Mountain Province

The Gahcho Kué project is the largest new diamond mine under development in the Western world , and has the potential to become one of Canada's major high grade and long-life diamond mines.

This web site contains information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC’s mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties.

Cautionary Note to U.S. Investors – The United States Securities and Exchange Commission limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce. We use certain terms on this web site, such as "reserves", "resources", "geologic resources", "proven", "probable", "measured", "indicated", or "inferred", which may not be consistent with the reserve definitions established by the SEC. U.S. investors are urged to consider closely the disclosure in our Form 20-F, File No. 001-32468. You can review and obtain copies of these filings from the SEC’s website at http://www.sec.gov/edgar.shtml.

The Gahcho Kué diamond project is located on federal land in Canada's Northwest Territories and is held by the Gahcho Kué Joint Venture under renewable 21 year leases. The project is on a 74,128 acre site located at Kennady Lake, approximately 300 kilometres northeast of Yellowknife and 90 kilometres east of De Beers' Snap Lake diamond mine.

Gahcho Kué falls under the AK group of renewable 21-year mining leases and mineral claims. This is currently the best mining contract in the industry. Most other mineral claim contracts are now being converted into 21-year mining leases.

In the early 1990's Gahcho Kué, previously known as the Kennady Lake project, was staked by Mountain Province Diamonds. Canamera Geological Ltd. was contracted to conduct the original exploration which led to the discovery of the 5034 kimberlite pipe in January 1995.

1997	Letter agreement entered into with Monopros Limited (now De Beers Canada) in terms of which they could earn a 51% interest in the project. Hearne, Tuzo and Telsa pipes discovered in mid-1997.
1998	Mini bulk sampling of 5034, Hearne, Tuzo and Telsa by Monopros. Preliminary scoping study by MRDI (now AMEC).
1999	Bulk sampling by large diameter drilling of Hearne, Tuzo and Telsa by Monopros.
2000	De Beers Canada conducts Desktop Study.
2001	Further resource drilling of 5034, Hearne and Tuzo by De Beers Canada.
2002	Joint Venture agreement entered into between Mountain Province (44.1%), De Beers Canada (51%) and Camphor Ventures (4.9%).
2003	Technical (pre-feasibility) Study commences.
2004/5	Further hydrological, geotechnical design and resource drilling. Engineering and environmental baseline studies completed.
2005	Completion of the C$25 million Technical Study. Commencement of the C$38.5 million advanced Exploration Program and filing of applications for construction and operating permits.
2006	Mountain Province acquires controlling interest in Camphor Ventures. Independent valuation of Gahcho Kué diamonds completed. Tuzo and 5034 North Lobe delineation and geotechnical drilling completed.
2007	Mountain Province acquires 100% of Camphor Ventures thereby increasing interest in Gahcho Kué to 49%. Core drilling program completed at Tuzo to upgrade the Tuzo resource. Infill drilling program completed at the 5034 kimberlite. 5034 North Lobe bulk sampling program completed.
2008	Tuzo bulk sampling program completed. 25.14 carat gem quality diamond recovered from Tuzo drill program. Updated independent valuation completed: actual price per carat increases 63% to $135 per carat.
2009	Updated mineral resource statement completed. Revised and restated joint venture agreement concluded between Mountain Province and De Beers.


Resources	Indicated 50.5 million carats
	Inferred 10.3 million carats
Average grade >1.0mm, to the plant	1.67 carats per tonne (indicated category) 1.73 carats per tonne (inferred category)
Potential production commencement Potential production rate	2012/13 4 million carats per year over 15 years

Pipe	Category	Tonnes (Millions)	Carats (Millions)	Grade (cpht) (1)
5034	Indicated Inferred	12.7 0.8	23.9 1.2	188 150
Hearne	Indicated Inferred	5.3 1.6	11.9 2.9	223 180
Tuzo	Indicated Inferred	12.2 3.5	14.8 6.2	121 175
SUMMARY	Indicated Inferred	30.2 6.0	50.5 10.3	167 173

Notes:
1. Mineral resource reported at a bottom cut-off of 1.0mm
2. Volumes, tonnes and carats are rounded to the nearest 100,000


Kimberlite	Carats	US$/carat	Dollars
5034	3,133.02	122	381,080
Tuzo	2,155.70	252	542,431
Hearne	2,906.45	62	179,032
Total	8,195.17	135	1,102,543

The Gahcho Kué kimberlite cluster is in the southeast slave craton. The area was glaciated repeatedly during the Pleistocene, most recently by the Laurentide ice sheet. The Laurentide ice sheet began to recede about 18,000 years ago and the ice retreated past the Gahcho Kué project area between 9,000 and 9,500 years ago. Four main pipes comprise the Gahcho Kué kimberlite cluster - 5034, Hearne, Tuzo and Telsa. The 5034 kimberlite is an irregular hypabyssal root zone. Hearne and Tesla are transitional diatremes and root zones. Tuzo is the deeper part of a diatremes zone. At present, Telsa is not included in the Gahcho Kué mineable resource because of its smaller size (0.4 ha) . However, it may be exploited towards the end of the project life. The shapes and internal geology of each of the kimberlite pipes has been based on the logging of the available drill core. The external shapes and internal geology of each body was modeled in three dimensions using GEMCOM. Both internal and external models were updated after each subsequent drilling program in 2001, 2002, 2004, 2005 and 2007. All the pipes remain open to depth.