Delrand Resources Limited

Delrand Resources Limited

November 16, 2008 19:00 ET

BRC DiamondCore Reports Third Quarter 2008 Results

Toronto, Canada - November 17, 2008 - BRC DiamondCore Ltd. (the "Company") (TSX - "BCD"; JSE - "BCD") reported a net loss of $7,497,811, or $0.31 per share, for the three month period ended September 30, 2008 and a net loss of $12,130,444, or $0.50 per share, for the nine month period ended September 30, 2008. The most significant items affecting the said nine month results are the write off of certain mineral properties in the Democratic Republic of the Congo of $5,312,000 recorded in the third quarter of 2008 (the properties written off included the properties comprising the Lubao project), an unrealized foreign exchange loss of $2,499,752 and stock-based compensation expense of $1,593,000 (including $1,237,000 recorded in the third quarter of 2008) relating to the grant of stock options.

Revenue achieved from the sale of diamonds recovered from the bulk sampling operations in South Africa has been applied to reduce the overall deferred exploration expenditure recorded in respect of the Company's operations (which deferred exploration expenditure is capitalized in the balance sheet).

The Company's unaudited interim consolidated financial statements as at and for the three and nine month periods ended September 30, 2008 and the related management's discussion and analysis have been filed on SEDAR at

BRC DiamondCore Ltd. is an African-focused diamond explorer active in South Africa and the Democratic Republic of the Congo. 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:

In Toronto: Martin D. Jones, Vice President, Corporate Development, (416) 366-2221 or 1-800-714-7938.

In Johannesburg: James Duncan, Russell and Associates, +27 11 880-3924.