Mountain Province Diamonds Inc.

Mountain Province Diamonds Inc.

November 16, 2005 09:20 ET

Mountain Province Diamonds Inc. Appoints New President and CEO

TORONTO, ONTARIO--(CCNMatthews - Nov. 16, 2005) -

Mandate to Maximize Value of Diamond Project in Northwest Territories

The Board of Directors of Mountain Province Diamonds Inc. (TSX:MPV)(AMEX:MDM) (the "Company") today announced that Patrick Evans has been appointed to the position of President and CEO, effective immediately.

Mr. Evans will succeed Jan Vandersande, who has retired from the position. Dr. Vandersande has also resigned from the Board of Mountain Province Diamonds, but will continue to support the Company as a technical consultant. Elizabeth J. Kirkwood, Chairman, thanked Dr. Vandersande for his tireless efforts and contributions to the Company.

Patrick Evans will be responsible for managing the Company and its interest in the Gahcho Kue kimberlite diamond project in the Northwest Territories to maximize value for shareholders. Mr. Evans is the former President and CEO of SouthernEra Diamonds Inc, which is listed on the Toronto Stock Exchange and the London Stock Exchange AIM. He is also the former President and CEO of TSX-listed Southern Platinum Corporation and Johannesburg Stock Exchange-listed Messina Limited, which were recently acquired by the London platinum major, Lonmin Plc. Prior to that he was a senior executive with the Canadian gold producer Placer Dome Inc. and a member of the Executive Committee of the Chamber of Mines of South Africa. Mr. Evans is a graduate of the University of Cape Town (B.A., B.Sc.).

Commenting on Patrick Evans' appointment, Mountain Province Diamonds Chairman Elizabeth Kirkwood said: "Patrick's appointment brings to Mountain Province Diamonds a high level of senior executive leadership with extensive global diamond mining experience. He has wide experience managing complex multinational mining companies and projects in challenging environments. He also has a long-standing relationship with De Beers, the 51 percent operating partner in the Company's primary asset. We are delighted that he has joined Mountain Province Diamonds to build value for shareholders."

Mountain Province Diamonds Inc. controls 44.1 percent of the Gahcho Kue Project. The Project consists of the Hearne, 5034 and Tuzo kimberlites located at Kennady Lake in Canada's Northwest Territories. De Beers Canada Inc., the 51 percent operating partner of the Project, has recently completed a $25 million pre-feasibility study and is currently advancing the Project to permitting stage. De Beers has the right to earn up to 60 percent by taking the Project to commercial production. De Beers intends to conduct large diameter drilling and sampling program in the winter of 2005-2006 on the 5034 and Tuzo kimberlites to improve resource confidence and will also conduct delineation, geotechnical and hydrological drilling to improve input data for mine design.

Project Summary

Pipe Resource Tonnes Carats Grade Average
Category (cpht)(1) Value
5034 Indicated 8,715,000 13,943,000 160 $82.00
Inferred 4,921,000 8,366,000 170 $90.00
Hearne Indicated 5,678,000 9,676,000 170 $70.00
Inferred 1,546,000 2,373,000 153 $70.00
Tuzo Inferred 10,550,000 12,152,000 115 $57.00
Summary Indicated 14,392,000 23,619,000 164 $77.00
Inferred 17,017,000 22,890,000 135 $70.00
1. Resource cut-off is 1.5mm
2. June 2005 Price Book

Qualified Person

This press 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 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.

CANADA Office: 14th Floor, 220 Bay Street, Toronto, Ontario M5J 2W4

Contact Information

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    (416) 367-5000 ext. 252