Diamcor Mining Announces Planned Sale Of Non-Core Assets

August 7, 2008

August 7, 2008, KELOWNA, BC – Diamcor Mining Inc. (TSX-V:DMI) (the “Company”), today announces it plans to proceed with the disposition of certain of the Company’s So Ver mining assets.  The Company will begin considering and evaluating various proposals from interested parties.  The transaction may take the form of an asset sale or a sale of the Company’s subsidiary, So Ver (Pty) Ltd.  The disposition of these non-core assets is part of the Company’s strategy to divest itself of current non-producing assets and re-deploy its resources to new mining opportunities that can provide near-term diamond production with long-term potential.

The So Ver non-core assets include landholdings comprising 556.7 hectares with certain portions having water rights suitable for various uses, mining permit rights for the remaining tailings at the property, reconditioned items associated with the five-story processing plant, and housing and workshops.  The Company will retain ownership of certain processing equipment that will be re-deployed to new projects. 

In addition to the immediate cost savings from the discontinuance of on-going maintenance of these non-core assets, the potential proceeds from the sale of these assets would be applied to the acquisition and development costs associated with the purchase of the Krone-Endora alluvial deposit from De Beers Consolidated Mining Company, previously announced on May 26, 2008.

Diamcor Mining is a junior resource company with established operations and production history in South Africa.  The Company is determined to use its established operating history, industry knowledge, and proprietary relationships to acquire and develop quality diamond properties in the region.

On behalf of the Board of Directors

Mr. Dean H. Taylor
Diamcor Mining Inc.

Phone: (250) 862-3212
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.


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