Margaret Lake Increases Land Position, Diagras Project, Adds 8 Kimberlites

- October 12th, 2018

Margaret Lake Diamonds Inc. (TSXV:DIA) (FSE: M85) (“Margaret Lake” or the “Company”) reports that it has staked 8 new mineral claims adjoining the pre-existing Diagras property in the Northwest Territories, a joint venture between Margaret Lake (60%) and Arctic Star Exploration (40%).

Margaret Lake Diamonds Inc. (TSXV:DIA) (FSE: M85) (“Margaret Lake” or the “Company”) reports that it has staked 8 new mineral claims adjoining the pre-existing Diagras property in the Northwest Territories, a joint venture between Margaret Lake (60%) and Arctic Star Exploration (40%). The new claims cover 3,896 Hectares and now the Diagras property (“Property”) totals 22,595 hectares, within 29 mineral claims.

The new claims cover eight previously discovered kimberlites, bringing the property total to 20 known kimberlites.

Diagras is located in the prolific Lac de Gras diamond field just 35 kilometers from the world-class Diavik diamond mine. The Property lies directly on trend with the Diavik deposits currently being mined by a joint venture between Rio Tinto and Dominion Diamond Diavik.

The Company exploration strategy has been to conduct ground gravity, Magnetic and EM surveys over and around the known kimberlites in search of previously undiscovered kimberlite or nonmagnetic kimberlite phases.

The ground geophysical work carried out to date has generated drill targets near the HL02, Suzanne, Jack Pine, and Black Spruce kimberlites.

The Company plans to conduct further geophysical surveys in Spring 2019 followed by a drill program. Table 1 below lists the known kimberlites, with a description of what work has been completed to date, on the Property.

Table Notes:- HK = Hyperabyssal Kimberlite

VK = Volcanoclastic kimberlite

EM = Electromagnetic

Qualified Person

The technical data in this news release has been reviewed and approved by Mark Fields, P.Geo., a Qualified Person under the provisions of National Instrument 43-101.

About Margaret Lake Diamonds Inc.

Margaret Lake Diamonds Inc. (TSX.V: DIA) is a diamond exploration company focused on the Northwest Territories, Canada with two exploration properties. The Company has the Diagras property a 60/40 joint venture with Arctic Star Exploration Corp. (TSX.V: ADD), which is comprised of 29 claims totaling 22,595 hectares located in the prolific Lac de Gras diamond field. This property comprises 20 known kimberlites. The 2nd project, called Margaret Lake, is adjacent to Mountain Province Diamonds Kennady North project and in close proximity to Gahcho Kué, the newest Canadian diamond mine owned by De Beers and Mountain Province Diamonds.

ON BEHALF OF THE BOARD OF DIRECTORS

“Paul Brockington”

Paul Brockington, President and Chief Executive Officer

For further information, please contact:

Margaret Lake Diamonds Inc.

Paul Brockington President and CEO

Phone: 604-630-2810

Website: www.margaretdiamonds.com

Forward-Looking Statements

This news release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Click here to connect with Margaret Lake Diamonds Inc. (TSXV:DIA) for an Investor Presentation.

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