Diagem Inc.

Diagem Inc.

September 11, 2007 13:33 ET

Diagem Updates on its Valuable Pink Diamond

MONTREAL, QUEBEC--(Marketwire - Sept. 11, 2007) - Diagem Inc. (TSX VENTURE:DGM) ("Diagem" or "the Company") and Natural Diamond Corporation ("Natural Diamond") are pleased to report on the progress of the valuable pink diamond which was recovered downstream from the Diagem's Chapadao kimberlite properties by a local miner and purchased by Diagem earlier this year. There have since been other reports of pink diamonds from the same area which encourages the Company regarding the potential of the Chapadao cluster.

The export from Brazil to Antwerp of the diamond was delayed, waiting on the issue of the Brazilian Kimberley Certificate. The 9.32 pink diamond was shipped to Natural Diamond in Antwerp, Belgium for analysis, cutting, and polishing. Jacky Lewy, a director of Diagem and a principal of Natural Diamond, has been directing the cutting and polishing process, which is nearly complete. A current picture of the diamond cut to a 3.13 carat heart-shaped orangey-pink diamond can be found on the Company's website at www.diagem.com.

Mr. Lewy stated that "Christie's has expressed interest in including the diamond in its next auction or the auction preceding Valentine's Day. Other houses are also showing interest."

Mr. Lewy and other experts who have examined the diamond express confidence that the diamond will likely achieve a significant value. While encouraging, Diagem cautions that it is not possible to obtain a definitive valuation because of the unique and rare nature of the diamond. Denis Francoeur stated "The possibility of recovering such stones is encouraging and supports our management team's efforts, excitement and optimism for the Chapadao cluster of kimberlites."

About Diagem

Diagem Inc. is a publicly listed Canadian exploration mining company focused on 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 the Juina Province 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.

Contact Information

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