The Dromore Investment Company, Limited, 117902 Canada Inc., Smith Vincent & Co. Ltd. and G. Mark Curry (Collectively, the "Shareholders")



    Diamonds North Resources Ltd.

    TORONTO, Jan. 18 /CNW/ - Certain related holding companies, individuals
and trusts that are all related to the Vincent and/or Curry families of
Toronto (the "Shareholders"), who may be considered to act "jointly or in
concert" for purposes of Canadian securities legislation, own an aggregate of
6,702,500 Common Shares of the Diamonds North Resources Ltd. (the "Issuer"),
representing approximately 11.2% of the issued and outstanding Common Shares,
based on a total of 59,746,820 Common Shares issued and outstanding. Such
Common Shares are owned as follows:

    
    ------------------------------------------------------------
          Beneficial Owner              Number of    Percentage
                                    Common Shares     Ownership
                               Beneficially Owned
    ------------------------------------------------------------
    The Dromore Investment              1,000,000          1.67%
     Company, Limited
    ------------------------------------------------------------
    117902 Canada Inc.                  1,000,000          1.67%
    ------------------------------------------------------------
    Smith Vincent & Co. Ltd.            4,602,500          7.70%
    ------------------------------------------------------------
    G. Mark Curry                         100,000          0.17%
    ------------------------------------------------------------
    

    The Common Shares were acquired by the Shareholders in the ordinary
course of business for investment purposes. The Common Shares were not
acquired for the purpose of changing or influencing the control of Diamonds
North Resources Ltd. and were not acquired jointly or in concert with any
person in a transaction having such a purpose. The Shareholders have no
intention of making an offer generally to acquire Diamonds North Resources
Ltd.
    This press release is being issued in accordance with the early warning
requirements of applicable Canadian securities laws.





For further information:

For further information: Kit Vincent, Suite 808, 1200 Bay St, Toronto,
Ontario, (416) 964-6411

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DIAMONDS NORTH RESOURCES LTD.

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