Okay this was the news....independant study good so far

Mountain Province Diamonds Announces Results of Independent Valuation of Gahcho Ku? Diamonds
8/4/2010 8:00 AM - Canada NewsWire

TORONTO and NEW YORK, Aug. 4, 2010 (Canada NewsWire via COMTEX News Network) --

<< Actual Price per Carat US$134Rough diamond prices recover to pre-recession levelsDefinitive Feasibility Study on track for completion end AugustShares Issued and Outstanding: 72,124,423 TSX: MPV NY-AMEX: MDM>>

Mountain Province Diamonds Inc. ("MountainProvince", the "Company") (TSX: MPV, NY-AMEX: MDM) today announced theresults of an updated independent valuation of the diamonds recoveredfrom the Gahcho Ku? Project during the exploration phase. The valuationwas conducted by WWW International Diamond Consultants Ltd. and tookplace at the London offices of the Diamond Trading Company in earlyApril, 2010. All diamond values presented below are based on the WWWPrice Book as at 13 April, 2010.

Commenting, Mountain ProvincePresident and CEO, Patrick Evans, said: "We are pleased with the resultsof this independent diamond valuation, which reflect a statisticallyrobust sample and rising rough diamond prices since the onset of thecredit crises."

Table 1 below reflects the actual price per caratfor the parcel of 8,243.56 carats of diamonds recovered from the GahchoKu? Project.

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Table 1

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Actual Price US$/carat
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Pipe Zone Total Carats $/Carat Total Dollars
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5034 Centre Lobe 633.80 80.23 50,852
West Lobe 1,119.40 79.63 89,134
East Lobe 1,264.21 178.59 225,770
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5034 Total 3,017.41 121.22 365,757
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Hearne 2,906.45 60.44 175,654
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Tuzo 2,319.70 243.03 563,750
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Total 8,243.56 134.06 1,105,161
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>>

Table2 below presents models of the average price per carat (US$/carat) foreach kimberlite lithology. The modeled price per carat is determinedusing statistical methods to estimate the average value of diamonds thatwill be recovered from potential future production from Gahcho Ku?.

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Table 2

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Modeled Average Price US$/carat
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+ 1.00mm +1.50mm
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Pipe High Model Low High Model Low
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5034 NE Lobe 131 107 96 143 116 104
5034 Centre 122 100 91 137 113 102
5034 West 141 114 103 157 127 114
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Tuzo 81 67 61 93 77 70
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Hearne 82 68 62 93 78 71
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Note: 1.50mm prices provided for reference purposes only.
>>

Intheir report to Mountain Province, WWW stated: "The Tuzo sample and the5034 East sample both contained one high value large stone. For Tuzothere was a 25.14 carat stone valued at $17,000 per carat and 5034 Easthad a 9.90 carat stone valued at $15,000 per carat. It is encouragingthat such high value stones were recovered in samples of this size. Ifthey are found in the same frequency throughout the resource then themodelled APs (Average Prices') will certainly be towards the 'high'values."

Commenting further, Mr. Evans said: "Experience showsthat during the mining phase larger populations of large, high valuediamonds are commonly recovered, which has the potential to improvediamond revenues. Besides the high-value 25.14 and 9.9 carat diamondsreferred to above, several other large high-value diamonds of gemquality have been recovered from Gahcho Ku?, including 7.0 carat, 6.6carat and 5.9 carat diamonds from the 5034 kimberlite and 8.7 carat, 6.4carat and 4.9 carat diamonds from the Hearne kimberlite. The presenceof coarser diamonds is an important driver of overall diamond value atGahcho Ku?."

Mountain Province is also pleased to announce thatthe Gahcho Ku? independent definitive feasibility study remains on trackfor completion at the end of this month.

Located in Canada'sNorthwest Territories, Gahcho Ku? is one of the largest new diamondprojects under development globally. The project consists of a clusterof kimberlites, three of which have an indicated resource (1.00mmcut-off) of approximately 30.2 million tonnes grading at 1.67 carats pertonne (approximately 50.5 million carats) and an inferred resource(1.00mm cut-off) of approximately 6 million tonnes grading at 1.73carats per tonne (approximately 10.3 million carats). Mineral resourcesthat are not mineral reserves do not have demonstrated economicviability.

Qualified Person

This news release has beenprepared under the supervision of Carl G. Verley, P.Geo., who serves asthe qualified person under National Instrument 43-101.

Forward-Looking Statements

Thisnews release may contain forward-looking statements, within the meaningof the "safe-harbor" provision of the Private Securities LitigationReform Act of 1995, regarding the Company's business or financialcondition. Actual results could differ materially from those describedin this news release as a result of numerous factors, some of which areoutside the control of the Company.

%CIK: 0001004530

SOURCE: Mountain Province Diamonds Inc.

MountainProvince Diamonds Inc., Patrick Evans, President and CEO, Tel:416-670-5114, 401 Bay Street, Suite 2700, Toronto, Ontario, M5H 2Y4,Phone: (416) 361-3562, Fax: (416) 603-8565, www.mountainprovince.com,E-mail: info@mountainprovince.com

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