Mr. Dean Taylor reports

DIAMCOR ANNOUNCES CND$1,500,000 PRIVATE PLACEMENT

Diamcor Mining Inc. intends to complete a non-brokered private placement financing of up to $1.5-million and anticipates that an aggregate of up to $1.25-million of the financing will be subscribed to by existing larger shareholders, management and directors. The financing will consist of up to 30 million units at a price of five cents per unit, with each unit consisting of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one share at an exercise price of 7.5 cents for a period of 36 months following the date of issuance. The company plans to close the financing by May 15, 2024.

Proceeds from the offering will be used for the continued advancement of the company's Krone-Endora at Venetia project, the work programs currently under way, the announced efforts surrounding drilling and bulk sampling on the greater portions of the project, the advancement of discussions on potential acquisitions of additional opportunities aimed at increasing long-term shareholder value and added growth, and for general corporate purposes. The company plans to continue to advance continuing discussions with financiers and industry-related parties on additional financing scenarios which may be beneficial in further supporting the aforementioned objectives aimed at increasing long-term shareholder value and added growth and will not be proceeding with the convertible loan financing of up to $2-million previously announced on Jan. 18, 2024.

The financing is subject to the approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. Securities issued pursuant to the offering will be subject to a hold period of four months plus one day following the date of issuance.

About Diamcor Mining Inc.

Diamcor Mining is a fully reporting publicly traded diamond mining company with a proven history, which is focused on building a growing supply of ethically sourced, non-conflict, natural rough diamonds to some of the world's most reputable diamantaires and luxury retailers. The company has a long-term strategic alliance with world-famous Tiffany & Co., and, currently, its primary focus is on the development of its Krone-Endora at Venetia project, which is co-located and directly related to De Beers's flagship Venetia diamond mine in South Africa. The Venetia diamond mine is long recognized as one of the world's top diamond-producing mines, and the deposits which occur on the company's Krone-Endora project have been identified as being the result of shift and subsequent erosion of an estimated 50 million tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The company is also focused on the acquisition and development of additional mid-tier projects with near-term production capabilities to allow the company to position itself as a growing supplier of ethically and responsibly mined non-conflict natural rough diamonds to reputable diamantaires and select luxury retailers. The company has a strong commitment to junior mining, social responsibility, women in mining, supporting local communities and to protecting the environment.

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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