DMC - DiamondCorp plc - Diamond sales

DMC - DiamondCorp plc - Diamond sales                                           
DiamondCorp plc                                                                 
JSE share code: DMC                                                             
AIM share code: DCP                                                             
ISIN: GB00B183ZC46                                                              
(Incorporated in England and Wales)                                             
(Registration number 05400982)                                                  
(SA company registration number 2007/031444/10)                                 
(`DiamondCorp` or `the Company`)                                                
DIAMOND SALES                                                                   
DiamondCorp plc, the African diamond mine development and exploration company,  
is pleased to announce that 1,321 carats of diamonds recovered from tailings    
during plant re-commissioning at the Lace mine were sold at tender in           
Johannesburg this week for US$94 per carat.                                     
This compares with US$55 per carat received in September 2008, the last time the
Company tendered tailings diamonds prior to the diamond price collapse in       
October 2008, and US$33 per carat received in May 2009 at the bottom of the     
market.                                                                         
The parcel tendered was run-of-mine tailings production, and all diamonds       
offered for sale were sold. The parcel was typical Lace tailings production,    
with gems ranging from 6 carats down to less than 2mm. The parcel also included 
31 per cent boart (non gem) diamonds.                                           
DiamondCorp CEO, Paul Loudon said: `The high sales price achieved for tailings  
diamonds underlines the current strength in the diamond market and provides     
considerable promise that the Company`s base case of US$120 per carat for       
diamonds from the Lace kimberlite will be comfortably exceeded.`                
A parcel of diamonds recovered from initial processing of kimberlite from the   
Lace pipe is scheduled to be tendered in the June quarter.                      
London                                                                          
24 February 2011                                                                
AIM Nomad: Cenkos Securities plc                                                
AIM Brokers: Cenkos Securities plc, Fairfax I.S. plc, Ocean Equities Ltd        
JSE Sponsor: PSG Capital (Pty) Limited                                          
DiamondCorp plc, Paul Loudon +44 20 7256 2651                                   
Liz Bowman/Ivonne Cantu, Cenkos Securities plc +44 20 7397 8900                 
Ewan Leggat, Fairfax I.S. plc +44 207 598 5368                                  
Guy Wilkes, Ocean Equities Limited +44 207 786 4370                             
John-Paul Dicks, PSG Capital (Pty) Limited +27 21 887 9602                      
Charmane Russell/Marion Brower, Russell & Associates +27 11 880 3924            
Date: 24/02/2011 09:30:01 Supplied by www.sharenet.co.za                     
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