Diamonds North Resources Ltd.

Diamonds North Resources Ltd.
Majescor Resources Inc.

Majescor Resources Inc.

January 10, 2007 08:30 ET

Diamonds North and Majescor Identify High Priority Drill Targets on Banks Island, NWT

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 10, 2007) - Diamonds North Resources Ltd. (TSX VENTURE:DDN) and Majescor Resources Inc. (TSX VENTURE:MAJ) announce that an airborne survey commissioned over a small portion of the Banks Island project in the Northwest Territories has delineated 65 geophysical anomalies that may be caused by kimberlite intrusions. Seven of the targets are moderate to high priority, including one target estimated to be 300 x 400 metres (12 hectares). Many of the targets require follow-up including drill testing.

The project covers 1.2 million acres of land on north-eastern Banks Island, in the Northwest Territories. Highly prospective kimberlite indicator minerals, including eclogitic and pyrope garnets with compelling G10 mineral chemistry and primary surface textures, suggest the possibility for diamondiferous kimberlites on the property. Several possible kimberlite source areas have been identified. To date, a total of 4800 line kilometres of airborne geophysics has been flown over only one of these areas, providing geophysical coverage for only 10% of the property.

The 12 hectare target is one of the highest priority targets within the survey area. It is defined by an obvious circular and well isolated weak magnetic signature. A detailed ground magnetic survey will be completed over the target for confirmation prior to drilling (view the high priority target and airborne survey at

Mark Kolebaba, President of Diamonds North, states, "We view the Banks Island project as an excellent opportunity for our shareholders to participate in what could be Canada's next diamond district. If this 12 hectare target is a kimberlite and if it is the source of the prospective indicator minerals, the potential of this one target alone is staggering; now consider that there are other high priority targets to test and that only 10% of the property has been surveyed with airborne geophysics and you begin to understand why we feel the Banks Island project has the potential to add significant value to both Diamonds North and Majescor."

The Banks Island project is comprised of approximately 1.2 million acres of exploration permits held jointly by Diamonds North and Majescor Resources. Diamonds North is the project operator. De Beers Canada Inc., one of the main competitors in the region, holds approximately 3 million acres of permits on NW Victoria Island which is 20 kilometres southeast of the Banks Island diamond project.

Bruce Kienlen (P.Geol) is Diamonds North's qualified person reviewing the data for this project.

On behalf of Diamonds North Resources Ltd. and Majescor Resources Inc.

Mark Kolebaba, President & CEO

Diamonds North Resources

Marc-Andre Bernier, President & CEO

Majescor Resources Inc.

Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information