Diadem Resources Ltd.

Diadem Resources Ltd.

February 22, 2011 12:35 ET

Diadem Announces the Probe Results of Drill Program-Parry Peninsula, Northwest Territories on the Parry Peninsula Project

MONTREAL, QUEBEC--(Marketwire - Feb. 22, 2011) - Diadem Resources Ltd. (TSX VENTURE:DRL)

Microprobe analyses of kimberlitic indicator mineral grains recovered from Diadem's 2010 kimberlite discoveries on the Parry Peninsula project, conducted by CF Mineral Research Ltd. of Kelowna, BC have been completed. The results are considered encouraging. A significant number of diamond inclusion composition grains have been reported and 30% of the pyrope garnets analysed have G-10 chemistry with Gurney scores up to 5. The zinc geothermometry on the chromites is positive in that a majority of the grains analysed are low temperature grains with a kimberlitic signature, indicating favourable diamond preservation conditions in these intrusions.

Caustic fusion tests for diamond recovery are presently being conducted and will be announced when results are available.

The company is currently drilling preparing the 2011 drilling program and we should be announcing the scope of the program shortly.

The technical information contained in this press release has been reviewed and approved by Mr. A. Lee Barker, P. Eng., P. Geol. and Director of Diadem Resources Ltd., a qualified person as defined by the National Instrument 43-101.

About Diadem Resources Ltd.

Diadem is focused on acquiring near-production mining opportunities in North America, especially those related to diamonds and gold. Its principal current activity is diamond exploration in the Franklin Bay area of the Northwest Territories. On that project Diadem operates a joint venture with its fifty percent (50%) partner Darnley Bay. More than twenty potential drill targets have been identified on the Parry Peninsula, which currently constitutes the Franklin joint venture project area. Ground magnetic surveys over three of the targets have been completed in 2010. Additional surveys over another 38 targets are planned for 2011. When this is completed, Diadem will finalize its drilling program for the 2011 drilling seasons.

Drilling of four targets in 2010 located three new kimberlite pipes, for a total of thirteen in this emerging district. All permits regarding the joint venture are in place for 2010 to 2012 and a proper campsite is being investigated in order to benefit both joint venture partners. Diadem recently entered into a revised joint venture arrangement with Darnley Bay Resources Limited, details of which can be found in Diadem's press release of July 9, 2010 (found under the Company's profile on SEDAR).

Additional information about Diadem Resources Ltd. may be found on its web page (www.diademresources.com) and under Diadem's profile on www.sedar.com.

Cautionary Statement

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review registered filings at www.sedar.com.

Neither 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.

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