Dianor Resources Inc.

Dianor Resources Inc.

May 09, 2008 08:30 ET

Leadbetter Diamond Project: Update Bulk Sampling, Drilling and Financing. Dianor Extends Private Placement with Northern Securities


Dianor Resources Inc. (TSX VENTURE:DOR) is pleased to update its shareholders on the continuing advancement of the Leadbetter Diamond Project towards bulk sampling. As part of the permitting and approvals process under the Ontario Mining Act for Advanced Exploration projects, a team of consultants including experts in the environmental, mining engineering and mineral processing fields have over the past 12 months prepared numerous reports and conducted field studies for the bulk sampling program. The aims of this programme is to recover 34,000 tonnes of diamond bearing conglomerate from two underground ramps; to extract the diamonds by on site DMS processing to obtain a parcel of diamonds of between 7,000 and 13,000 carats for valuation (press release December 6th 2008).

All the relevant data is currently being incorporated into two separate Mine Closure Plans which are expected to be completed within the next two weeks. The next stage in the approvals process is a meeting with Municipal, Provincial, and Federal agencies for an Agency review and comment. Formal submittal then follows to the Director of the Mineral Development and Lands Branch of the MNDM for final approval.

Dianor has entered into an agreement with a drilling company to conduct an infill diamond drilling program totalling 6,000 meters of HQ (47.6mm) core on the Northern Sector of the Leadbetter Diamond Property. The drill program will consist of 30 vertical drill holes at 50 meter spacing in addition to a number of geotechnical drill holes that will be drilled as part of the crown pillar and hydrogeological studies. The infill drilling is designed to intersect the diamond bearing Leadbetter Conglomerate to further define its continuity, thickness, diamond content, diamond variability and to assist in optimizing the bulk sampling programme. The drilling is expected to commence upon completion of a current drill contract by the contactor.

The bulk sampling and infill drilling programs above are based on the recommendations outlined in the 43-101 compliant report "Preliminary Tonnage Estimate for the Diamondiferous Conglomerates of the Leadbetter Diamond Project" dated August 29th 2007 and prepared for Dianor Resources Inc. by Verley, D'Amours and Martel. Mr. Carl Verley, P.Geo will be the independent Qualified Person responsible for all reporting aspects of the bulk sampling and drilling programs.

The Company is also finalizing its search for a Project Manager for the Leadbetter Diamond Project and expects to complete the process by the end of June.

Update on Closing of Private Placement with Northern Securities

Dianor announces that it has agreed to extend the closing of the second tranche of its previously-announced private placement with Northern Securities Inc. (see press release dated April 10, 2008) until the end of June 2008.

As part of the company's continuing IR programme, CEO Clips, a series of 1-2 minute corporate profiles on Canadian companies, will feature Dianor on BNN beginning on Monday May 12th to Sunday 18th. This will be followed by a series of two minute corporate profiles by CEO Clips, featuring Dianor on The Biography Channel beginning May 19th until June 8th throughout the day and evenings. It can also be viewed online via this link: (www.dianor.com). In addition it will be posted on Yahoo Finance Canada, stockhouse.ca and MSN Finance as well as on the CEO clips website - www.ceoclips.com.

Mr. John Ryder, P.Geo is the Qualified Person responsible for the technical contents of this press release.

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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