Star - orion south diamond project increased rough diamond prices highest value stone identified: $15,000 per carat, 11.96 carats

George H. Read, P. Geo., Senior Vice President Exploration & Development, is pleased to announce the completion of an updated valuation of the diamond parcels from the Star and Orion South Kimberlites. This valuation will be used in the Final Feasibility Study for resource estimation, pit optimization and associated financial model. These parcel and modeled prices were determined by WWW International Diamond Consultants Limited ("WWW"), an industry leading rough diamond valuation and consulting company. In this current valuation exercise WWW has applied its February 1, 2011 price book to parcels from Star and Orion South. All price figures are expressed in US dollars.

Mountain Province Diamonds Announces Filing of Gahcho Kué Definitive Feasibility Study

Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE AMEX: MDM) today announced that the National Instrument 43-101 ("NI 43-101) Technical Report on the Gahcho Kué Project has been filed and can be accessed on SEDAR and the Company's website. The results of the independent definitive feasibility study, dated October 15, 2010, were released on October 21, 2010. JDS Energy and Mining Inc. ("JDS") led the feasibility study, which was presented to the Gahcho Kué Joint Venture (JV) between Mountain Province (49%) and De Beers Canada Inc. ("De Beers") (51%) (collectively, the "Partners").

Metalex recover more than 800 commercial-sized diamonds from a 15 meter drill intercept from the t1 kimberlite

Metalex Ventures Ltd. (TSXV : MTX) ("Metalex") is pleased to report unusually high numbers of diamond have been recovered from portions of the T1 kimberlite on the Metalex (94.2%) - Arctic Star (5.8%) Diamond Corp (TSXV : ADD) joint venture in the James Bay lowlands, Ontario.

Initial heavy media concentration of the T1 kimberlite at the Stornoway Diamond Corp. plant is now complete. Re-crushing and secondary processing of the T1 samples have been put on hold until the additional grease table recommended by our mineral process engineer to improve diamond recovery is installed in about a month.  In the meantime, the Stornoway plant is being modified to run the U2 bulk sample which is unusually clay rich.

Mountain Province Diamonds Provides Update on Gahcho Ku Environmental Impact Statement

Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NYSE-AMEX: MDM) today announced that the operator of the Gahcho Kué Joint Venture, De Beers Canada Inc ("De Beers"), has notified the Gahcho Kué Environmental Impact Review Panel (the "Panel") that the Gahcho Kué Environmental Impact Statement (EIS) is on track for completion and submission before the end of 2010.

Submission of the EIS will result in the resumption of the Environmental Impact Review of the Gahcho Kué Project, which is being led by the Panel.  The Panel is an independent administrative tribunal established by the Mackenzie Valley Environmental Impact Review Board (the "Review Board") under the Mackenzie Valley Environmental Resource Management Act. The five members of the Panel are appointed from members of the Review Board.