Mountain Province Diamonds Announces the Appointment of Mark Wall as President, CEO and Director

PR Newswire

TORONTO and NEW YORK, Nov. 9, 2021

TSX and OTCQX: MPVD

TORONTO and NEW YORK, Nov. 9, 2021 /PRNewswire/ - Mountain Province Diamonds Inc. ("Mountain Province", the "Company") (TSX: MPVD) today announces Mark Wall's appointment as the President, Chief Executive Officer and Director with effect from November 15, 2021.

Mr. Wall has over 25 years of experience in the mining industry, across the spectrum of executive, operations, commercial and sustainability roles. Most recently Mr. Wall was the CEO of Streamers Gold Mining, a subsidiary of Hong Kong listed Shandong Gold Mining, one of the largest gold mining companies in the world by market capitalization. Mr. Wall was previously the Chief Commercial Officer then Chief Operating Officer for TSX listed Nevada Copper, and prior to that, the Senior Vice President & Operations Officer for Barrick Gold Corporation (TSX/NYSE).

Mr. Wall has experience as a Director on Joint Venture Boards and Management Committees having previously served on the Management Committee of KCGM, which is Australia's largest open pit gold mine and, at the time, a 50/50 joint venture between Barrick and Newmont. He was also on the Board of Directors of Minera Andina Del Sol, a large open pit mine in the high Andes in Argentina and a 50/50 joint venture between Barrick and Shandong Gold. Additionally, he served as a Director of the Zaldivar joint venture in Chile, a 50/50 joint venture between Barrick and Antofagasta.

Mr. Wall holds various degrees and qualifications, including a Diploma in Minerals Processing, Master of Business Administration, Master of Management, Masters Certificate in Risk Management & Business Performance and a Diploma of Project Management. Mr. Wall is a Fellow of the Australasian Institute of Mining and Metallurgy.

Jonathan Comerford, The Company's Non-Executive Chairman commented:

"We are very excited to announce Mark Wall as our new President & CEO. Mark brings both senior executive and strong operational experience to the company as well as a deep focus on sustainability and the environment. His experience in large joint ventures and business development will be critical in engaging with our joint venture partner on operational performance and near mine exploration, as well as focusing on the large and highly prospective exploration tenements that surround the Gahcho Kué mine, which are 100% owned by Mountain Province Diamonds. Mr. Wall will be based in Calgary, Canada, which is also the location of the DeBeers Canada office and within close reach to the Gahcho Kué mine site and Kennady exploration areas."

Mr. Wall commented:

"I am delighted to be joining Mountain Province Diamonds. To have a Tier 1 operating partner in DeBeers and Anglo American, with a high grade mine in Canada, one of the world's leading mining jurisdictions, together with a significant 100% owned exploration package is very exciting. I also look forward to the opportunity to focus on reducing the mine's carbon footprint, which is a critical focus in today's world."

About the Company

Mountain Province Diamonds is a 49% participant with De Beers Canada in the Gahcho Kué diamond mine located in Canada's Northwest Territories. The Gahcho Kué Joint Venture property consists of several kimberlites that are actively being mined, developed, and explored for future development. The Company also controls 106,202 hectares of highly prospective mineral claims and leases surrounding the Gahcho Kué Mine that include an Indicated mineral resource for the Kelvin kimberlite and Inferred mineral resources for the Faraday kimberlites. Kelvin is estimated to contain 13.62 million carats (Mct) in 8.50 million tonnes (Mt) at a grade of 1.60 carats/tonne and value of US$63/carat. Faraday 2 is estimated to contain 5.45Mct in 2.07Mt at a grade of 2.63 carats/tonne and value of US$140/ct. Faraday 1-3 is estimated to contain 1.90Mct in 1.87Mt at a grade of 1.04 carats/tonne and value of US$75/carat. All resource estimations are based on a 1mm diamond size bottom cut-off.

For further information on Mountain Province Diamonds and to receive news releases by email, visit the Company's website at www.mountainprovince.com.

Qualified Person

The disclosure in this news release of scientific and technical information regarding Mountain Province's mineral properties has been reviewed and approved by Matthew MacPhail, P.Eng., MBA, and Tom E. McCandless, Ph.D., P.Geo., both employees of Mountain Province Diamonds and Qualified Persons as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Caution Regarding Forward Looking Information

This news release contains certain "forward-looking statements" and "forward-looking information" under applicable Canadian and United States securities laws concerning the business, operations and financial performance and condition of Mountain Province Diamonds Inc. Forward-looking statements and forward-looking information include, but are not limited to, statements with respect to operational hazards, including possible disruption due to pandemic such as COVID-19, its impact on travel, self-isolation protocols and business and operations, estimated production and mine life of the project of Mountain Province; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; the future price of diamonds; the estimation of mineral reserves and resources; the ability to manage debt; capital expenditures; the ability to obtain permits for operations; liquidity; tax rates; and currency exchange rate fluctuations. Except for statements of historical fact relating to Mountain Province, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "anticipates," "may," "can," "plans," "believes," "estimates," "expects," "projects," "targets," "intends," "likely," "will," "should," "to be", "potential" and other similar words, or statements that certain events or conditions "may", "should" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of Mountain Province and there is no assurance they will prove to be correct.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include the development of operation hazards which could arise in relation to COVID-19, including, but not limited to protocols which may be adopted to reduce the spread of COVID-19 and any impact of such protocols on Mountain Province's business and operations, variations in ore grade or recovery rates, changes in market conditions, changes in project parameters, mine sequencing; production rates; cash flow; risks relating to the availability and timeliness of permitting and governmental approvals; supply of, and demand for, diamonds; fluctuating commodity prices and currency exchange rates, the possibility of project cost overruns or unanticipated costs and expenses, labour disputes and other risks of the mining industry, failure of plant, equipment or processes to operate as anticipated.

These factors are discussed in greater detail in Mountain Province's most recent Annual Information Form and in the most recent MD&A filed on SEDAR, which also provide additional general assumptions in connection with these statements. Mountain Province cautions that the foregoing list of important factors is not exhaustive. Investors and others who base themselves on forward-looking statements should carefully consider the above factors as well as the uncertainties they represent and the risk they entail. Mountain Province believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. These statements speak only as of the date of this news release.

Although Mountain Province has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Mountain Province undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered as the property is developed.