Diamcor Mining Announces Private Placement


KELOWNA, July 16, 2007 – Diamcor Mining Inc. (TSX-V:DMI) announces that it intends to complete a non-brokered private placement financing of up to $750,000.00. The private placement will consist of the sale of up to 1,500,000 units at a price of $0.50 per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional common share at an exercise price of $0.75 for a period of two years following the closing date. The private placement is expected to close on or before August 15, 2007.

The gross proceeds of the financing will be used for general corporate purposes, as a reserve for continued asset acquisition investigation, and to fund business development costs associated with other potential opportunities.

The transaction is subject to regulatory, and/or 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 date.

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.

Statements about the Company’s future expectations and all other statements in this press release other than historical facts are “forward looking statements”. The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company’s actual results may differ materially from the expected results.