December 1, 2003

News Release: De Beers Commits to a Pre-Feasibility Study of the Mountain Province Diamonds/De Beers Canada's Gahcho Kue Project

Work to Start in January

Mountain Province Diamonds Inc., (the Company) is pleased to announce that it has been notified by its joint-venture partner De Beers Canada Exploration Inc. (De Beers Canada), a wholly-owned subsidiary of De Beers, that De Beers has approved the budget for an in-depth project study of the joint venture's Hearne, 5034, and Tuzo kimberlite bodies on the AK claims located in the Northwest Territories of Canada.

This study will be of sufficient detail to allow the Gahcho Kue Project, previously known as the Kennady Lake Project, to advance to mine permitting, should the project's profitability level support a decision to proceed to the next phase. On July 31, 2003 the Company reported that De Beers had started work on a detailed cost estimate of a study of the joint venture's diamond deposits at Gahcho Kue. The cost estimate of approximately C$25 million for the study was presented to the board of directors of De Beers on November 26, 2003. The De Beers board approved the budget and the study will start in January 2004.

Work will include geotechnical drilling, engineering design and environmental studies in order to finalise opencast mine design parameters, and civil geotechnical studies to allow for the design of lake dewatering dykes and mine infrastructure. The process plant, recovery and infrastructure designs will be based on De Beers Canada's Snap Lake and Victor projects, but will not be taken to feasibility level until the project is closer to receiving permits as these estimates could change during the permitting process.

Certain activities, usually associated with a feasibility study, will be undertaken to ensure that the issues that impact on the environmental impact and permitting of a mine are thoroughly investigated.

The camp on site has been renovated and preparation work for this study is well advanced. A team will leave for the camp shortly to thicken the ice on the lake near the camp to create an ice runway so that Hercules Aircraft can land there and can fly supplies and equipment to site.

The Company is very pleased with this decision by De Beers to move ahead with this project and looks forward to the results of the study.

Mountain Province Diamonds Inc. is a diamond exploration and development company. The AK claims, located in the Northwest Territories of Canada are now held 44.1% by Mountain Province Diamonds Inc., 4.9% by Camphor Ventures (TSX-V: CFV), and 51% by De Beers Canada Exploration Inc. As reported in its news release on March 7th, 1997, Mountain Province Diamonds Inc. and its partner entered into a joint agreement with De Beers Canada Exploration Inc. formerly known as Monopros Ltd. (a wholly owned subsidiary of De Beers Consolidated Mines Limited) under which De Beers Canada Exploration Inc. has the right to earn up to a 60% interest in the AK property by taking the project to commercial production.

'Jan W. Vandersande'

Jan W. Vandersande, Ph.D.

President &CEO

This 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 of the control of the Company.

USA Office: 3633 E. Inland Empire Blvd., Suite 465, Ontario, CA 91764 (909) 466-1411

CANADA Office: 21 Nesbitt Drive, Toronto, Ontario, Canada M4W 2G2

Web Site: www.mountainprovince.com E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Mountain Province Diamonds Inc. Jan W. Vandersande, Ph.D. President (909) 466-1411 (909) 466-1409 (FAX) Email: This email address is being protected from spambots. You need JavaScript enabled to view it. Website: www.mountainprovince.com

WEBSITE EMAIL