Mountain Province Reviewing Strategic Alternatives

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

    TORONTO and NEW YORK, June 4 /CNW/ - Mountain Province Diamonds Inc.
("Mountain Province" or "the Company") (TSX: MPV, AMEX:  MPM) today announced
that, with the support of its joint venture partner, De Beers Canada Inc., it
has begun a process to review strategic alternatives in relation to the Gahcho
Kué Joint Venture. The Company cautions shareholders that there is no
assurance that the review will result in any specific transaction and no
timetable has been set for its completion.

    About Mountain Province

    Located in Canada's Northwest Territories, Gahcho Kué is one of the
largest new diamond projects 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.
    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

    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) 361-3562

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