www.mountainprovince.com

NEWS RELEASE May 28, 2014 Shares Issued and Outstanding: 106,039,522 TSX: MPV NYSE MKT: MDM Mountain Province Diamonds Announces Non-Brokered Private Placement Toronto and New York, May 28, 2014 - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE MKT: MDM) today announced that the Company is undertaking a non-brokered private placement to raise approximately C$35 million through the placement of common shares at a price of C$5 per common share.

The proceeds of the private placement will be used to support the Company's share of ongoing
capital expenditures at the Gahcho Kué project and for general corporate purposes.
The private placement is expected to close on or before June 12, 2014, and is subject to regulatory approval.
****

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué JV located at Kennady Lake in Canada's Northwest Territories. The Gahcho Kué Project consists of a cluster of four diamondiferous kimberlites, three of which have a probable mineral reserve of 35.4 million tonnes grading 1.57 carats per tonne for total diamond content of 55.5 million carats.

Gahcho Kué is the world's largest and richest new diamond development project. A 2014 NI 43-
101 feasibility study report filed by Mountain Province (available on SEDAR) indicates that the
Gahcho Kué project has an IRR of 32.6%.

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.
www.mountainprovince.com

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, PLEASE CONTACT:

Mountain Province Diamonds Inc. Patrick Evans, President and CEO

161 Bay Street, Suite 2315

Toronto, Ontario M5J 2S1

Phone: (416) 361-3562

E-mail: info@mountainprovince.com www.mountainprovince.com

distributed by