Diamcor Mining pricing of private placement



    
    /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, Oct. 29 /CNW/ - Diamcor Mining Inc. (TSX-V:DMI) (the
"Company"), announces that due to the current market conditions the Company
has elected to amend the terms of the non-brokered private placement financing
of up to $1,000,000.00 previously announced on September 26, 2008. The private
placement will now consist of the sale of up to 3,333,333 units at a price of
$0.30 per unit. 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 for a period
of two years from the closing date.
    Proceeds from the financing along with any potential proceeds from the
sale of non-core So Ver assets as announced August 7, 2008 will be used to
fund some of the costs associated with the purchase of the Krone-Endora
alluvial diamond deposit and for general corporate purposes. As previously
disclosed in the Company's news release of May 26, 2008, the Company received
confirmation from De Beers Consolidated Mines Limited ("De Beers") that its
proposal to acquire the Krone-Endora alluvial deposit (the "Deposit") with
Black Economic Empowerment partner Nozala Investments (Pty) Ltd was approved
as the successful proposal. The Deposit consists of prospecting rights over
the farms Krone 104 and Endora 66, both located adjacent to the De Beers
Venetia Diamond Mine in the Limpopo Province of South Africa. The Company is
currently working to conclude the definitive asset purchase agreement on
Krone-Endora with De Beers.
    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. Securities issued pursuant to the above private placement
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.
    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.

    
                             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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