Diamcor Mining Announces Private Placement Closing

January 20, 2009

KELOWNA, January 20, 2009 – Diamcor Mining Inc. (TSX-V:DMI) (the “Company”), announces that further to its news release of December 18, 2008, the Company has now received TSX Venture Exchange final approval to its non-brokered private placement resulting in the issuance of 2,121,250 units at a price of $0.30 per unit, for total gross proceeds of $636,375.00. 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 $0.50 per share until the close of business on January 7, 2011.

Securities issued pursuant to the above will be subject to a hold period ending on May 8, 2009.

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 (the “Project”). The Company announced on December 22, 2008 that it had successfully concluded a definitive purchase agreement with De Beers Consolidated Mines Limited (“De Beers”) for the Project.

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.