Diamcor Mining Announces Sale Of Non-core Assets

March 19, 2009

March 19, 2009, KELOWNA, BC – Diamcor Mining Inc. (TSX-V:DMI) (the “Company”), today announces that it has entered into a definitive Sale of Shares Agreement (the “Agreement”) with two arm’s length parties to the Company, for the disposition of the Company’s wholly-owned subsidiary, So Ver Mine (Pty) Ltd. (“So Ver”). Under the terms of the Agreement, the sale of So Ver is being done in the form of a simple sale of shares whereby the buyers have agreed to purchase 100% of the issued share capital in So Ver for an agreed upon sum of R3 250 000.00 (approximately $400,000.00 CND) in cash, to be paid to the Company in the form of an initial R300 000.00 non-refundable deposit upon signing of the Agreement, with the balance of R2 950 000.00 required to be paid by March 31, 2009.

The Company previously announced on August 7, 2008, it had began considering and evaluating various proposals for the disposition of these non-core assets as part of the Company’s strategy to enable it to focus on new mining opportunities, such as the recently announced De Beers Krone-Endora acquisition. So Ver is the holder of a valid mining license to mine tailings dumps, the owner of the surface rights of portion 3 of the farm So Ver 90, as well as portion 3 of the farm Doornkloof 89, and holds water rights for irrigation of 17 hectares for the respective farms. In addition to these items, So Ver has rehabilitation funds/deposits with the South African Department of Minerals and Energy valued at R570 000.00 and 2 Eskom power points and electricity guarantees valued at approximately R10 000.00 which will transfer to the new owners of So Ver.

So Ver has been largely inactive and not a core focus of the Company since the processing of remaining tailings with the previous larger plant was suspended and it was determined that the Company would not proceed with the acquisition and installation of smaller equipment or a processing plant aimed at economically treating the remaining tailings, all as announced in the Company’s news release of November 8, 2006. The entity has not produced revenue since its announced shut down, and the sale of So Ver is expected to provide the Company with an immediate cost savings from the discontinuance of on-going maintenance of these non-core assets. Management has reviewed the elements and effects of the transaction and has determined that the transaction is an “Exempt Transaction” under Policy 5.3 of the TSX Venture Exchange Corporate Finance Manual. The proceeds from the closing of the sale of So Ver will be applied to the general working capital of the Company.

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.