P.O.Box 11121 - Royal Centre

MARGARET LAKE DIAMONDS INC.

Suite 2050 - 1055 West Georgia Street P.O.Box 11121 - Royal Centre Vancouver, BC V6E 3P3

MARGARET LAKE DIAMONDS INC. ANNOUNCES WARRANT EXTENSION ______________________________________________________________________________

April 1, 2016 TSX-V: DIA

Margaret Lake Diamonds Inc. (the “Company”) announces that it proposes to extend the term of outstanding share purchase warrants (the “Warrants”) issued in connection with the Company’s April 22, 2014 private placement completed concurrently with the Company's qualifying transaction. The Company proposes to extend the term of the Warrants by 18 months to October 22, 2017 (the “Warrant Extension”). All of the Warrants were originally exercisable for a period of 24 months from the date of issuance. All other terms of the Warrants will remain unchanged.

The Warrant Extension is subject to TSX Venture Exchange approval.

On behalf of the Board of Directors

MARGARET LAKE DIAMONDS INC.

“Paul Brockington”

Paul Brockington, Chief Executive Officer

For further general information, please contact Paul Brockington at 604-630-2810.

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.