Margaret Lake Diamonds Files Exploration Permit for Kiyuk Lake Gold Property, Nunavut; Spring 2019 Drill Program Planned

Vancouver, British Columbia / February 21, 2019 / Margaret Lake Diamonds Inc. (TSX.V: DIA / FSE: M85) (“Margaret Lake” or the “Company”) is pleased to report the Company has applied for a Land Use Permit (“LUP”) at its Kiyuk Lake Gold Property (“Kiyuk Lake” or the “Property”) located in southern Nunavut. Currently, Kiyuk Lake has a Type B water license that is valid until June 2022. The Type B license allows the Company to access local water sources for camp and drilling use.

Upon receipt of the LUP, the Company plans to construct an exploration camp in late March followed by up to 5,000 meters of diamond core drilling in Spring 2019. Ground magnetic surveys to further define high priority drill targets are also being planned. The drill program will focus on expanding high-grade Rusty zone along strike and to depth as well as testing the highest priority drill targets.

About the Kiyuk Lake Gold Property

The Kiyuk Lake land package consists of 70 contiguous mineral claims encompassing over 59,000 hectares and offers year-round accessibility to a 35-person base camp. Significant past exploration, beginning with Newmont Mining in 2008 and most recently Cache Exploration in 2017, has resulted in over 13,000 meters of core drilling and delineation of four mineralized zones and five additional high priority target areas that have yet to be drill tested. Mineralization has been traced across a 13-kilometer strike length and remain open in all directions. The main focus of exploration to date has been on the high-grade Rusty zone. In 2017, drilling within the Rusty zone returned broad intercepts of gold mineralization including:

-          8m of 26.48 g/t gold from 108m, including 2m of 92.76 g/t gold from 110m, in DDH KI17-001

-          38m of 1.16 g/t gold from 58m, including 8m of 3.98 g/t gold from 68m, in DDH KI17-002

-          122m of 1.82 g/t gold from 188m, including 15m of 3.34 g/t gold from 294m, in DDH KI17-004

-          249m of 1.6 g/t gold from 8.2m in DDH KI13-004 (no cut-off)

* Drill intercepts are not true width. True widths are not known at this time. See Cache Exploration Inc. press releases dated October 12, 2017 and October 26, 2017 and Prosperity Goldfields press release dated April 9, 2013. While the Company believes the historical work was performed according to best practices and the exploration data is reliable, a Qualified Person has not verified the results independently.

Figure 1. Kiyuk Lake Project Map

Qualified Person

The technical data in this news release has been reviewed and approved by Buddy Doyle, 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 Canadian junior mining company focused on mineral exploration in Canada’s most prolific mining districts. The Company is earning an 80% interest in the high-grade Kiyuk Lake Gold Property located in southern Nunavut and also holds interests in two diamond exploration properties in the Northwest Territories- the Margaret Lake project located adjacent to Mountain Province Diamond’s Kennady North project and 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

“Jared Lazerson”

President and Chief Executive Officer

Phone: 1.604.630.2810

Web: www.margaretdiamonds.com

Forward-Looking Statements

This news release contains forward-looking information that involves 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.