Mr. Dean Taylor reports

DIAMCOR ANNOUNCES STRONG TENDER AND SALES RESULTS INCLUDING 59.35 CARAT SPECIAL GEM DIAMOND

Diamcor Mining Inc. has released the results of its second tender and sale of rough diamonds recovered from the processing of quarry material from the company's Krone-Endora at Venetia project held during the current quarter. In the second tender and sale of its second fiscal quarter, the company sold a total of 1,836.52 carats of rough diamonds including the previously announced 59.35-carat gem diamond, generating gross revenues of $1,621,559.42 (U.S.), resulting in an average price of $882.95 (U.S.) per carat.

Highlights:

• The larger gem-quality 59.35-carat special rough diamond clearly enhanced the overall average dollar per carat achieved in the second tender and sale of the quarter, and is further confirmation of the potential for these types of rough diamonds to be recovered from the deposits and positively affect gross revenues.
• The results of the tender and sale, exclusive of the 59.35-carat special rough diamond, were 1,777.17 carats, generating gross revenues of $425,423.42 (U.S.), resulting in an average price of $239.38 (U.S.) per carat.
• Although the total number of carats sold to date this quarter is greater than the previous quarter, the total number of carats offered for tender and sale was lower than anticipated, largely a result of the significant Eskom power outages experienced in South Africa during July and August, and the resulting loss of operational hours during those months. Additionally, while the average dollar per carat, net of the 59.35-carat rough diamond, remained consistent with recent sales, the percentage of plus-two-carat rough diamonds appeared to be lower than normal. This deficiency is believed to be the result of errors in the project's final recovery systems, which may have been caused by repeated power supply issues. With both the Eskom outages and power variations now ended for the most part, the company has undertaken a full review of these systems to ensure any potential for further issues in this area has been minimized moving forward.
• In total, 3,776.33 carats have now been sold in the current quarter to date, generating gross revenues of $2,099,951.32 (U.S.) resulting in an average price of $556.08 (U.S.) per carat, inclusive of the 59.35-carat special rough diamond. These gross revenues in the current quarter represent a 276-per-cent increase from the gross revenues generated in the previous quarter ending June 30, 2022.

"We are very pleased with the strong results achieved at our latest tender and sale, despite dealing with the significant challenges of operational interruptions and the resulting lower processing volumes caused by the rolling blackouts implemented by South Africa's national power supplier, Eskom," stated Dean Taylor, Diamcor chief executive officer. "The revenues achieved confirm the potential and value of recovering large gem-quality rough diamonds in the specials category, and with the country's power supply now appearing to have stabilized, we look forward to increased processing volumes through to the end of this year, and the potential of recovering additional large rough diamonds in the specials category."

Update on the annual filings and revocation of the management cease trade order (MCTO)

The company is also pleased to announce that the delay in filing its audited financial statements and corresponding management's discussion and analysis for the year ended March 31, 2022, resulting from the continuing delays in South Africa related to Stage 6 load-shedding (also known as rolling blackouts) in July by the state-owned electricity utility, Eskom, has been rectified. The company is now current in its required filings, and the management cease trade order detailed in its news releases on July 29, 2022, and Aug. 12, 2022, has been revoked by the British Columbia Securities Commission.

About Diamcor Mining Inc.

Diamcor Mining is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QB International under the symbol DMIFF. The company has a well-established operational and production history in South Africa, and extensive prior experience supplying rough diamonds to the world market.

Qualified person statement

James P. Hawkins, BSc, PGeo, is manager of exploration and special projects for Diamcor Mining, and the qualified person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor's exploration programs, and a member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA). Mr. Hawkins has reviewed this press release and approved of its contents.

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