Lace Mine - 290M Level Development Resumes

20 November 2015

DiamondCorp plc

AIM share code: DCP & JSE share code: DMC

ISIN: GB00B183ZC46

(Incorporated in England and Wales)

(Registration number 05400982)

(SA company registration number 2007/031444/10)

("DiamondCorp" or "the Company")

290M level development resumes

DiamondCorp, the Southern African diamond mining, development and exploration company, is pleased to report that, following completion of back-filling activities, development tunnelling has resumed on the 290m doming level at the Lace mine, almost two weeks ahead of schedule.

Tunnelling on the 290m level is now progressing in competent high-grade K4 kimberlite following successful installation of steel arched sets for a 10m section through the centre of the slot drive cross cut on this level. Tunnel advances are now being achieved at the originally planned rate as the kimberlite contains significantly less internal waste than the lower-grade K6 kimberlite on the southern side of the pipe, through which the development tunnels needed to traverse before entering the high-grade Upper K4 ("UK4") mining block.

The sets provide a safe canopy for workers and machinery which need to access this level for commencement of drilling and blasting of the slot between the 290m and 310m production level. The slot provides the initial ramp up in mining tonnages from the UK4 block, which is on schedule for commencement next month.

DiamondCorp Chief Executive Officer, Paul Loudon, said: "Resumption of development work on the 290m level combined with commissioning last week of the 400 tonnes per hour conveyor belt system from the first production level, means that many of the operational challenges we have been facing in recent months have been overcome, albeit that the overall development and production timetable remains behind schedule, as previously announced.

"I am very pleased that these challenges have been met without any injuries to our workforce or damage to our equipment."

Contact details:

DiamondCorp plc

Paul Loudon, Chief Executive

Tel: +27 56 216 1300

Euan Worthington, Chairman

Tel: +44 7753 862 097

UK Broker & Nomad

Panmure Gordon (UK) Limited

Dominic Morley/Adam James

Tel: +44 20 7886 2500

JSE Designated Advisor

Sasfin Capital (a division of Sasfin Bank Limited)Megan Young

Tel: +27 11 445 8068

SA Corporate Advisor

Qinisele Resources Proprietary Limited

Dennis Tucker/Andrew Brady

Tel: +27 11 883 6358