Diamond Exploration Inc.

Diamond Exploration Inc.

September 11, 2009 16:51 ET

Diamond Exploration Inc.: Contractor Shares Approved

OTTAWA, ONTARIO--(Marketwire - Sept. 11, 2009) - Diamond Exploration Inc. (TSX VENTURE:DIX) ("DIX" or the "Company") announced today that, it has received final approval from the TSX-V, following the approval of the shareholders at the Annual General and Special Meeting, held on September 4, 2009, to issue 455,000 common shares at a price of $0.10 to certain contractors in lieu of cash for services.

Robin Dow, CEO has received 105, 000 shares in lieu of management fees of $10,500, Eric Craigie, V.P. of Exploration has received 250,000 shares in lieu of consulting fees of $25,000 and Paul Pitman, P. Geo. has received 100,000 shares in lieu of $10,000 of consulting fees.

The issued shares have a hold period expiring January 9, 2010.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking information within the meaning of Canadian securities laws. Such information includes, without limitation, information regarding the closing of the proposed property acquisition, the close of the proposed private placement, completion of a technical report, the identification of any mineral resource and the anticipated business and financing plans of the Company. Although the Company believes that such information is reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for diamonds or other minerals that may be produced generally, recent market volatility; variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's most recent annual and interim Management's Discussion and Analysis for a more complete discussion of such risk factors and their potential effects, copies of which may be accessed through the Company's page on SEDAR at www.sedar.com.

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