
commercial production.

    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:

For further information: Mountain Province Diamonds Inc., Patrick Evans,
President and CEO, Tel: (416) 670-5114


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