Diamcor Mining announces private placement


    TSX.V Symbol (DMI)

    KELOWNA, BC, Sept. 26 /CNW/ - Diamcor Mining Inc. (TSX-V:DMI) (the
"Company"), announces that it intends to complete a non-brokered private
placement financing of up to $1,000,000.00. The private placement will consist
of the sale of up to 2,500,000 units at a price of $0.40 per unit. Each unit
will consist of one common share and one common share purchase warrant. Each
warrant will entitle the holder thereof to acquire one additional common share
at an exercise price of $0.60 for a period of two years from the closing date.
    Proceeds from the financing will be used for general corporate purposes
and in part, to fund some of the costs associated with the purchase of the
Krone-Endora alluvial diamond deposit, should the Company conclude a
definitive purchase agreement with De Beers Consolidated Mines Limited
("De Beers"). As previously disclosed in the Company's news release of
May 26, 2008, the Company, through its 70%-owned South African subsidiary, DMI
Minerals South Africa (Proprietary) Limited, received confirmation from De
Beers that its proposal to acquire the Krone-Endora alluvial deposit (the
"Deposit") was approved as the successful proposal. The Deposit consists of
prospecting rights over the farms Krone 104 and Endora 66, both located
adjacent to the De Beers Venetia Diamond Mine in the Limpopo Province of South
    The transaction is subject to regulatory, and/or approval of the TSX
Venture Exchange along with completion of all definitive documentation and
filings as required. Securities issued pursuant to the above will be subject
to a hold period of four months plus one day following the closing.

    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 & CEO
    Diamcor Mining Inc.

    Phone:    (250) 864-3326
    Website:  www.diamcormining.com

    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

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

For further information:

For further information: Mr. Dean H. Taylor, President & CEO, Diamcor
Mining Inc., DTaylor@Diamcormining.com, Phone: (250) 864-3326, Website:

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890