Mountain Province Diamonds Completes Compulsory Acquisition and Increases Ownership of Camphor Ventures to 100%


    Shares Issued and Outstanding: 59,723,531
    TSX: MPV
    AMEX:   MDM

    TORONTO and NEW YORK, June 20 /CNW/ - Mountain Province Diamonds Inc.
(TSX: MPV, AMEX:   MDM) (the "Company" or "Mountain Province") is pleased to
announce that it has acquired the remaining 653,752 common shares of Camphor
Ventures Inc. ("Camphor") not already owned by Mountain Province, following
the expiry June 19, 2007 of its Notice of Compulsory Acquisition (the
"Compulsory Acquisition") issued April 19, 2007, to acquire all of the
remaining Camphor common shares pursuant to the British Columbia Business
Corporations Act. Mountain Province has now acquired a total of 9,884,915
Camphor common shares. As a result, the Company now owns an aggregate of
14,877,665 Camphor common shares, representing 100% of the Camphor common
shares on a non-diluted basis. Pursuant to the terms of the Compulsory
Acquisition, Mountain Province shall issue 0.41 of one (1) Mountain Province
common share in exchange for each of the Camphor common shares acquired under
the Compulsory Acquisition. Immediately following the take-up of the remainder
of the Camphor shares, all outstanding Camphor options will be taken up and
exchanged for Mountain Province options on a 0.41 for one (1) basis.

    Located in Canada's Northwest Territories, Gahcho Kué is the largest new
diamond mine under development globally. 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 in the permitting and advanced exploration stage of development. At
full production, the Gahcho Kué diamond mine is expected to produce
approximately 3 million carats a year over 15 years.

    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

    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.

    The Toronto Stock Exchange and the TSX Venture Exchange have not reviewed
    and do not accept responsibility for the adequacy or accuracy of this

    %SEDAR: 00005311E          %CIK: 0001004530

For further information:

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

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