Agreement In Principle Reached For Interest In South African Diamond Exploration Company

September 14, 2007

KELOWNA, September 14, 2007 – Diamcor Mining Inc. (TSX-V:DMI) (the “Company”) announces that its wholly-owned South African subsidiary, DMI Diamonds South Africa (Pty) Ltd., has entered into an agreement in principle to acquire an initial 24% interest, with an option to acquire up to a 100% interest, in a privately held South African company which holds a Prospecting Rights permit for diamond exploration on a Prospecting Area located near its current base of operations within South Africa.  While the principal business terms of the agreement have been settled, the agreement remains subject to a number of important conditions precedent including satisfactory due diligence results (in the Company’s sole discretion), completion of a mutually satisfactory shareholders agreement and completion of a contract mining agreement, all of which are in process.  The Company wishes to emphasize that although it is optimistic that the conditions precedent can be satisfied within the next 2-3 weeks, there can be no guarantee that the results of its due diligence and the terms of the shareholders and contract mining agreements will be sufficiently satisfactory to the parties and the TSX Venture Exchange to enable the parties to complete the transaction as presently contemplated.

If completed as presently contemplated, the transaction will represent a “Fundamental Acquisition” for the purposes of Policy 5.3 of the TSX Venture Exchange Corporate Finance Manual and must be approved as such by the Exchange.  Additional details of the transaction will be released in the event of receipt of Exchange approval and completion of the transaction.

Diamcor Mining is a junior resource company with established operations and production history in South Africa.  The Company is determined to use this established operating history and industry knowledge to increase its current production of diamonds through the development and or, acquisition of additional quality properties in the region.

On behalf of the Board of Directors

Mr. Dean H. Taylor
President & COO
Diamcor Mining Inc.

Phone: (250) 864-3326
Website: www.diamcormining.com

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