Delrand Resources Limited

Delrand Resources Limited

June 29, 2008 20:00 ET

BRC Diamondcore Appoints New Board, Restructures Management And Announces Cdn$1.5 Million Private Placement


Toronto, Canada and Johannesburg, South Africa -- June 30, 2008: BRC DiamondCore Ltd. (the "Company") (TSX -- BCD; JSE -- BCD) announces that the following Board of Directors was elected at the annual meeting of shareholders of the Company held on June 27, 2008: Simon Village, Dr. Michiel (Mike) de Wit, Arnold Kondrat, Gregory Hunter, Geoffrey Farr and Stephen Thomson. The Company's Chief Executive Officer, Theo Botoulas, and Chief Financial Officer, Craig Campbell, withdrew themselves from nomination for election as directors.

Mr. Botoulas will continue in his position as CEO of the Company until a new CEO is appointed by the Board, which is expected to occur shortly. Mr. Botoulas will continue to be associated with the Company as a consultant to optimize the empowerment structure and work with the empowerment groups to attract new opportunities to the Company.

Danie Van Der Merwe, currently head of operations in South Africa, will be appointed Chief Operating Officer of the Company. Mr. Van Der Merwe has extensive operational experience, building, operating and successfully managing diamond projects in South Africa and Sierre Leone.

Brian Scallan will join the Company as interim Chief Financial Officer. Mr. Scallan has an extensive background in arranging and structuring corporate finance, particularly for capital projects, as well as in strategic and contractual planning. He also has a wealth of banking experience, including some 15 years in a senior position with Standard and Corporate Merchant Bank. He has also had financial experience in the Democratic Republic of the Congo since 1996, initially with Standard Bank and then on a project finance consultancy basis. More recently, Mr. Scallan was Head of Funding at Nikanor plc, a company which had extensive copper and cobalt mining interests in the DRC prior to its takeover by Katanga Mining Ltd. He was involved in setting up the capital expenditure control procedures for Nikanor and negotiating certain capital expenditure contracts as well as the copper and cobalt off-take agreements between Nikanor and the Glencore Group. Mr. Scallan will work actively with Company President Mike de Wit and Mr. Van Der Merwe in respect of the financing of the Company's exploration and operational divisions.

Simon Village, Chairman of the Company, stated: "On behalf of the Board, I would like to thank both Theo and Craig for their contributions to the Company over the past years. The Company has benefited from Theo's success over the last five years in structuring a company with a superior portfolio of assets. The new role for Theo will be a tremendous support for the empowerment group and should deliver new opportunities for the Company. We believe that the announced restructuring will also lead to improved dynamics within the organization which will benefit all stakeholders, and allow us to realize the full potential of the Company's portfolio of projects."

The Company also announces that it proposes to carry out a non-brokered, interim financing by way of private placement of up to 1,000,000 common shares of the Company at a price of Cdn$1.50 per share for total proceeds of up to Cdn$1,500,000. The proceeds of the financing will be used for the exploration of the Company's diamond properties and for general corporate purposes.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.

BRC DiamondCore is an African-focused diamond explorer active in South Africa and the Democratic Republic of the Congo (the "DRC"). Led by a management team with extensive experience in diamond exploration and mine development, the Company has a broad spectrum of projects ranging from advanced stage trial mining operations through grass-roots exploration. The Company's projects comprise both prospective alluvial gravels and primary kimberlite targets. The Company works in a systematic and responsible manner to discover assess and develop diamond resources for the benefit of its shareholders and local stakeholders.

For further information, please visit our website,, or contact:
Simon Village, Chairman, + 44 788 405 4012 in the U.K. or Martin Jones, Vice President, Corporate Development, at (416) 366-2221 or 1-800-714-7938 in Toronto.

This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the closing of the financing and future plans of the Company) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the possibility that future exploration results will not be consistent with the Company's expectations, changes in equity markets, changes in diamond markets, foreign currency fluctuations, political developments in the DRC or South Africa, changes to regulations affecting the Company's activities, uncertainties relating to the availability and costs of financing needed in the future, delays in obtaining or failure to obtain required project approvals, the uncertainties involved in interpreting geological data and the other risks involved in the diamond exploration business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

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