De Beers/Monopros Reports Modeled Revenues and Grades for Mountain Province Mining's Tuzo Diamond Pipe.

Business Editors

ONTARIO, Canada--(BUSINESS WIRE)--March 10, 2000

Mountain Province Mining Inc. (NASDAQ: MPVI; TSE: MPV), announced today that it has received from its contractor, Monopros Limited (Monopros), a wholly owned subsidiary of De Beers Consolidated Mines Limited (De Beers), the modeled revenue and grade estimates for the Tuzo diamond pipe. The average modeled grade of 1.22 carats per tonne is greater than the initial bulk sample result of 1.02 carats per tonne reported on September 15, 1999. The modeled value per carat decreased from the initial estimate of US $68 per carat, based on the 1998 mini-bulk sample, to US $43 per carat. The Tuzo kimberlite pipe is one of five diamondiferous bodies in the cluster at Kennady Lake, located on the Company's AK claims in the Northwest Territories of Canada.

The company also announced that an agreement has been reached with De Beers in which the feasibility study decision date has been extended and De Beers will carry all costs from now on. An aggressive exploration program has already commenced.

The bulk sampling of the 5034, Hearne, Tuzo and Tesla pipes was started January 11, 1999 and was completed April 6, 1999. The kimberlite was processed at Monopros' dense media separation (DMS) plant at Grand Prairie, Alberta, and the resulting concentrates were shipped to Johannesburg, South Africa, where final diamond recovery was completed. For the Tuzo pipe 540 carats were recovered from 523 tonnes of kimberlite. De Beers valued the recovered diamonds per sieve class in Kimberley, South Africa. The De Beers Mineral Resources Evaluation Department has used these current grades together with mini-bulk sample and microdiamond results announced previously and the diamond values based on the 1999 bulk sample, to model a global grade (carats per tonne) and a global revenue per carat for each of the geological zones making up the Tuzo pipe. It is important to note that production recovery factors, determined by De Beers, have been applied and that the commonly used commercial bottom cut-off recovery size of a screen with a 1.50 mm square mesh has been used to determine the grades. It is also important to note that the 1999 drilling program represented the pipe to a depth of 300 meters whereas the 1998 program represented the top 125 meters of the pipe.

The Tuzo pipe can divided into four zones based on the internal geology. The top 80 meters (from 20 meters to 100 meters depth) of the pipe consists mainly of Zone A and Zone B kimberlite and is classified as an indicated resource of 2.6 million tonnes. From 100 meters depth to 200 meters, the pipe consists predominantly of Zone Bg kimberlite containing generally greater than 40% granite inclusions and some Zone B and Zone C kimberlite. This interval of the pipe is classified as an indicated resource of 3.5 million tonnes. At depths of 200 meters to 300 meters, the pipe is classified as an inferred resource of 4.1 million tonnes and consists predominantly of Zone C kimberlite with some Zone B and Zone Bg kimberlite. An additional 4.7 million tonnes of kimberlite on the western side of the pipe (from 200 to 360 meters depth) and in the deeper parts of the pipe (from 300 to 360 meters depth) have not been included in the revenue and grade modeling. The modeled results for each of these zones of the pipe which have been sampled are summarized in the table below.

The average modeled grade of 1.22 carats per tonne is greater than the initial bulk sampling grade of 1.02 carats per tonne. The modeled revenue value per carat of $43 compares to a best-fit value of $68 determined from the 1998 mini bulk sample. The decrease in value per carat is due to the smaller number of larger diamonds and hence a higher proportion of smaller stones. The modeled grades are based on a three-dimensional model of the pipe taking into account the different zones of kimberlite, (e.g. low and high grade zones). Systematic auditing of the processed concentrates (tailings) from the Tuzo kimberlite has recovered an additional nineteen carats of diamonds which have been incorporated into the modeling of the Tuzo grades. These modeled values are thus the best current global estimates of the grade, value per carat, and expected revenue per tonne for the pipe.

------------- -------- -------------- ------------- ------------
Tuzo Pipe     Resource  Modeled grade    Modeled      Revenue

              (million    (carats        Revenue     Per Tonne
               tonnes)   per tonne)    (US $/carat)     US $
------------- -------- -------------- ------------- ------------
Zone A          1.0         2.7            47           127
------------- -------- -------------- ------------- ------------
Zone B          2.4         0.94           33            31
------------- -------- -------------- ------------- ------------
Zone Bg
(>40%granite)   2.4         0.62           33            20
------------- -------- -------------- ------------- ------------
Zone C          4.4         1.35           47            63
------------- -------- -------------- ------------- ------------
Weighted
 Average of
 All  Zones                 1.22           43            52
------------- -------- -------------- ------------- ------------

With these results from the Tuzo pipe, both De Beers and the company agree that it is unlikely that the agreed upon rate of return will be achieved from the mining of the 5034, Hearne and Tuzo pipes. Richard Molyneux, president and CEO of De Beers Canada stated, "'The Gahcho Kue' (Kennady Lake) project, which we are investigating in a joint venture with Mountain Province Mining, is De Beers' most advanced project in Canada and we will do everything possible to develop this project into a mine. We also believe there is strong evidence for other diamondiferous bodies on the AK claims and it is our goal to quickly find them." As a result, the company has agreed to extend the feasibility study decision date and De Beers has agreed to carry all exploration, development and other project costs effective immediately. The company has been paying 44.1 percent of all project expenses since July 1999.

De Beers and the company recognize that the best way to enhance the potential economic viability of the project is by adding quickly to the resource base. Full results are now available from the extensive 1999 summer sampling program and these have been integrated with the existing geophysical and sampling databases to define targets that now require drilling. De Beers will now embark on an aggressive exploration program, which will involve the drilling of 16 targets in both the eastern and central parts of the lower half of the AK claims. It is anticipated that a few additional targets will also be drilled in the southern part of Kennady Lake. These targets will depend on the results of the recently completed ground geophysics program. Additional ground and airborne geophysics surveys will be carried out on newly defined indicator mineral trains in the central and northern parts of the AK claims.

In parallel with the aggressive exploration program De Beers will investigate several alternative mining scenarios in order to minimize capital and working costs associated with the possible mining of the Kennady Lake pipes.

"The company is pleased with the agreement reached with De Beers since it gives De Beers and the company the time needed to determine the full potential of the property," said Jan W. Vandersande, president of Mountain Province Mining.

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.

For more information, please visit the company's web site at www.mountainprovince.com.

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

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