04.06.2008 – 15:19

Mountain Province Diamonds Inc

Mountain Province Reviewing Strategic Alternatives

Toronto and New York (ots/PRNewswire)

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

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 43-101.

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:
    Mountain Province Diamonds Inc.,
    Patrick Evans, President and CEO,
    Tel: +1-416-361-3562

Contact:

For further information: Mountain Province Diamonds Inc., Patrick
Evans, President and CEO, Tel: +1-416-361-3562