Diamcor Mining Announces Conditional Approval And Planned Closing Of Private Placement

December 18, 2008

KELOWNA, December 18, 2008 – Diamcor Mining Inc. (TSX-V:DMI) (the “Company”), announces that, further to its news release of October 29, 2008, the Company has now received conditional approval for, and will commence closing without delay, the non-brokered private placement resulting in the issuance of a total of up to 3,333,333 units at a price of $0.30 per unit, for total gross proceeds of up to $1,000,000.00.  Each unit consists of one common share of the Company and one common share purchase warrant.  Each warrant will entitle the holder thereof to purchase one additional common share at a price of $0.50 for a period of two years from the closing date.

Proceeds from the financing will be used for general corporate purposes and in part, to fund some of the costs associated with the purchase of the Krone-Endora alluvial diamond deposit on which the Company is currently in the final stages of executing a definitive purchase agreement (“Agreement”) with De Beers Consolidated Mines Limited (“De Beers”).  All material terms of the Agreement have been agreed upon, and thus accordingly, the Company has submitted its Acquisition application to the TSX Venture Exchange (the “Exchange”) in order to obtain the required conditional approval to the Company’s transaction with De Beers, prior to executing the Agreement.  Upon receiving this required approval, the Company will execute the Agreement and immediately issue a comprehensive news release disclosing the terms of the transaction.  No funds from the private placement will be allocated to the purchase of the Krone-Endora acquisition until such time as the required conditional approval for the transaction has been received by the Exchange.  As previously disclosed in the Company’s news release of May 26, 2008, the Company, through its South African subsidiary, DMI Minerals South Africa (Proprietary) Limited (“DMI Minerals”), received confirmation from De Beers that its proposal to acquire the Krone-Endora alluvial project was approved as the successful proposal.

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.

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 & CEO
Diamcor Mining Inc.

Phone: (250) 864-3326
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 has not reviewed and does not accept responsibility for the adequacy or, the accuracy of this release.