Diamcor to partner with South African BBBEE group Nozala Investments (Pty) Ltd.



    /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, March 5 /CNW/ - Diamcor Mining Inc. ("Diamcor") (TSX-V:DMI)
today announces the agreement to enter into a formal joint venture arrangement
with Nozala Investments (Pty) Ltd ("Nozala"), a well established South African
Broad-Based Black Economic Empowerment ("BBBEE") company, that is controlled
and managed by women. Both companies will immediately execute agreements to
reflect this arrangement through two of Diamcor's dormant wholly-owned South
African subsidiaries, DMI Minerals South Africa (Pty) Ltd. and Jagersfontein
Diamond Mining Company (Pty) Ltd., both of which were formed to pursue diamond
mining opportunities in South Africa. Subject to exchange approval, under the
terms of the joint venture, Diamcor will retain a 70% direct ownership in the
two subsidiaries and Nozala will acquire a 30% direct shareholder ownership
interest. Operationally, the disbursement of expenses charged to the
development of projects held by the two entities, and the revenues generated,
will be allocated proportionally between Diamcor and Nozala. Diamcor considers
the joint venture a positive achievement because not only is Nozala a
respected and established BBBEE group, but it is also a well-connected
corporate entity in the South African business community, both of which are
expected to enhance Diamcor's ability to achieve its stated growth objectives
of acquiring and developing long term, high profile projects within South
Africa.
    Diamcor and Nozala have developed clear operational objectives and
guidelines to ensure that both subsidiary-entities will achieve, and exceed,
all requirements established to measure the ongoing compliance of companies
under the new BBBEE Charter (the "Charter") as required by the South African
Department of Minerals and Energy for the South African Mining Industry. The
goals and vision of the Charter are well-defined with critical elements to be
attained in order for a company to acquire, or continue to operate, mining
projects within South Africa in the future. The Charter focuses on the pursuit
of a shared vision for a globally competitive mining industry that draws on
the human and financial resources of all South Africa's people and aims to
offer real benefits to all South Africans. Diamcor has long viewed the
establishment of a strong, successful and focused BBBEE strategy as being a
critical element of its future success and growth within South Africa.
    Established in 1996 as a BBBEE company, Nozala represents an ongoing
success story within South Africa. Accordingly as noted on their corporate
website, Nozala's vision is to be the premier empowerment company led by women
in South Africa and they have ensured this economic advancement of women by
promoting constructive business partnerships with leading business entities,
labour unions and leaders in South African business and commerce. Nozala
actively targets investments in companies where the involvement of an active
BBBEE partner can materially add to, or enhance, shareholder value by
accessing opportunities or markets not otherwise accessible. Nozala's founding
members are comprised of a diverse and successful group of individuals with
previously established track records in corporate businesses, banking and
government posts within South Africa; and as a company, has active ownership
positions in various large South African corporations with interests in
industries such as coal, mineral sands, base and industrial metals, iron ore,
oil and crude oil procurement, blending and refinery, telecommunications,
shipping ports, diamond polishing facilities, banking, industrial plants and
heavy equipment hire. Additionally, Nozala has been awarded a diamond
polishing and cutting license from the South African Diamond Board and has
been appointed as one of the diamond siteholders for De Beers South Africa.
    "We are extremely proud of the collective effort expended by both parties
in working toward establishing this key relationship and we look forward to
now working together to secure future opportunities which will allow us to
achieve our respective ongoing growth objectives," commented Dean Taylor,
President and CEO of Diamcor Mining Inc.

    About Diamcor: Diamcor Mining Inc. is a publicly traded junior resource
company with established operations and diamond 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
    Chief Executive Officer
    Diamcor Mining Inc.
    Phone: (250) 864-3326
    DTaylor@Diamcormining.com
    www.diamcormining.com

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

    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





For further information:

For further information: Mr. Dean H. Taylor, Chief Executive Officer,
Diamcor Mining Inc., Phone: (250) 864-3326, DTaylor@Diamcormining.com,
www.diamcormining.com


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