Diamcor signs amended & updated agreement on Krone-Endora

/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES, TO "U.S. PERSONS" OR TO UNITED STATES OF AMERICA NEWS SERVICES/

TSX.V Symbol (DMI)

KELOWNA, March 31 /CNW/ - Diamcor Mining Inc. (TSX-V:DMI) (the "Company"), is pleased to announce that as part of the continued advancement of the closing of the previously announced pending acquisition (the "Acquisition") of the Krone-Endora diamond deposit (the "Project") from De Beers Consolidated Mines Limited ("DBCM"), the Companies have now executed an updated and amended version of the Sale of Assets Agreement.

Under the terms of the original Sale of Assets Agreement the entire area associated with the Endora 66 MS property Prospecting Right was to be transferred, along with an agreed upon portion of the entire Krone 104MS property Prospecting Right subject to an amendment to exclude certain areas inside the current Venetia Mine fence line. After giving due consideration to the proposed area of the Krone 104MS property in question, DBCM has now agreed to transfer the entire Krone 104MS property Prospecting Right without any amendment or sub-division as part of the transaction. In light of the amendments that were consequently required to be made to the Initial Sale of Assets Agreement to reflect this change, the parties to the transaction accordingly agreed to execute an amended and updated agreement. There were no other material changes to the agreement.

Both parties to the transaction are focused on closing the transaction without further delay, and this amendment is aimed at simplifying and expediting the transfer of the associated Prospecting Permits.

    
    On behalf of the Board of Directors

    Mr. Dean H. Taylor
    President & CEO
    Diamcor Mining Inc.
    [email protected]

    Phone: [phone]
    Website: www.diamcormining.com
    

This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company's ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. This news release is not for dissemination in the United States, to "U.S. Persons" or to United States of America news services.

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For further information: Mr. Dean H. Taylor, President & CEO, Diamcor Mining Inc., [email protected], Phone: [phone], Website: www.diamcormining.com