Mountain Province Diamonds $23 Million Private Placement Fully Subscribed

Shares Issued and Outstanding: 72,628,973
TSX: MPV
NY- AMEX: MDM

TORONTO, Nov. 3 /CNW/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPV, NY-AMEX: MDM) is pleased to announce that the Company's overnight marketed private placement of 4.6 million common shares at C$5 per share (the "Offering") has been fully subscribed.

Commenting, Mountain Province President and CEO, Patrick Evans, said: "Demand for the Offering was strong, but the Company has limited the placement to $23 million, which together with cash in treasury is sufficient to fund our 2011 operating budget as well as a $10 million payment due to De Beers".

Wellington West Capital Markets Inc, under an agency agreement, has placed 2 million shares. The balance of 2.6 million shares has been placed in Europe on a non-brokered basis. Mr. Dermot Desmond, currently the Company's largest shareholder, has subscribed for 600,000 shares.

The net proceeds from the Offering will be used to advance the Gahcho Kué diamond project in Canada's Northwest Territories and for general corporate purposes. The Offering is due to close on or before November 18, 2010.

This news release is not an offer of Common Shares for sale in the United States. The Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

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: [phone]
401 Bay Street, Suite 2700
Toronto, Ontario M5H 2Y4
Phone: [phone]
Fax: [phone]
www.mountainprovince.com
E-mail: [email protected]