Vancouver, British Columbia (FSCwire) - Margaret Lake Diamonds Inc. (TSXV: DIA) (“MLD” or the "Company")  is pleased to announce that it has earned an undivided 60% interest in the Margaret Lake Diamond Property (the “Property” or the “Claims”), comprised of  nineteen mineral claims totaling 48,720.2 acres or 19,716.37 hectares (“ha”) contiguous to the north and west of Kennady Diamonds Inc.'s Kennady North Project. The Property is located 300 kilometers (“km”) east-northeast of Yellowknife in the District of Mackenzie, Northwest Territories. The Claims lie just 78 km north of the East Arm of Great Slave Lake and are bounded to the south by both the Kennady Diamonds and De Beers/Mountain Province Diamonds joint venture ground packages. The larger portion of the Property spans an area roughly 20 km in an east-west direction by 9 km in a north-south direction. One small western extension covers an area 13.5 km in a north-south direction and 2.25 km in an east-west direction.

To earn its 60% interest, MLD was required to make a cash payment in lieu of filing assessment work in 2013 (approximately $100,000) and incur not less than $1,000,000 in exploration expenditures by October 13, 2014. The Company has exceeded the expenditure requirement, having undertaken ground till sampling and an airborne geophysical survey on the Property this past summer. In particular, MLD completed the airborne survey using the HeliFalcon gravity gradiometer system over the entire Property at 75 metre line spacing to obtain high-definition gravity-gradiometry and magnetic gradiometry. Flown at an average 45 metres above terrain, the survey was designed to isolate any high-definition gravity and magnetic anomalies. MLD plans to use these data to define potential kimberlite drill targets.

The Company may earn an additional 10% interest for a total 70% undivided interest in the Margaret Lake Property by incurring an additional $1,000,000 in exploration expenditures by October 13, 2015. There are no option payments, share consideration, or royalties payable. The Company will continue to be the operator of all exploration programs on the Property.

Paul Brockington, MLD’s President and CEO, stated:

“Earning an initial 60% interest in the Margaret Lake Property is a major milestone for the Company. We acquired the right to earn an interest in the Property in March, 2014, and in the space of seven months have completed an extraordinary amount of exploration on it, despite some challenging circumstances. We expect to be receiving results from the airborne survey and till sampling in the next couple of months, and have already delineated several targets worthy of drilling based on preliminary results. Work completed to date has given us confidence in the kimberlite potential of the Property and to continue with the next phase of exploration.”

In addition to the Margaret Lake Property, MLD staked and owns a 100% interest in four additional claims to the north and contiguous to the Property totalling 3,483 hectares and also has an option to earn up to a 49% interest in Canterra Minerals Corporation's (“Canterra”) Marlin Property  (See Press Release:  August 28, 2014.)  The Marlin Property comprises 23 mineral claims covering an area of approximately 26,000 ha and lies contiguous to the north and west of the Kennady North Diamond project and west of the Margaret Lake Property.  On the Marlin Property, a total of 126 till samples were collected by Canterra and contained a 1.0-millimetre-by-1.0-millimetre-by-1.4-millimetre off-white, modified octahedral diamond as well as several anomalous indicator minerals, including pyropes.  In addition a 1,500-line-kilometre HeliFALCON gravity gradiometer survey combined with airborne magnetics was flown over the northern portion of the Marlin property on 75-metre-line spacings at an average 45 metres above terrain to isolate any high-definition gravity and magnetic anomalies. A digital terrain model, together with detailed bathymetry, using WorldView2 high-resolution satellite imagery, was also completed and will enhance data interpretation and potential kimberlite target definition.

About Margaret Lake Diamonds Inc.

Margaret Lake Diamonds Inc. is a diamond exploration company focused on the Northwest Territories in proximity to Gahcho Kué, the next Canadian diamond mining development by De Beers and Mountain Province Diamonds, and adjacent to the ongoing advanced exploration by Kennady Diamonds.  The Board of MLD 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.

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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