Agreement in principle reached for interest in South African diamond exploration company

    KELOWNA, BC, Sept. 14 /CNW/ - Diamcor Mining Inc. (TSX-V:DMI) (the
"Company") announces that its wholly-owned South African subsidiary,
DMI Diamonds South Africa (Pty) Ltd., has entered into an agreement in
principle to acquire an initial 24% interest, with an option to acquire up to
a 100% interest, in a privately held South African company which holds a
Prospecting Rights permit for diamond exploration on a Prospecting Area
located near its current base of operations within South Africa. While the
principal business terms of the agreement have been settled, the agreement
remains subject to a number of important conditions precedent including
satisfactory due diligence results (in the Company's sole discretion),
completion of a mutually satisfactory shareholders agreement and completion of
a contract mining agreement, all of which are in process. The Company wishes
to emphasize that although it is optimistic that the conditions precedent can
be satisfied within the next 2-3 weeks, there can be no guarantee that the
results of its due diligence and the terms of the shareholders and contract
mining agreements will be sufficiently satisfactory to the parties and the TSX
Venture Exchange to enable the parties to complete the transaction as
presently contemplated.
    If completed as presently contemplated, the transaction will represent a
"Fundamental Acquisition" for the purposes of Policy 5.3 of the TSX Venture
Exchange Corporate Finance Manual and must be approved as such by the
Exchange. Additional details of the transaction will be released in the event
of receipt of Exchange approval and completion of the transaction.
    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 & COO
    Diamcor Mining Inc.

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

For further information:

For further information: Mr. Dean H. Taylor, President & COO, Diamcor
Mining Inc.,, Phone: (250) 864-3326, Website:

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