De Beers/Monopros Discovers New Kimberlite Body On Mountain Province Mining's AK Claims; Spring Drilling Results.

Business Editors

ONTARIO, Calif.--(BUSINESS WIRE)--May 18, 2000

Mountain Province Mining Inc. (NASDAQ:MPVI; TSE:MPV), is pleased to announce that it has received from its contractor, Monopros Limited (Monopros), a wholly owned subsidiary of De Beers Consolidated Mines Limited (NASDAQ:DBRSY), results of the spring drilling program. A new kimberlite body has been discovered in a lake approximately nine km northeast of Kennady Lake and three km southwest of the Faraday kimberlite. In addition, the south lobe of the Hearne pipe has increased in size and on the north shore of MZ Lake, in the central part of the AK claims, new kimberlite intersections in drill holes indicate that either sill or dyke like bodies are present. The company's AK claims are located in the Northwest Territories of Canada.

The spring exploration drilling program started in early March and ended this past week. A total of 23 drill holes were drilled into 19 targets (mainly EM highs and mag lows), most of which underlie lakes. Eight of the drill holes intersected kimberlite. A new kimberlite body which has been named Kelvin, was discovered in a lake located approximately nine km northeast of Kennady Lake, which contains the Gahcho Kue diamondiferous kimberlites, and three km southwest of the diamondiferous Faraday body. One drill hole in the north-south direction intersected 40 meters of kimberlite horizontally projected, while another hole in approximately the east-west direction intersected 23 meters of kimberlite horizontally projected. A third hole drilled failed to intersect kimberlite. The shape and dimensions of the Kelvin kimberlite are difficult to determine from the three holes completed. A 3.3 meter thick kimberlite dyke at a depth of 31 meters was discovered approximately 200 meters south of the Kelvin body in the same lake.

Further work in this area will consist of analysis of all the drill results, acid dissolution of the drill core for microdiamond recovery, till sampling and possible drilling of additional targets this summer.

During the 1999 winter program kimberlite dykes were discovered in MZ Lake located in the central part of the AK claims, approximately 20 km northwest of Kennady Lake. A large number of indicator minerals, mainly garnets, have been recovered on the western edge of the lake and as far west as the border of the AK claims (approximately 20 km to the west). A land based target on the north shore of MZ Lake, located approximately 300 meters to the northwest of the previously located kimberlite dyke intersections, was drilled with a vertical hole to a depth of 35 meters. Five kimberlite stringers with the largest two having thicknesses of 0.40 and 0.70 meters were intersected, as well as a 1.70 meter thick intersection of what may be a sill (an approximately horizontal lying kimberlite body). Additional work, which may include ground penetrating radar (GPR) will be required to define the extent and morphology of these bodies.

A delineation hole in the southern lobe of the Hearne kimberlite in Kennady Lake was drilled to determine the previously poorly defined southeastern limits of this lobe. The drill hole intersected 40 meters of kimberlite, extending the body some 30 meters horizontally beyond the previous estimated contact. This extension could increase the resource size estimate of the Hearne kimberlite by approximately 350,000 tonnes.

Jan W. Vandersande, Ph.D., president and CEO of Mountain Province Mining, said, "The company is very pleased with the discovery of the Kelvin and MZ kimberlites since they confirm that additional kimberlites exist outside of the Kennady Lake cluster, and that the De Beers/Monopros team has refined the exploration techniques necessary for locating these bodies. We look forward to the exploration activities this coming summer. There are at least eight areas on the AK claims that contain kimberlitic indicator minerals with as yet undiscovered sources, the search for which will be ongoing."

Mr. Richard Molyneux, president and CEO of De Beers Canada stated: "We believe there is strong evidence for additional kimberlite occurrences on the AK claim as confirmed by these latest discoveries. Exploration will continue during this summer and the next winter seasons with the objective of locating additional bodies as quickly as possible. Several indicator mineral trains have been identified with as yet undiscovered sources."

De Beers is currently in the middle of a study investigating both open pit and underground mining options for the Kennady Lake bodies, as well as less conventional alternative mining methods. The results of the study are expected around August.

The AK and CJ claims, located in the Northwest Territories of Canada, are held 90% by Mountain Province Mining, Inc., and 10% by Camphor Ventures (VSE:CFV). As reported in the press release on March 7, 1997, Mountain Province Mining, Inc. and its partners have entered into a joint venture agreement with Monopros, under which Monopros has the right to earn up to a 60% interest in the AK and CJ properties.

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 265, Ontario, CA 91764 [phone] CANADA Office: 789 West Pender Street, Suite 1205, Vancouver, B.C. V6C 1H2 (800)-555-9343 Web Site: www.mountainprovince.com E-mail: [e-mail]