Dianor Resources Inc.
TSX VENTURE : DOR

Dianor Resources Inc.

April 20, 2010 17:00 ET

Dianor Amends Option Agreements on Killala Properties and Announces Annual Grant of Stock Options

VAL-D'OR, CANADA–-(Marketwire - April 20, 2010)THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Version française disponible sur www.dianor.com seulement

Dianor Resources Inc. (TSX VENTURE:DOR) announces that it has amended certain terms and conditions of the option agreements for the Killala Lake South Property and Killala Lake East Property entered into on March 26, 2006 between Dianor and certain individuals to allow Dianor to issue common shares of its share capital in lieu of the agreed cash payment of $25,000 and $30,000 on March 25, 2009 and $35,000 and $50,000 on March 25, 2010 for respectively the Killala Lake South Property and Killala Lake East Property. In connection with such amendment and subject to the approval of the TSX Venture Exchange, (i) Dianor has issued 339,379 common shares in lieu of the cash payment of $25,000 on the Kilalla Lake South Property and 407,254 common shares in lieu of the cash payment of $30,000 on the Killala Lake East Property (representing a price of approximately $0.07 per share) in March 2009, and (ii) Dianor will issue 377,074 common shares in lieu of the cash payment of $35,000 on the Killala Lake South Property and 538,677 common shares in lieu of the cash payment of $50,000 on the Killala Lake East Property (representing a price of approximately $0.09 per share).

In other news, Dianor announces that its Board of Directors has made an annual grant of stock options to eight directors and officers in respect of an aggregate of 1,050,000 common shares. At the same time, Dianor made an annual grant of stock options to six employees and consultants in respect of an aggregate of 355,000 common shares. The options were granted under Dianor's Stock Option Plan.

The exercise price of the options is $0.10 per share. The closing price of Dianor's common shares on the TSX Venture Exchange on April 16, 2010 was $0.07. The options expire in ten years.

About Dianor

Dianor is an innovative exploration company focused on advancing diamond exploration properties in the Superior Craton of Canada. The Leadbetter Diamond Project is its most advanced project and is geographically well situated and easily accessible, some 12 kilometres north east of Wawa in Northern Ontario. Substantial exploration work has been conducted on the project since 2005 and in May 2009, the Company received government approval to proceed with a 50,000 tonne bulk sampling programme of the 2.697 Ma old Archean Conglomerate. A preliminary tonnage estimate for this conglomerate is in the range of 549 million to 583 million tonnes (press release July 24th 2007). In addition to diamonds, the conglomerate contains gold, sapphires and rubies (press release January 18th 2007). In 2008, additional diamond discoveries, including rare purple diamonds, were made by the Company in rocks of similar type, age (Archean) and geological settings (press release March 3rd, April 10th,& May 13th 2008) in Quebec. The Quebec diamond properties have increased our portfolio of low cost, accessible exploration targets. These diamond discoveries (Ontario and Quebec) are both unique and amongst the oldest diamond-bearing occurrences in the world.

Neither the 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.

You can also visit our Web Site: www.dianor.com

Contact Information

  • Dianor Resources Inc.
    Mr. John Ryder, P. Geo.
    President
    819-825-7090
    819-825-7545 (FAX)
    info@dianor.com
    or
    Dianor Resources Inc.
    Mr. Daniel Duval
    Chairman of the Board
    819-825-7090
    819-825-7545 (FAX)
    info@dianor.com
    or
    S.D.N.L. Financial Communication
    Mr. Sylvain Laberge
    Investor Relations
    514-380-5610
    slaberge@sdnlfinancial.com