Diamonds North Resources Ltd.
TSX VENTURE : DDN

Diamonds North Resources Ltd.

June 15, 2010 11:05 ET

Diamonds North Announces Flow-Through Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 15, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Diamonds North Resources Ltd. (TSX VENTURE:DDN) announces that it intends to complete a non-brokered private placement to raise up to $1,000,000 through the sale of flow-through shares. The flow-through shares will comprise up to 5,000,000 shares at $0.20 per share (the "Offering"). The placement is to finance the Company's diamond and gold programs on the 100% owned Amaruk property in Nunavut.

Finders Warrants may be payable on a portion of the placement. The Finders Warrants will entitle the holder to purchase that number of non flow-through common shares which is equal to 7% of the number of Flow-Through Shares sold by the Finders. The Finders Warrants will expire twelve months after the closing of the Offering. The exercise price for the Finders Warrants will be $0.25 per common share.

This private placement is subject to regulatory approval.

About Diamonds North
Diamonds North Resources is rapidly evolving and committed to building long-term value for shareholders through ongoing discoveries and leveraging business opportunities from our vast land holding.

On behalf of Diamonds North Resources Ltd.

Mark Kolebaba
President & CEO

Statements in this press release, other than purely historical information, including statements
 
 relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from
 those described in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information