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Kennady Receives Final Court Approval of Business Combination with Mountain Province

Press Release

Toronto, Ontario (April 11, 2018) – Mountain Province Diamonds Inc. (TSX and NASDAQ: MPVD) (“Mountain Province”) and Kennady Diamonds Inc. (TSX- V: KDI) (“Kennady”) are pleased to announce they have received final approval of the Ontario Superior Court of Justice (Commercial List) for their proposed business combination pursuant to a plan of arrangement (the “Arrangement”). Mountain Province and Kennady currently anticipate the closing of the Arrangement to occur on April 13, 2018, subject to the satisfaction or waiver of all conditions precedent.

Under the terms of the Arrangement, holders of common shares of Kennady (the “Kennady Shares”) (other than Mountain Province) will be entitled to receive 0.975 common shares of Mountain Province in exchange for each Kennady Share held. Further details regarding the Arrangement are set out in the joint management information circular of Mountain Province and Kennady dated March 5, 2018, which is available on Mountain Province’s website at www.mountainprovince.com and on Kennady’s website at www.kennadydiamonds.com/investors/mpvd-transaction, and on SEDAR under the issuer profiles of Mountain Province and Kennady, respectively, at www.sedar.com.

About Mountain Province Diamonds Inc.

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada’s Northwest Territories. Gahcho Kué is the world’s largest new diamond mine, consisting of a cluster of four diamondiferous kimberlites, three of which are being developed and mined under the initial 12 year mine plan.

For further information on Mountain Province please contact:

Mr. David Whittle, Interim President and CEO
161 Bay Street, Suite 1410
Toronto, Ontario M5J 2S1
Phone: (416) 361-3562
E-mail: [email protected]

About Kennady Diamonds Inc.

Kennady Diamonds Inc. owns 100% of the Kennady North diamond project located in Canada’s Northwest Territories. Kennady North is adjacent to the Gahcho Kué diamond mine. Kennady is focused on expanding its high-grade diamond resources along the Kelvin- Faraday kimberlite corridor, as well as identifying new kimberlites outside of the corridor. To date an indicated resource of 13.62 million carats of diamonds contained in 8.50 million tonnes of kimberlite, with a grade of 1.60 carats per tonne and an average value of US$63 per carat, has been defined for the Kelvin kimberlite and an inferred resource of 5.02 million carats contained in 3.27 million tonnes of kimberlite, with a grade of 1.54 carats per tonne and an average value of US$98 per carat, has been defined for the Faraday kimberlites using a 1mm bottom cutoff size. The Kelvin– Faraday corridor is also a target for further exploration.

For further information on Kennady please contact:

Dr. Rory O. Moore, President and CEO
Phone: (416) 640-111
Email: [email protected]

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