Mountain Province Diamonds Provides Feasibility Study Update

Feasibility Study on track for completion in mid-2010

Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NY-AMEX: MDM) is pleased to announce that the Gahcho Kue definitive feasibility study, which commenced in August, 2009, is progressing satisfactorily and remains on budget and on schedule for completion by mid-2010. Key elements of the feasibility study, including the mine schedule, pit design, waste dump design, process plant design, and waste and water management are advancing satisfactorily.

A final draft of the Gahcho Kue project description has been presented to the Gahcho Kue Joint Venture partners, De Beers Canada Inc. ("De Beers") and Mountain Province. Once completed, the project description will be incorporated into the Environmental Impact Statement ("EIS"), which will be submitted the Mackenzie Valley Environmental Impact Review Board ("MVEIRB"). Key elements of the draft project description include the following:

Star-Orion South Diamond Project proposal final Project-Specific Guidelines published

George H. Read, P. Geo., Senior Vice President Exploration and Development, is pleased to announce that the Environmental Assessment Branch of the Saskatchewan Ministry of Environment, in anticipation of environmental assessment of the Star-Orion South Diamond Project, has published final Project-Specific Guidelines for the preparation of an Environmental Impact Statement (EIS). The guidelines are available from the Ministry of the Environment website at: http://www.environment.gov.sk.ca/2008-089_ProjectSpecificGuidelines

The proposed Star-Orion South Diamond Project includes the excavation of an open pit at the Star Kimberlite and, potentially, a second open pit at the Orion South Kimberlite, the construction of processing facilities and the construction of associated infrastructure to commercially extract diamonds from these kimberlites. The potential development site is located in the Fort a la Corne Provincial Forest some 65 kilometres east of Prince Albert.

September 21st: Large Diamonds Recovered From CH-6 Kimberlite Drill Core at Chi2.5 Carats of +0.85 mm Stones Recovered From 399 Kg Sample

Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (TSX: PGD) is very pleased to report the discovery of large diamonds and a coarse diamond size distribution in representative drill core samples collected from the CH-6 kimberlite located on the 9,800 square kilometre Chidliak project ("Chidliak"), Baffin Island, Nunavut, Canada. A 398.8 kilogram sample collected from CH-6 yielded 2,730 diamonds larger than the 0.075 mm sieve size, including 131 diamonds larger than the 0.600 mm sieve size. The largest diamond recovered from the sample was a 0.62 carat white, transparent aggregate. The CH-5 kimberlite was also determined to be diamondiferous with a 423.7 kilogram surface sample yielding 49 diamonds larger than the 0.075 mm sieve size.

Star Diamond Project

<< Positive Pre-Feasibility Study 171 Million Tonne, 20 Million Carat Mineral Reserve >>

George H. Read, P. Geo., Senior Vice President Exploration and Development, is very pleased to announce the positive results of the Pre-Feasibility Study ("PFS") on the Star Kimberlite, which includes the 100 percent Shore Gold Inc. ("Shore") owned Star Diamond Project and Star West, which is that portion of the Star Kimberlite that falls within the adjacent Fort a la Corne Joint Venture (FALC-JV: 60 percent Shore and 40 percent Newmont Mining Corporation of Canada Limited ("Newmont")). The PFS was led by P&E Mining Consultants Inc. ("P&E"), an independent and internationally recognized geological and mining consulting firm. A number of other independent consulting firms also provided their study results to Shore and P&E for use in developing the PFS. All currency amounts are quoted in Canadian Dollars, unless otherwise stated.