Management Update

MARGARET LAKE DIAMONDS INC.

MANAGEMENT UPDATE

June 23, 2017, Vancouver, British Columbia - Margaret Lake Diamonds Inc. (the “ Company ”) (TSXV: DIA)

announces that it has accepted the resignation of Mr. Peeyush Varshney as director of the Company.

We thank Mr. Varshney for his contributions to the Company.

About Margaret Lake Diamonds Inc.

Margaret Lake Diamonds Inc. is a diamond exploratio n company focused on the Northwest Territories

with the Margaret Lake property in proximity to Gahcho Kué, the new Canadian diamond mine owned by

De Beers and Mountain Province Diamonds, and adjace nt to the ongoing advanced exploration by

Kennady Diamonds. In addition the Company has a joint venture with Arctic Star Exploration Corp. on the

Diagras property in the Lac de Gras area in proximi ty to the Ekati and Diavik producing diamond mining

operations .

For further information, please contact:

Margaret Lake Diamonds Inc.

Paul Brockington

President and CEO

Phone: 604-630-2810

Website: www.margaretlake.ca

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of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.