Debut Amends Terms of Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2012) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Debut Diamonds Inc. (CNSX:DDI) (the "Company" or "Debut") has amended terms of the Company's non-brokered private placement announced on December 7, 2012 and is thereby comprised of 12,000,000 Flow-Through Units ("FT Unit") at a price of $0.05 per FT Unit and 7,000,000 Non-Flow-Through Units ("Unit") at a price of $0.05 per Unit; for gross proceeds of up to $950,000 (the "Offering").

Each FT Unit will consist of one flow-through common share of the Company and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder to purchase one common share at a price $0.08 per share for a period of 24 months from the date of issue of the FT Unit. FT Units are subject to a hold period of 4 months from the date of issuance. Each Unit will consist of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one common share at a price $0.08 per share for a period of 24 months from the date of issue of the Unit.

The Company intends to use the gross proceeds from the Offering to fund a portion of a 2,000 meter winter 2013 drill program on the Company's Timmins South Property and for general working capital purposes. Closing of the FT Unit offering is anticipated to occur on or before December 31, 2012 and is subject to receipt of applicable regulatory approvals including the approval of the Canadian National Stock Exchange. Finder's fees may be payable in connection with the Offering, in accordance with the policies of the Exchange.

About Debut Diamonds - Debut has joint venture and wholly owned properties which include the previously discovered MacFadyen Kimberlites and the Pele, Victor West, and Uniform Surround claim blocks adjoining the De Beers' Victor Mine. Also located in northern Ontario are the Nakina Project, Wawa Project and Canada Chrome Soil Sampling joint venture. The Kyle Kimberlites and Diagnos Initiative are within and adjacent to the Ring of Fire. The Timmins South Project is located south of the Texmont mine in Northern Ontario.

Forward-Looking Statement - No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The foregoing information contains forward-looking statements relating to the future performance of Debut Diamonds Inc. Forward-looking statements, specifically those concerning future performance, are subject to many risks and uncertainties, and actual results may differ materially from Debut Diamonds Inc. plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by Debut Diamonds with the CNSX Exchange and securities regulators. Debut Diamonds does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

For further information please visit the company's website at www.DebutDiamonds.com.

Shares issued and outstanding: 54,590,934