Diamond Exploration Inc.

Diamond Exploration Inc.

June 02, 2009 16:08 ET

Diamond Exploration Inc.: Contractor Shares Proposed Issue

OTTAWA, ONTARIO--(Marketwire - June 2, 2009) - Diamond Exploration Inc. ("DIX" or the "Company") (TSX VENTURE:DIX) announced today that, subject to TSX-V approval, and the approval of the shareholders at the Annual General and Special Meeting, called for July 24, 2009, DIX proposes to issue 775,000 common shares at a price of $0.10 to certain contractors in lieu of cash for services.

Robin Dow, CEO is to receive 425, 000 shares in lieu of management fees of $42,500, Eric Craigie, President, P. Geo is to receive 250,000 shares in lieu of consulting fees of $25,000 and Paul Pitman, P. Geo. is to receive 100,000 shares in lieu of $10,000 of consulting fees.

"This Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not approved or disapproved of the information contained in this Press Release."

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