De Beers Exercises Mountain Province Diamonds' Warrants.

Business Editors

ONTARIO, Calif.--(BUSINESS WIRE)--Sept. 17, 2002

Mountain Province Diamonds Inc., (OTCBB:MPVI)(TSE:MPV) announced that De Beers Canada Exploration Inc. (De Beers Canada), a wholly owned subsidiary of De Beers Consolidated Mines Limited (De Beers), has exercised their full allocation of 983,666 share purchase warrants at CDN $0.80 for total proceeds of CDN $786,932.80.

De Beers Canada, previously known as Monopros Limited, purchased 1,967,333 units, consisting of one common share and one half a share purchase warrant, from the company at CDN $0.60 per unit in a private placement on Sept. 15, 2000.

De Beers now owns 3,160,643 shares or approximately 6.4% of the outstanding shares of the company.

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 Inc.

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.