Dianor Resources Inc.

Dianor Resources Inc.

May 23, 2006 09:50 ET

Dianor Comments on Bankruptcy of Vincent Lacroix

VAL-D'OR, CANADA--(CCNMatthews - May 23, 2006) - Dianor Resources Inc. (TSX VENTURE:DOR) wishes to comment on the judgment of Mr. Justice Robert Mongeon of the Quebec Superior Court, pursuant to which Vincent Lacroix was declared bankrupt on Friday, May 19. To Dianor's knowledge, Vincent Lacroix holds 20,594,100 common shares and 5,000,000 warrants of Dianor. There are approximately 125 million common shares of Dianor issued and outstanding.

Dianor believes that this development will remove the market uncertainty that has surrounded Mr. Lacroix's ownership of Dianor's shares and warrants. Dianor understands that Mr. Pierre Laporte of Ernst & Young Inc. has been named the trustee for the bankruptcy of Mr. Lacroix and that the duty of Mr. Laporte, as trustee-in-bankruptcy, is to maximize the return on Mr. Lacroix's assets, so that the proceeds from the sale of the assets can be distributed to his creditors.

"We intend to contact Mr. Laporte as soon as possible", said John Ryder, Dianor's President. "It is in everyone's interest that Dianor's shares and warrants held by the trustee-in-bankruptcy be sold in an orderly manner."

"We will put Mr. Laporte in contact with securities dealers familiar with our company, who may have institutional clients interested in purchasing the shares", Mr. Ryder continued.

"With this judgment, we now know that the trustee-in-bankruptcy, and not Mr. Lacroix, will have the legal right to deal with the shares. Since August 2005, the market has been unsure as to the status of these shares. The transfer of the shares from Mr. Lacroix to the trustee-in-bankruptcy will bring clarity to the situation", Mr. Ryder added.

In August 2005, a "freeze order" with respect to Dianor shares held by Vincent Lacroix was issued by the Bureau de decision et de revision en valeurs mobilieres, at the request of the Autorite des marches financiers. The 5,000,000 Dianor warrants held by Mr. Lacroix have an exercise price of $0.75 per share and expire on October 27, 2006.

Dianor is an innovative exploration company focused on diamond exploration. The Company has entered into option/joint ventures in Quebec and Ontario with numerous exploration companies to explore for and discover diamond deposits.

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

Contact Information

  • Dianor Resources Inc
    Mr. John Ryder, P.Geo.
    (819) 825-7090
    (819) 825-7545 (FAX)
    Dianor Resources Inc
    Mr. Daniel Duval
    Chairman of the Board
    (819) 825-7090
    (819) 825-7545 (FAX)