BRC Diamond Receives Approvals For Sending Of Documentation To Diamond Core Shareholders

    TORONTO, Dec. 14 /CNW/ - BRC Diamond Corporation ("BRC" or the "Company")
(TSX.V - "BRC") is pleased to announce that it has received South African
regulatory, stock exchange and court approvals for the sending to the
shareholders of Diamond Core Resources Limited ("Diamond Core") of the
documentation required to carry out its pending merger transaction with
Diamond Core (the "Merger").
    As previously disclosed, the Merger is to be implemented by way of a
court-sanctioned scheme of arrangement (the "Scheme") between Diamond Core and
its shareholders under the provisions of applicable South Africa corporate
law, pursuant to which BRC will acquire all of the outstanding shares of
Diamond Core in exchange for BRC shares. The Scheme requires the approval of
Diamond Core shareholders.
    By way of an announcement made today in South Africa by Diamond Core,
shareholders of Diamond Core have been advised that the date of the
shareholders' meeting to vote on the Scheme has been set for January 14, 2008.
Diamond Core also provided various other expected dates in relation to the
Scheme to its shareholders, including a final court hearing date of January
22, 2008, a date for the commencement of trading of BRC shares on the JSE
Limited of February 4, 2008 and an operative date for the Scheme of February
11, 2008.
    BRC expects the mailing to Diamond Core shareholders of the Scheme
circular and associated material to occur early next week. Concurrent with
such mailing, BRC will be filing on SEDAR technical reports on both its own
mineral properties and those of Diamond Core.
    As part of the transaction, and to enable an efficient listing of BRC
shares on the JSE Limited, BRC has applied, and received conditional approval,
for the listing of its shares on the TSX. Such listing is subject to certain
conditions, including that the Diamond Core transaction be completed.
    Dr. Mike de Wit, President and C.E.O. of BRC, commented: "This marks the
end of a long period of documentation in respect of two very dynamic and
exciting companies. We look forward to the ongoing support of Diamond Core
shareholders in approving our merger transaction in the New Year, as the
operating teams of both companies continue to move their exploration and
development programs forward."
    For more information on the transaction, please see the joint press
releases of BRC and Diamond Core dated July 5, 2007, August 2, 2007, September
7, 2007 and October 30, 2007, copies of which are available on SEDAR at

    BRC is a Canadian-based diamond exploration company active principally in
the Democratic Republic of the Congo (the "DRC"). Led by a management team
with extensive experience in the DRC, the Company is active in some of the
most prospective diamond regions of the country. Banro Corporation, the
Company's largest shareholder with a 27.5% interest in BRC, is a mineral
exploration company focused exclusively on the DRC.

    Cautionary Note Regarding Forward-Looking Statements
    This press release contains forward-looking statements. All statements,
other than statements of historical fact, that address activities, events or
developments that the Company believes, expects or anticipates will or may
occur in the future (including, without limitation, statements relating to the
completion of the Merger and future objectives and plans of the Company) are
forward-looking statements. These forward-looking statements reflect the
current expectations or beliefs of the Company based on information currently
available to the Company. Forward-looking statements are subject to a number
of risks and uncertainties that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking statements, and
even if such actual results are realized or substantially realized, there can
be no assurance that they will have the expected consequences to, or effects
on the Company. Factors that could cause actual results or events to differ
materially from current expectations include, among other things, failure to
complete the Merger as a result of one of the closing conditions not being
fulfilled (including failure to obtain Diamond Core shareholder approval), the
possibility that future exploration results will not be consistent with the
Company's expectations, changes in equity markets, changes in diamond markets,
foreign currency fluctuations, political developments in the DRC, changes to
regulations affecting the Company's activities, uncertainties relating to the
availability and costs of financing needed in the future, delays in obtaining
or failure to obtain required project approvals, the uncertainties involved in
interpreting geological data and the other risks involved in the diamond
exploration business. Any forward-looking statement speaks only as of the date
on which it is made and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future
events or results or otherwise. Although the Company believes that the
assumptions inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.

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

For further information:

For further information: Dr. Mike de Wit, President and C.E.O., Arnold
T. Kondrat, Executive Vice President, or Martin D. Jones, Vice President,
Corporate Development, at (416) 366-2221 or 1-800-714-7938

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BRC DiamondCore Ltd.

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