Conversion of Promissory Note by President & CEO

April 22, 2015 TSX-V: DIA

Conversion of Promissory Note by President & CEO

April 22, 2015, Vancouver, British Columbia – Margaret Lake Diamonds Inc. (“MLD”, the “Company”) (TSXV: DIA), announces that Paul Brockington, President, Chief Executive Officer and a Director of the Company has converted $225,227.18, being the entire amount of the principal and interest outstanding under the convertible promissory note held by Mr. Brockington dated February 18, 2014 (the “Note”), into units of the Company (the “Units”) at a conversion price of $0.10 per Unit. Each Unit is comprised of one common share of the Company and one half share purchase warrant, with each such whole warrant being exercisable into one common share of the Company for a period of two years at an exercise price of $0.25.

The Note proceeds were used to pay a deposit for an airborne gravity gradiometer and magnetic survey to be completed on the Margaret Lake diamond property. See the Company’s news release of April 22, 2014 for further detail.

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 advanced exploration and bulk sampling being pursued by Kennady Diamonds.

For further information, please contact:

Margaret Lake Diamonds Inc.

Paul Brockington President and CEO Phone: 604-630-2810 Website: www.margaretlakediamonds.ca

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.