Dianor Resources Inc.
TSX VENTURE : DOR

Dianor Resources Inc.

May 29, 2009 08:30 ET

Dianor Completes First Closing of Private Placement

VAL-D'OR, QUEBEC, CANADA--(Marketwire - May 29, 2009) - THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Dianor Resources Inc. (TSX VENTURE:DOR) announces that it has completed the first closing of a private placement by issuing an aggregate of 3,564,800 units at a price of $0.10 per unit to "accredited investors", for gross proceeds to Dianor of $356,480.

Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share of Dianor at a price of $0.15 until May 27, 2010 and thereafter at a price of $0.20 until May 27, 2011.

Dianor expects to complete the final closing of its $1 million private placement on or before June 22, 2009.

In connection with the first closing of the private placement, Dianor paid a finder's fee to Dundee Securities Corporation of $13,798.40, representing 8% of the gross proceeds raised in the private placement through Dundee Securities Corporation.

The net proceeds from the private placement will be used for exploration on Dianor's properties in Quebec and Ontario and for general corporate and working capital purposes. As a result of the first closing of the private placement, there are 181,094,053 common shares of Dianor issued and outstanding.

Under applicable securities legislation and the policies of the TSX Venture Exchange, all of the securities issued by Dianor at the closing are subject to a hold period expiring on September 28, 2009.

About Dianor

Dianor is an innovative exploration company focused on advancing diamond exploration properties in the Superior Craton of Canada. The Leadbetter Diamond Project, our flagship and most advanced exploration project is geographically well situated and easily accessible, some 12 kilometres north east of Wawa in Northern Ontario. Substantial exploration work has been conducted on the property since 2005 where diamonds, gold, sapphires and rubies are present in 2.697 Ma old Archean Conglomerates (press release January 18th 2007). A preliminary tonnage estimate for this conglomerate is in the range of 549 million to 583 million tones (press release July 24th 2007). Additional diamond discoveries including rare purple diamonds were made in 2008 by the Company in rocks of similar type, age (Archean) and geological settings (press release March 3rd, April 10th, & May 13th 2008) in Quebec. The Quebec diamond properties have increased our portfolio of low cost, accessible exploration targets. These diamond discoveries (Ontario and Quebec) are both unique and amongst the oldest diamond bearing occurrences in the world.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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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