Pangolin Discovers Two More Diamonds at Its Malatswae Diamond Project, Botswana and Provides Update

TORONTO, ONTARIO--(Marketwired - March 7, 2016) - Pangolin Diamonds Corp. (TSX VENTURE:PAN) (the "Company" or "Pangolin") is pleased to announce it has recovered two more diamonds from the Company's wholly-owned Malatswae Diamond Project ("Malatswae") for a total of ten to date. Nine of the diamonds are white in colour. The project area is located 105 km southeast of the Karowe diamond mine operated by Lucara Diamonds in Botswana.

Diamond MSC-DG-137 is a white cube with small black inclusions and dimensions of roughly 0.7 x 0.7 x 0.7mm. Diamond MSC-DG-342 is an irregular shape with remnant octahedral surfaces with dimensions of roughly 1.0 x 0.8 x 0.5mm. Photos of all the diamonds can be seen on the Company's web page.

The diamonds were recovered from an unscreened 100 litre sample collected within a 10 square metre area of a GPS controlled sample site. This material was dry screened in the field to recover the +0.425-2.0 millimetre size fraction. The sample was then transported to Francistown, Botswana and processed through Pangolin's 1-tph DMS plant. The entire process was conducted under the scrutiny of Mr. Miracle Muusha (MSc, MAIG, Pr. Sci. Nat.), appointed as independent QP in Botswana. The concentrates were subsequently delivered to an independent mineral specialist in Gaborone, Botswana who examined the concentrate and recovered the diamond.

The diamonds were delivered to MCC Geoscience Inc. (Vancouver, B.C.) and were confirmed as diamonds.

A drill program tested 5 of the 30 high priority anomaly targets believed to be the kimberlite sources of the diamonds. Kimberlite was not intersected, but the results have provided the Company with additional geological information to assist in modelling the available geophysical data. This process will contribute to formulate the next drill program later this year.

Six more licenses have been awarded to the Company that expands its holdings at the Malatswae Diamond Project by approximately 5,472.5 square kilometres as it has become Pangolin's top priority project.

Quality Control and Quality Assurances

Quality assurance procedures, security, transport, storage, and processing protocols conform to chain of custody requirements.

The technical disclosure in this news release has been reviewed and approved by Dr. Tom McCandless, P.Geo. (B.C), independent consultant to Pangolin and a Qualified Person as defined by National Instrument 43-101.

About Pangolin Diamonds Corp. and Our Social Connections

For more information on Pangolin Diamonds Corp., please visit our website at http://pangolindiamonds.com

Follow us on Twitter @pangolindiamond and Facebook at Pangolin Diamonds Corp

Neither the 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.