Colorado Supreme Court Denies LUKoil's Application

    TORONTO, March 9 /CNW/ - The Supreme Court of Colorado has denied
LUKoil's application for certiorari according to an announcement dated
March 5, 2007. LUKoil filed the application on August 28, 2006 in connection
with the Colorado Court of Appeals decision dated June 29, 2006 rejecting
LUKoil's argument that Archangel's claim against LUKoil should be dismissed on
the grounds of forum non conveniens. The case is now expected to be remanded
to the Denver District Court for further proceedings.

    The TSX Venture exchange has neither approved nor disapproved the
    contents of this news release.

For further information:

For further information: Marina Mayorova, Archangel Diamond Corporation,
Moscow, Tel: ++ 11 7 495 232 5570,; Archangel
Diamond Corporation, Toronto, Tel: (416) 423-1600

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