Mountain Province Diamonds holds fourth diamond sale of 2018 — totals $36.2 million

A display of diamonds mined from the Gahcho Kué diamond mine in Canada's Northwest Territories. — Photo courtesy Mountain Province Diamonds Inc.

Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX and NASDAQ: MPVD) recently announced the results of its recently completed fourth diamond tender sale of 2018. Total proceeds from the sale were US$28.3 million (CDN$36.2 million), the highest total for any tender result to date.

Market sentiment remained positive coming out of the April holidays and into the fourth selling cycle. Customer participation was healthy with 191 companies attending the tender and an average of 12.4 bids received per lot.

Said Reid Mackie, the Company's Vice President Diamond Marketing, "Our fourth sale results reflect the overall positive sentiment in the rough diamond market, driven by the strong fundamentals of stable rough supply and positive news from the major retail markets. Larger size gem categories again attracted high interest levels from customers, delivering record prices for some on a per carat basis. Prices for the remaining categories of goods generally remained stable, with a marginal market price increase for these goods over our third sale results."

Said David Whittle, the Company's Interim President and Chief Executive Officer, "The results of this fourth sale exceeded our target expectations. Our experience in recent sales confirms rough diamond prices are holding stable, supported by strength in the largest retail diamond jewellery markets in the world, the US and China. Mine and plant operations continue to perform solidly, with production remaining comfortably on track compared to plan due to good production rates and continued strong grade".

Additionally, as previously announced Stuart Brown will assume the role of President and Chief Executive Officer effective July 1. David Whittle, currently in the interim position, will resume his prior role as an independent director. To preserve his independent status in accordance with applicable securities regulation, Mr. Whittle will step down as Interim President and CEO at the end of May. Jonathan Comerford, current Chair of the Board, will be appointed to the interim position for the month of June until the transition to Mr. Brown is completed.

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. Gahcho Kué is the world's largest new diamond mine, consisting of a cluster of four diamondiferous kimberlites, three of which are being developed and mined under the initial 12 year mine plan.

The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Keyvan Salehi, P.Eng., MBA, a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Forward looking statements apply.