Diamcor update on second tranche of financing

/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, BC, March 30 /CNW/ - Diamcor Mining Inc. (TSX-V:DMI) (the "Company"), wishes to announce that, further to its news release of February 9, 2010, the Company is now finalizing the second and final tranche of its previously announced private placement financing. As previously announced each unit under the financing has a price of $0.30 and consists of one Company common share and one half of one share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one additional common share at an exercise price of $0.50 for a period of 24 months following the closing of the second tranche. The Company anticipates closing the second tranche within the coming weeks, and with the first tranche of $2,152,121.00 (gross proceeds) now closed, the gross proceeds of the second tranche will be held in escrow pending the successful closing of the previously announced De Beers Krone-Endora acquisition, which is now in the final stages of completion, and receipt of final TSX Venture Exchange approval of the acquisition.

All private placements are subject to regulatory and/or final approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. Securities issued pursuant to the above will be subject to a hold period of four months plus one day following the closing.

About Diamcor Mining Inc:

Diamcor Mining Inc is a fully reporting publically traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI. The Company has well established operational and production history in South Africa, and extensive experience supplying rough diamonds to the world market. Rather than exposing itself to the high-risks and costs associated with kimberlite exploration, the Company's focus is on the identification, acquisition, and operation of quality near-term production based diamond projects.

    
    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.

    
                             WE SEEK SAFE HARBOUR

        The TSX Venture Exchange has not reviewed and does not accept
      responsibility for the adequacy or, the accuracy of this release.
    

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