TORONTO and NEW YORK, October 6, 2021 / PRNewswire / – Mountain Province Diamonds Inc. (“Mountain Province”, the “Company”) (TSX: MPVD) (OTCQX: MPVD) announces today that the Company and Stuart Brown, its President and Chief Executive Officer, have decided by mutual agreement that Mr. Brown will leave the Company, with immediate effect. Jonathan comerford has been appointed Interim President and CEO of the Company in place of Mr. Brown. A search for a full-time replacement has started and the Company hopes to make an announcement in the coming weeks. Mr. Brown also resigned from his position as a director of the Company. Mr. Brown will provide assistance to the Company to facilitate the transition period.

Mr. Comerford has been a director of the Company since September 2001 and the president since April 2006. May to july 2018, he assumed the additional role of Interim President and CEO. Mr. Comerford resides at Dublin, Ireland. He received his Masters in Commerce from Michael Smurfit Business School and a BA in Economics from University College Dublin. Mr. Comerford has been the Investment Manager at International Investment Underwriting (IIU) since August 1995.

Mr. Comerford commented:

“On behalf of the Board of Directors, I would like to thank Stuart for his strong and committed service as CEO of Mountain province for three years. Stuart has guided the Company through difficult times for the diamond industry, including the very difficult Covid-19 pandemic. He is leaving the Company in a stronger position at the dawn of 2022. We appreciate his tremendous efforts and accomplishments, and wish him the best in his future endeavors. “

About the company

Diamonds from the Mountain Province is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in from Canada Northwest Territories. The Gahcho Kué joint venture property consists of several kimberlites which are actively mined, developed and explored for future development. The Company also controls 106,202 hectares of very promising mineral claims and leases that surround the Gahcho Kué joint venture property and which include an indicated mineral resource for the Kelvin kimberlite and inferred mineral resources for the Faraday kimberlites.

For more information on Mountain Province Diamonds and to receive press releases via email, visit the company’s website at www.mountainprovince.com.

Qualified person

The disclosure in this press release of scientific and technical information concerning Mountain province mining properties has been reviewed and approved by Matthew MacPhail, ing., MBA and Tom E. McCandless, Ph.D., P.Geo., Both employees of Mountain Province Diamonds and qualified persons as defined by National Instrument 43-101 Disclosure standards for mining projects.

Caution regarding forward-looking information
This press release contains certain “forward-looking statements” and “forward-looking information” under Canadian law and United States securities laws relating to the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, without limitation, statements regarding operational risks, including possible disruptions due to a pandemic such as COVID-19, its impact on travel, self-isolation protocols and activities and operations, estimated production and mine life of the project of Mountain province; carrying out mineral reserve estimates; the timing and amount of estimated future production; production costs; the future price of diamonds; estimation of mineral reserves and resources; the ability to manage debt; capital expenditure; the ability to obtain operating permits; liquidity; tax rates; and fluctuations in exchange rates. With the exception of statements of historical fact concerning Mountain province, certain information contained in this document constitutes forward-looking statements. Forward-looking statements are often characterized by words such as “plans”, “could”, “may”, “plans”, “believes”, “believes”, “expects”, “plans”, “objectives”, “” Probably “,” will “,” should “,” be “,” potential “and other similar words, or statements that certain events or conditions” could “,” should “or” occur “. Forward-looking statements are based on the opinions and estimates of management as of the date the statements are made, and are based on a number of assumptions and are subject to a variety of risks and uncertainties and others. factors that could cause actual events or results to differ materially from those projected in forward-looking statements. Many of these assumptions are based on factors and events beyond the control of Mountain province and there is no assurance that they will prove to be correct.

Factors that could cause actual results to differ materially from the results anticipated by these forward-looking statements include the development of operational risks that could arise in connection with COVID-19, including, but not limited to, protocols that may be adopted to reduce the spread of COVID-19 and any impact of these protocols on Mountain province activities and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rate; cash flow; risks associated with the availability and timeliness of permits and government approvals; supply and demand for diamonds; fluctuation in raw material prices and exchange rates, possibility of project cost overruns or unforeseen costs and expenses, labor disputes and other risks of the mining industry, failure of facilities, equipment or processes to function as intended.

These factors are discussed in more detail in Mountain province the most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions relating to these statements. Mountain province cautions that the foregoing list of important factors is not exhaustive. Investors and others who rely on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain province Believes that the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that such expectations will prove to be correct and the forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release.

Even if Mountain province attempted to identify material factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to be not anticipated, estimated or anticipated. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain province does not undertake to update forward-looking statements if circumstances or management’s estimates or opinions change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements regarding estimates of mineral reserves and resources may also be considered forward-looking statements to the extent that they involve estimates of the mineralization that will be encountered as the property is developed.

Further away, Mountain province may make changes to its business plans that could affect its results. The main strengths of Mountain province are administered as part of a joint venture under which Mountain province is not the operator. Mountain province is exposed to actions taken or omissions made by the operator within the scope of its prerogative and / or decisions taken by the joint venture under its terms. Such actions or omissions may have an impact on the future performance of Mountain province. As part of its current loan and revolving credit facilities Mountain province is subject to certain limitations as to its ability to pay dividends on ordinary shares. The declaration of dividends is at the discretion of Mountain province Board of Directors, subject to the limits of the Company’s borrowing facilities, and will depend on Mountain province financial results, cash flow requirements, future prospects and other factors deemed relevant by the board

SOURCE Mountain Province Diamonds Inc.

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