Diamcor Mining announces private placement closing



    TSX.V Symbol (DMI)

    KELOWNA, BC, Aug. 31 /CNW/ - Diamcor Mining Inc. (TSX-V:DMI) announces
that, further to its news release of July 16, 2007, the Company has now
completed a non-brokered private placement resulting in the issuance of a
total of 1,000,000 units at a price of $0.50 per unit, for total gross
proceeds of $500,000.00. Each unit consists of one common share of the Company
and one common share purchase warrant. Each warrant will entitle the holder
thereof to purchase one additional common share at a price of $0.75 for a
period of two years from the closing date.
    All securities issued pursuant to the Private Placement agreements will
be subject to a hold period of four month plus one day from the date of
closing.
    The gross proceeds of the financing will be used for general corporate
purposes, as a reserve for asset acquisition investigation, and to fund
business development costs associated with other potential opportunities.

    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 & Chief Operating Officer
    Diamcor Mining Inc.

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

    Statements about the Company's future expectations and all other
statements in this press release other than historical facts are "forward
looking statements". The Company intends that such forward-looking statements
be subject to the safe harbours created thereby. Since these statements
involve risks and uncertainties and are subject to change at any time, the
Company's actual results may differ materially from the expected results.





For further information:

For further information: Phone: (250) 864-3326, Website:
www.diamcormining.com


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