Diamcor Mining financing update

/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. 26 /CNW/ - Diamcor Mining Inc. (TSX-V:DMI) (the "Company"), today announces that the previously announced Private Placement currently underway, will be kept open in order to allow sufficient time for the completion and delivery of final transaction documents from various parties. All terms of the Private Placement financing will remain the same as previously announced.

Proceeds from the Offering will be used in part to fund the remaining purchase price of R12 500 000 (Approximately $1,750,000 CND) associated with the finalization of the acquisition of the Krone-Endora Deposit from De Beers, the purchase of various equipment to be used in the recommended post-closing trial mining efforts, and in part for general corporate purposes.

All transactions are subject to regulatory, and/or approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. All securities issued pursuant to the above will be subject to a hold period of four months plus one day following the closing.

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.
    

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.

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

SOURCE Diamcor Mining Inc.

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


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