Diamcor Mining announces private placement closing



    
    /THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES, TO
    "U.S. PERSONS" OR TO UNITED STATES OF AMERICA NEWS SERVICES./

    TSX.V Symbol (DMI)
    

    KELOWNA, BC, Jan. 20 /CNW/ - Diamcor Mining Inc. (TSX-V:DMI) (the
"Company"), announces that further to its news release of December 18, 2008,
the Company has now received TSX Venture Exchange final approval to its
non-brokered private placement resulting in the issuance of 2,121,250 units at
a price of $0.30 per unit, for total gross proceeds of $636,375.00. Each unit
will consist of one common share and one common share purchase warrant. Each
warrant will entitle the holder thereof to acquire one additional common share
at an exercise price of $0.50 per share until the close of business on January
7, 2011.
    Securities issued pursuant to the above will be subject to a hold period
ending on May 8, 2009.
    Proceeds from the financing will be used for general corporate purposes
and in part, to fund some of the costs associated with the purchase of the
Krone-Endora alluvial diamond deposit (the "Project"). The Company announced
on December 22, 2008 that it had successfully concluded a definitive purchase
agreement with De Beers Consolidated Mines Limited ("De Beers") for the
Project.

    Diamcor Mining is a junior resource company with established operations
and production history in South Africa. The Company is determined to use this
established operating history and industry knowledge to increase its current
production of diamonds through the development and or, acquisition of
additional quality properties in the region.

    
    On behalf of the Board of Directors

    Mr. Dean H. Taylor
    President & CEO
    Diamcor Mining Inc.
    DTaylor@Diamcormining.com

    Phone:       (250) 864-3326
    Website:     www.diamcormining.com
    

    This press release contains certain forward-looking statements. While
these forward-looking statements represent our best current judgement, they
are subject to a variety of risks and uncertainties that are beyond the
Company's ability to control or predict and which could cause actual events or
results to differ materially from those anticipated in such forward-looking
statements. Further, the Company expressly disclaims any obligation to update
any forward looking statements. Accordingly, readers should not place undue
reliance on forward-looking statements. This news release is not for
dissemination in the United States, to "U.S. Persons" or to United States of
America news services.

    
                             WE SEEK SAFE HARBOUR

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





For further information:

For further information: Dean H. Taylor, President & CEO, Diamcor Mining
Inc., DTaylor@Diamcormining.com, Phone: (250) 864-3326, Website:
www.diamcormining.com


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