Dianor Resources Inc.
TSX VENTURE : DOR

Dianor Resources Inc.

June 11, 2008 14:12 ET

Dianor Resources Engages Northern Securities in Connection With a $13 Million Private Placement

VAL-D'OR, CANADA--(Marketwire - June 11, 2008) - 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) is pleased to announce that it has engaged Northern Securities Inc. for a best efforts private placement of up to $7.8 million in units at a price of $0.30 per unit, and of up to $5.2 million in "flow-through" units at a price of $0.35 per "flow-through" unit, for aggregate gross proceeds to Dianor of $13 million.

Each unit will consist of one common share and one common share purchase warrant. Each warrant comprised in the units will entitle the holder to purchase one additional common share of Dianor at a price of $0.35 for twenty-four months from the closing date.

Each "flow-through" unit will consist of one common share and one-half of one common share purchase warrant. Each whole warrant comprised in the "flow-through" units will entitle the holder to purchase one additional common share of Dianor at a price of $0.40 for twenty-four months from the closing date.

Dianor will use the proceeds from the placement of the "flow-through" units to incur Canadian Exploration Expenses on its Leadbetter Diamond Project, located north east of Wawa, Ontario. Dianor will use the net proceeds from the placement of the units for additional work on the Leadbetter Diamond Project, for work on the company's other exploration properties and for working capital.

As consideration for acting as agent, Dianor has agreed to pay Northern a cash commission of seven percent of the total proceeds from the private placement, payable upon closing. In addition, Northern will receive compensation options equal in number to six percent of the aggregate number of units and "flow-through" units sold, which will entitle Northern to purchase, at an exercise price equal to $0.30, one common share and one common share purchase warrant. The warrants comprised in the compensation options may be exercised at any time and from time to time for a period of twelve months following the closing of the proposed private placement at an exercise price of $0.35.

Northern may appoint a selling group consisting of other registered dealers acceptable to Dianor, for the purpose of arranging for purchasers of the units and "flow-through" units.

The placement will be effected pursuant to prospectus exemptions under applicable securities legislation and is expected to close on or before June 30, 2008. The placement is subject to receipt of all necessary corporate and regulatory approvals, including that of the TSX Venture Exchange, and to the signing of an Agency Agreement. The securities issued in the placement will be subject to a four-month "hold period" under applicable securities legislation and the policies of the TSX Venture Exchange.

There are currently 152,257,515 common shares of Dianor issued and outstanding.

Dianor also announces that it will issue an aggregate of 1,419,437 treasury shares and make a cash payment in the aggregate amount of $277,500 to 3814793 Canada Inc. and Paulette A. Mousseau-Leadbetter, representing a quarterly payment under a previously-announced agreement entered into on March 30, 2007 to acquire an additional 10% interest in the Leadbetter and Leadbetter Extension properties (see press releases dated April 4, 2007 and November 28, 2007).

Dianor will issue the shares at a deemed price of $0.391 per share, representing the average weighted closing price of Dianor's shares on the TSX Venture Exchange for the twenty trading days prior to April 1, 2008. The issuance of the shares is subject to regulatory approval, including that of the TSX Venture Exchange.

About Dianor

Dianor is an innovative exploration company focused on advancing diamond exploration properties in Canada. The Leadbetter Diamond Project is its most advanced project and is located 12 kilometres north east of Wawa in Northern Ontario. In addition to diamonds, it contains gold, sapphires and rubies (press release January 18th 2007). New diamond discoveries by the Company in rocks of similar type, age (Archean) and geological settings (press release March 3rd 2008) in Quebec have added further diamond properties to 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.

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

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