Margaret Lake Diamonds Commences Diamond Drilling ON 100% Owned Margaret Lake Property, Nwt

MARGARET LAKE DIAMONDS COMMENCES DIAMOND DRILLING ON

100% OWNED MARGARET LAKE PROPERTY, NWT

Vancouver, British Columbia / May 18, 2018 / Margaret Lake Diamonds Inc. (TSX.V: DIA / FSE:

M85) (“Margaret Lake” or the “Company”) is pleased to announce that diamond drilling is now

underway at its 100% owned Margaret Lake Property (“the Property”) in the Northwest

Territories. The Property is located just nine kilometers north of the Gahcho Kué diamond mine

and two kilometers from the Kelvin and Faraday kimberlite deposits

The drill program will test up to 6 targets on the Property. Each of the targets display a gravity

low, bedrock conductor, or combination of both, and have been interpreted as having

geophysical characteristics potentially representing kimberlite bodies. The Margaret Lake

Property comprises 23 mineral claims totaling 23,199 hectares. The Company holds a 100%

interest in Margaret Lake and is not subject to any underlying royalties.

The Company’s exploration model is based on similar methods previously utilized by Kennady

Diamonds Inc. to delineate kimberlite targets . Kennady noted correlations between targeting

non-magnetic pyroclastic kimberlite targets located next to a magnetic kimberlite dyke, with

electromagnetic (EM) and gravity responses. This exploration model ultimately led to the

delineation of the Kelvin-Faraday resource located contiguous to the south and east of the

Company’s Margaret Lake Property. The Company notes that some EM responses received

from its targets exhibit a similar shape to Kennady’s Faraday kimberlite. Investors are cautioned

that mineral deposits on adjacent properties are not indicative of mineral deposits on Margaret

Lake.

Qualified Person

The technical data in this news release has been reviewed and approved by Mark Fields, P.Geo.,

a Qualified Person under the provisions of National Instrument 43-101.

About Margaret Lake Diamonds Inc.

Margaret Lake Diamonds Inc. (TSX.V: DIA) is a diamond exploration company focused on the

Northwest Territories, Canada with two exploration properties. The Margaret Lake project is

adjacent to the Kennady North project and in close proximity to Gahcho Kué, the newest

Canadian diamond mine owned by De Beers and Mountain Province Diamonds. The Company

also has a 60/40 joint venture with Arctic Star Exploration Corp. (TSX.V: ADD) to explore the

Diagras property, which is comprised of 23 claims totaling 18,699 hectares located in the

prolific Lac de Gras diamond field.

ON BEHALF OF THE BOARD OF DIRECTORS

“Paul Brockington”

Paul Brockington, President and Chief Executive Officer

For further information, please contact:

Margaret Lake Diamonds Inc.

Paul Brockington

President and CEO

Phone: 1.604.630.2810

Web: www.margaretdiamonds.com

Forward-Looking Statements

This news release contains 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. 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.

Neither 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.