Vancouver, British Columbia (FSCwire) - Margaret Lake Diamonds Inc. (“MLDI”, the “Company”) exploration efforts are focused on the 23,199 hectare Margaret Lake (“ML”) property in the Northwest Territories, Canada, some 300km northeast of Yellowknife.  Management considers this property to be highly prospective for new diamond discoveries, as it is immediately north of discoveries by Kennady Diamonds Inc. (“Kennady”), and only 10km from the Gahcho Kué diamond mine being developed by De Beers and Mountain Province Diamonds.  This is within a 90 km by 40 km diamond field that also contains the Snap Lake mine operated by De Beers.

A HeliFALCON® survey, flying gravity gradiometry and magnetics, has now been completed on 75 meter line spacings on the ML property.  In addition, the survey was expanded to cover the northern portion of Canterra Minerals’ Marlin property, which is subject to an Option Agreement with MLDI.  This required flying an additional 1500 line kilometres with the HeliFALCON® system.  A digital terrain model together with detailed bathymetry, using WorldView2 high-resolution satellite imagery, has also been contracted for the Marlin ground.  This will enhance data interpretation and potential target definition.  Geophysical data will be processed by the contractor and subsequently analysed by geophysical consultants to define potential kimberlite targets.

A review of past work on the ML property has revealed three targets defined by ground geophysics in the south west area of the ML property.  MLDI acquired historical data from a previous operator and have had it reviewed by Christopher Campbell of Campbell & Walker Geophysics Ltd., consulting geophysicists to MLDI. The three principal targets, known as A286, A294, and Drop Lake, all lie within the narrow southwest tail portion of the ML property, and are defined by coincident ground gravity, magnetic, and horizontal loop EM (HLEM) anomalies for the first two, and strong HLEM plus historical airborne anomalies for the third.  In addition, a preliminary review of data from the current airborne survey shows a gravity response that relates to the two historical ground gravity targets.  These three targets exhibit characteristics similar to known kimberlite bodies and will be subject to further evaluation.

About Margaret Lake Diamonds

Margaret Lake Diamonds Inc. is a diamond exploration company focused on the Northwest Territories in proximity to the next Canadian diamond mining development by De Beers and Mountain Province and adjacent to the ongoing exploration by Kennady Diamonds. The Board is comprised of persons with combined involvement of over 50 years in the Canadian diamond sector.

Qualified Person

Technical information related to the Margaret Lake property contained in this news release has been reviewed and approved by Thomas Hasek, P.Eng., a Qualified Person as defined by National Instrument 43-101.

For further information, please contact:

Margaret Lake Diamonds Inc.

Paul Brockington

President and CEO

Phone: 604-630-2810

Website:  www.margaretlakediamonds.ca

Forward-looking Information

This news release contains projections and forward-looking information that involve 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.  The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital.  Full description of these risks can be found in the Company’s Annual Information Form, dated August 15, 2014, available on the Company's profile on the SEDAR website at www.sedar.com, and on the Company’s website at www.margaretlakediamonds.ca.  These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information.  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. The Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change. 

Neither the 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.

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