Mountain Province Diamonds files its first quarter results for June 30, 2008

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

    TORONTO and NEW YORK, Aug. 15 /CNW/ - Mountain Province Diamonds Inc.
("the Company") (TSX: MPV, AMEX:   MDM) announced today that it filed its first
quarter results for June 30, 2008 on SEDAR yesterday. The quarter ended in a
net loss of $420,398, compared to a net loss of $307,320 in the same quarter
of the prior year. The increased loss over the comparative quarter is
associated with ongoing costs attributable to increased management and
oversight of its investment in the Gahcho Kué Project.
    The interim financial statements for the quarter ended June 30, 2008
include a restatement of the comparative figures in the June 30, 2007 quarter
in the Statement of Comprehensive Income to adjust the presentation of the
Company's adoption of CICA Handbook Section 3855, "Financial Instruments -
Recognition and Measurement". Details of this restatement are included in the
Notes to the Financial Statements.
    The Company will refile its September 30, 2007 and December 31, 2007
interim financial statements shortly to restate the September 30, 2007 and
December 31, 2007 Statements of Comprehensive Income to reflect the same
presentation adjustment resulting from the Company's adoption of CICA Handbook
Section 3855. The figures presented in the Statement of Comprehensive Income
in the audited annual consolidated financial statements of March 31, 2008
included appropriate presentation of the adoption of CICA Handbook Section
3855, and do not require restatement.

    About Mountain Province Diamonds

    Mountain Province Diamonds is one of Canada's premier diamond exploration
and development companies. The Company's primary asset is its interest in the
Gahcho Kué Diamond Project. Located in Canada's Northwest Territories, Gahcho
Kué is one of the largest new diamond mines under development globally. The
project consists of a cluster of three primary kimberlites (Tuzo, 5034 and
Hearne) 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.
    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.

    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.

    %CIK: 0001004530

For further information:

For further information: Jennifer Dawson, Chief Financial Officer and
Corporate Secretary, (416) 361-3562

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