Diagem Inc.

Diagem Inc.

November 13, 2007 10:50 ET

Diagem Receives the GIA Grading Report on its 3.07 Carat Pink Diamond

MONTREAL, QUEBEC--(Marketwire - Nov. 13, 2007) - Diagem Inc. ("Diagem" or "the Company")(TSX VENTURE:DGE) has received from the Gemological Institute of America ("GIA") the grading report (the "GIA Report") on its cut and polished 3.07 carat heart-shaped diamond. The GIA Report stated that the diamond colour is a Fancy Orangey-Pink with an even distribution and a clarity grade of SI2 (Slightly Included 2). The GIA graded both the polish and symmetry of the diamond as Very Good.

The GIA laboratory determined the 3.07 carat diamond to be a rare type IIa pink diamond. Reportedly less than 2% of all gem diamonds fall into the type II category. Type II diamonds contain little if any nitrogen, often have relatively few inclusions and are noted for their mostly homogenous color in the rough.

Denis Francoeur, CEO of Diagem Inc, stated "The grading report from the GIA is additional evidence that the Juina area, and more specifically the Chapadao cluster, is capable of producing extremely rare and valuable diamonds".

The diamond was originally a rough 9.32 carat diamond when recovered by artisanal miners less than three kilometres downstream from Diagem's Chapadao cluster of kimberlites that were discovered in late 2006. Diagem purchased the diamond to demonstrate the potential of Chapadao kimberlites. The Company has also documented the recovery of other pink diamonds by artisanal miners in the area surrounding the Chapadao cluster.

The GIA report indicates that, unlike many other coloured diamonds, the color in the Type II pink diamonds can not only be caused by impurities, but it may also be a result of the diamond's exposure to heat and pressure during transportation into the Earth's crust. This corroborates the observations of Dr. Felix Kaminsky, 2001, in a publication entitled "Super Deep Diamonds from the Juina area, Mato Grosso State, Brazil".

This press release has been reviewed by Mousseau Tremblay, Ph.D., P. Eng., Diagem's Chairman and a qualified person under National Instrument 43-101.

About Diagem

Diagem Inc. is a publicly listed Canadian exploration mining company focused on primary diamondiferous resources in the Juina Diamond Province of Mato Grosso, Brazil, where it controls a large portfolio of mineral properties. The Company has one advanced development stage project and recently discovered two clusters of kimberlite pipes believed to be the main sources of Juina's historical alluvial diamond production.

Forward-looking statements: Except for statements of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

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

Contact Information

  • Diagem Inc.
    Denis Francoeur
    514-866-6001 (ext 265)
    Diagem Inc.
    Paul Einarson
    514-866-6001 (ext 251)
    Nicole Blanchard
    Investor Relations