Dianor Resources Inc.

Dianor Resources Inc.

May 08, 2007 08:00 ET

Ressources Dianor Inc.: Letter of Intent Signed for Property Containing 1.88 Carat Diamond

VAL-D'OR, QUEBEC--(CCNMatthews - May 8, 2007) - This news release is not for distribution to United States newswire services or for dissemination in the United States.

Ressources Dianor Inc. (TSX VENTURE:DOR) is pleased to inform its shareholders that it has signed a Letter of Intent with a private company for the diamond rights to a 412 hectare property in the Wawa region. A 1.88 carat clear, white, broken twinned dodecahedron diamond was recovered by the vendor from superficial sand and gravel overburden overlying diamond bearing conglomerate. Diamonds were also recovered from surface bedrock conglomerate samples. Exploration work conducted by the vendor included diamond drilling, geological mapping, 3-D modeling, surface bedrock and overburden sampling plus airborne magnetic and electromagnetic surveys over the property totaling $600,000 in expenditures.

The Letter of Intent is valid for six months from date of signing and allows Dianor to conduct due diligence work on the property, including surface bedrock and overburden sampling, diamond drilling, geological mapping, access to the vendor's data, drill cores, samples etc. Under the terms of the Letter of Intent, Dianor will pay $100,000 to the vendor within 15 days of signing, followed by a second payment of $100,000 within six weeks of signing. Dianor will issue, subject to regulatory approval, 150,000 common shares of Dianor. A formal option agreement may be negociated and signed at any time at Dianor's discretion within or at the end of the six month due diligence period provided for the Letter of Intent.

The property subject to the Letter of Intent is located within 30 kilometres of Dianor's Leadbetter Diamond Property and contains outcropping diamond bearing conglomerate plus pyroclastic tuffs for an approximate strike length of 1.75 kilometers with exposed outcrop widths of 200 to 300 metres. The vendor drilled four fences of 13 diamond drill holes, (BQ and NQ cores), over a 500 metre length of the conglomerate totaling 2,825 metres of drilling. Conglomerate and pyroclastic tuff was intersected in all of the drill holes and thickness ranged from 130 to 400+ metres. The first drill hole, a BQ cored hole (36.5mm diameter) intersected 126 metres of conglomerate, followed by a 109 metres intersection of pyroclastic tuff and ended in argillite sediments at 282 metres. The drill core was split and the split core from this drill hole is currently undergoing caustic fusion at the SGS Lakefield laboratory for diamond recovery. All other drillhole cores are stored and awaiting logging by Dianor personnel prior to shipping to a laboratory for diamond recovery.

The vendor sampled surface bedrock conglomerate at eight locations along the length and across the width of the conglomerate. The samples were processed by SGS Lakefield in Ontario using the caustic fusion technique to recover diamonds. Diamonds were recovered from seven of the eight samples. The sample containing no diamonds and sample # 33346, which contained only one diamond, were located in a fault/high strain zone. Diamond results for the seven diamond bearing samples are presented in the below:

Summary of Diamonds (Bedrock Samples) recovered by sieve size

Sample Weight Bottom Sieve aperture in microns(i) Dia-
No. Kgs +75 -150 +150 +212 +300 +425 +600 +850 +1180 +1700 monds
33423 10.62 n/a 7 5 5 5 1 1 1 0 0 25
33424 5.81 n/a 4 2 0 2 1 0 0 0 0 9
33425 5.52 n/a 2 8 5 0 0 0 0 0 0 15
33442 7.40 n/a 3 2 1 0 0 0 0 0 0 6
33445 11.50 n/a 7 6 2 3 1 0 0 0 0 19
(i)(i) 11.30 n/a 0 1 0 0 0 0 0 0 0 1
33361A 24.45 n/a 5 8 4 1 1 0 0 0 0 19
TOTAL 79.60 28 32 17 11 4 1 1 0 0 94

(i) 1000 microns equals 1 millimetre
(i)(i) Faulted contact

The largest diamond recovered was a white, transparent fragment measuring 1.34 x 1.05 x 0.81 millimetres.

The vendor also excavated 16 shallow pits from 2.3 metres to 5 metres in depth at various locations on the property in order to examine and sample the superficial sand, gravel, clay overburden material. Bedrock was reached in the majority of the pits. The superficial material was screened and processed on site using jigging and deistering tabling methods to produce concentrates for diamond recovery. During the concentrating processes, a broken, 1.88 carat diamond was identified and removed. The remaining concentrates have been sealed in drums and stored in a secure facility. Processing of the concentrates for diamond recovery will commence during Dianor's due diligence work. A photo of the 1.88 carat diamond provided by the vendor will be available on Dianor's web site later today (www.dianor.com).

The preliminary results and the geological data on the property is encouraging not only because of the presence of a large stone in the overlying overburden, but the recovery of 94 diamonds from small sized samples of conglomerate is indicative of similarities to the Leadbetter conglomerate. Logging by the vendor of pyroclastic tuffs is intriguing and its significance will be the focus of Dianor's due diligence work programme, which is expected to commence shortly after the first payment is made to the vendor under the Letter of Intent.

In other news, John Ryder stated, "We are also pleased to announce that we have selected S.D.N.L. Financial Communication to strengthen Dianor's profile in the financial community. We believe that S.D.N.L. will enhance the company's visibility, thanks to its investor relations strategies and methodology" says John Ryder president of Dianor".

The service contract is for a period of 12 months, with a monthly retainer of $5,000 for a total cost of $60,000.

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. It is a unique diamond deposit that in addition to diamonds it contains gold, sapphires and rubies (press release January 18th 2007). It is also the oldest in the world being dated at 2.697 billion years old (press release April 4th 2007).

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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