Margaret Lake Diamonds provides an update on the Acquisition of Old Nick and Letain Nickel – Cobalt Properties

VANCOUVER, BRITISH COLUMBIA / March 29, 2021 / Margaret Lake Diamonds Inc. ("MLD" or the "Company") (TSX.V: DIA/ FKT: M85). The Company wishes to advise its shareholders that further to the press release disseminated on February 4, 2021, it has prepared the Technical Report required in compliance with National Instrument 43-101 and the are currently in the process of submitting the reports to the TSX-V for their review.

MLD will have the final copies of the reports filed and disseminated following such a review.

Margaret Lake Diamonds Inc. (TSX.V: DIA) is a Canadian junior exploration company focussed on battery metals and continues to maintain an interest in the Diagras Diamond property located approximately 50km from the Diavik and Ekati Diamond Mines and the Margaret Lake Property located adjacent to the Kennady North 100% owned Margaret Lake Property ("the Property") in the Northwest Territories. The Property is located just nine kilometers north of the Gahcho Kue diamond mine and two kilometers from the Kelvin and Faraday kimberlite deposits.

Contact Information

Web: www.margaretlakediamonds.com

Neil Foran CEO [email protected]

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

Forward-Looking Statements

This press release contains forward-looking information or forward-looking statements (collectively ''forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.