De Beers Commences Exploration Drilling On Mountain Province Diamonds' AK Claims.

Business Editors

ONTARIO, Calif.--(BUSINESS WIRE)--March 25, 2002

Mountain Province Diamonds Inc., (OTCBB:MPVI)(TSE:MPV) announced 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 Consolidated Mines Ltd. (De Beers) that exploration drilling has started on the joint venture's AK claims.

The first several holes will be drilled into the sill discovered last year, which contained the most micro-diamonds. This drilling will better define its size and thickness and provide more kimberlite. A ground penetrating radar (GPR) survey has been completed in selected areas both north and south of MZ Lake to help define more drill targets. Results of an initial analysis of the survey south of MZ Lake indicate that there are reflector structures there, which will be drill tested.

MZ Lake is located in the joint venture's AK claims situated in the Northwest Territories of Canada and is approximately 20 km northwest of Kennady Lake, which contains the Hearne, Tuzo and 5034 diamondiferous kimberlite pipes.

As mentioned in the Sept. 10, 2001 news release, De Beers discovered several sills (shallow dipping kimberlite sheet-like bodies) of various lengths, widths and thicknesses north of MZ Lake during last year's spring exploration program. Four of the five sills discovered there have been determined to be diamondiferous.

The largest number of micro-diamonds was recovered from drill hole MPV-01-73 (just north of the western tip of MZ Lake); 28 diamonds from five kg. The sill associated with this drill hole is being called sill-73.

The second largest number of micro-diamonds was recovered from drill hole MPV-01-070 (approximately one km north of the lake and approximately three km east of sill-73). This sill is being called sill-70. Two other drill holes MPV-99-33 and 93-EAK-036 intersected sills (called sill-33 and sill-36, respectively) underneath MZ Lake and just south of the lake, respectively, and contained a few micro-diamonds in several kg of kimberlite.

Detailed ground penetrating radar (GPR) surveys using closer line spacings than last year, were conducted in the areas of sills-73 and -70 to get a better understanding of their possible sizes and where they come near surface. GPR surveys were also conducted south of MZ Lake to try to locate where sills-33 and -36 come near surface. The sills at MZ Lake all appear to dip to the northeast so these two sills, which were intersected under or just south of the lake, would be expected to come near surface somewhere south to southwest of the lake.

The GPR survey south of the lake is also looking for additional structures that can be drilled. Initial analysis results of the survey indicate that there are reflector structures south of MZ Lake, which will be drill tested. The completed analysis of the GPR surveys will be available soon.

Drilling has started at sill-73. The first several (up to six) holes will be drilled in order to determine the length of the sill and then a few holes to determine the dip (the angle to the horizontal at which the sill "dips" or slopes to the northeast). Additional kimberlite will be recovered so that more micro-diamonds will be available for analysis.

Additional drill holes will be based on the completed GPR survey results. The drill results will be reported as soon as they are available.

The bulk sample drill program is progressing on schedule. Four holes into the 5034 pipe have so far been completed and the fifth is in progress. After the completion of the fifth hole the drill will move to the Hearne pipe for a planned 4-5 holes.

A map of the MZ Lake area with the positions of last year's drill holes can be seen on the company's Web site: www.mountainprovince.com under the Sept. 10, 2001 news release.

Mountain Province Diamonds 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, 4.9% by Camphor Ventures (CDNX:CFV), and 51% by De Beers Canada Exploration.

As reported in its news release on March 7, 1997, Mountain Province Diamonds and its partner entered into a joint agreement with De Beers Canada Exploration formerly known as Monopros Ltd. (a wholly owned subsidiary of De Beers Consolidated Mines Limited) under which De Beers Canada Exploration has the right to earn up to a 60% interest in the AK property by taking the project to commercial production.

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.