Document:

Patrick
      C. Evans

    220
      Bay
      Street

    Suite
      1400

    Toronto,
      Ontario

    M5J
      2W4

    

    

    Dear
      Patrick:

    

    This
      letter sets forth the terms and conditions whereby you have agreed to join
      Mountain Province Diamonds Inc. (the “Company”) as President and Chief Executive
      Officer.

    

    Position

    

    You
      are
      hereby appointed President and Chief Executive Officer of the Company with
      a
      start date no later than November 1, 2005. 

    

    Duties
      and Responsibilities

    

    The
      President and CEO is the senior executive officer of the Company and reports
      directly to the Board of Directors. As President and CEO, you shall have the
      power and authority to manage, supervise and direct the Company’s business and
      affairs and to undertake such other duties as may, from time to time, be
      assigned to you by the Board, subject always to the control and direction of
      the
      Board. It is anticipated that this appointment will require approximately two
      days per week. Should circumstances change, requiring more of your time, your
      compensation will be adjusted accordingly.

    

    Compensation

    

    As
      President and CEO you will be an independent contractor to the Company for
      which
      the Company will be compensated in the amount of C$150,000 annually. The amount
      of your compensation will be reviewed annually by the Board of Directors. Based
      on agreed criteria, the Company will pay you an annual cash bonus on the
      anniversary of your appointment.

    

    The
      Company will grant to you upon acceptance of this offer 100,000 options to
      purchase shares in the Company. Fifty percent of the options shall vest upon
      your acceptance of this offer and the remaining fifty percent on the first
      anniversary of your appointment.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    The
      Company will provide additional options as long-term compensation when these
      option plans are periodically put in place. Options granted as long-term
      compensation shall vest in 12 months of the grant. 

    

    Office

    

    You
      will
      arrange to rent suitable office accommodations in downtown Toronto from which
      you will manage your responsibilities in this role. The company will reimburse
      you for the expense of such. 

    

    Expenses

    

    Upon
      submission of detailed expense accounts, the Company will reimburse you for
      all
      work-related expenses that you may incur from time to time through the course
      of
      your work. 

    

    Termination

    

    You
      may
      terminate your employment with two months notice to the Company. 

    

    At
      any
      time during your employment, should your employment be terminated by the Board
      of Directors you will be entitled to severance equal to 6 months of your annual
      compensation. In addition, all stock options held by you will vest
      immediately.

    

    At
      any
      time during your employment, should a Change of Control event occur resulting
      in
      your termination as President and CEO of the Company you will be entitled to
      a
      severance payment equal to 12 months of your annual compensation plus full
      incentive compensation payable within 30 days of the Termination. In addition,
      all stock options held by you will immediately vest.

    

    Confidentiality
      and General Conditions

    

    Both
      during your employment with the Company, as well as after termination, you
      shall
      not divulge any confidential information concerning the Company and its business
      activities to any third party except as required by law, either directly or
      indirectly, without the formal written approval of the Company, nor shall you
      attempt to induce any person to leave the employment of the Company or any
      of
      its associated companies.

    

    This
      agreement shall be governed by the laws of the Province of Ontario,
      Canada.

    

    Please
      signify your approval and acceptance of the above terms by signing at the space
      provided below and return a copy to me at your earliest
      convenience.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    Sincerely,

    

    

                                                                              
      

    Chairman
      of the Board

    Mountain
      Province Diamonds Inc.

    

    

      
        	 	
                1
                  November 2005

              
	
                                                                                          

              	
                                                                                          

              
	
                Reviewed,
                  Agreed and Accepted

              	
                Dated

              
	
                Patrick
                  C. EvansJanuary
      31, 2006

    

    

    Patrick
      C. Evans

    President
      and CEO

    Mountain
      Province Diamonds Inc.

    220
      Bay
      Street

    Suite
      1400

    Toronto,
      Ontario

    M5J
      2W4

    

    

    Dear
      Patrick:

    

    This
      letter sets forth the revised and restated terms and conditions of your original
      contract with Mountain Province Diamonds Inc. (the “Company”) dated November 1,
      2005.

    

    Position

    

    Your
      position remains that of President and Chief Executive Officer of the Company.
      

    

    Duties
      and Responsibilities

    

    As
      President and CEO you are the senior executive officer of the Company and report
      directly to the Board of Directors. As President and CEO, you have the power
      and
      authority to manage, supervise and direct the Company’s business and affairs and
      to undertake such other duties as may, from time to time, be assigned to you
      by
      the Board, subject always to the control and direction of the Board. Your
      appointment currently requires approximately two days per week. Should
      circumstances change, requiring more of your time, your compensation will be
      adjusted accordingly.

    

    Compensation

    

    As
      President and CEO you will continue to be an independent contractor to the
      Company for which you will be compensated in the amount of C$150,000 annually.
      The amount of your compensation will be reviewed periodically by the
      Compensation Committee. Based on agreed criteria, the Company will pay you
      an
      annual cash bonus on the anniversary of your original appointment.

    

    In
      addition to your current grant of 100,000 options, the Company will grant you
      an
      additional 100,000 options to purchase shares in the Company. Fifty percent
      of
      the new option grant shall vest immediately and the remaining fifty percent
      on
      the first anniversary of this grant.

    
       

      
         

      

      
         

        
          

        

      

      
         

      

    

     

    Office

    

    You
      will
      continue to maintain suitable office accommodations in downtown Toronto from
      which you will manage your responsibilities in this role. The company will
      continue to reimburse you for the expense of such. 

    

    Expenses

    

    Upon
      submission of detailed expense accounts, the Company will reimburse you for
      all
      work-related expenses that you may incur from time to time through the course
      of
      your work. 

    

    Termination

    

    You
      may
      terminate your employment with two months notice to the Company. 

    

    At
      any
      time during your employment, should your employment be terminated by the current
      Board of Directors you will be entitled to severance equal to 6 months of your
      annual compensation. In addition, all stock options held by you will vest
      immediately.

    

    At
      any
      time during your employment, should a Change of Control event occur resulting
      for any reason in your termination as President and CEO of the Company you
      will
      be entitled to:

    

    
      	 	
              1.

            	
              A
                severance payment equal to 12 months of your annual compensation
                plus full
                incentive compensation payable within 30 days of the Termination.
                In
                addition, all stock options held by you will immediately vest;
                and

            

    

    

    
      	 	
              2.

            	
              A
                Special Bonus of C$100,000 shall be paid to you for each C$1.00 that
                the
                share price is above C$4.00 on such Change of Control. For the avoidance
                of doubt, should a Change of Control event occur and the share price
                at
                the time of the Change of Control is, for example, at C$10.00 then
                you
                will receive a Special Bonus of C$600,000 or, for example, at C$10.50
                you
                will then receive a Special Bonus of
                C$650,000.

            

    

    

    Confidentiality
      and General Conditions

    

    Both
      during your employment with the Company, as well as after termination, you
      shall
      not divulge any confidential information concerning the Company and its business
      activities to any third party except as required by law, either directly or
      indirectly, without the formal written approval of the Company, nor shall you
      attempt to induce any person to leave the employment of the Company or any
      of
      its associated companies.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    This
      agreement shall be governed by the laws of the Province of Ontario,
      Canada.

    

    Please
      signify your approval and acceptance of the above terms by signing at the space
      provided below and return a copy to me at your earliest
      convenience.

    

    

    Sincerely,

    

    

    

                                                                                 
      

    Jonathan
      Comerford

    Director

    Mountain
      Province Diamonds Inc.

    

    

    

      
        	
                                                                                             

              	
                                                                                             

              
	
                Reviewed,
                  Agreed and Accepted

              	
                Dated

              
	
                Patrick
                  C. Evans

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