Lace Mine Ramp Up Commences From Uk4 Block

16 December 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")

lace mine ramp up commences from uk4 block

DiamondCorp, the Southern African diamond mining, development and exploration company, is pleased to report that production ramp up has commenced from the Upper K4 Block ("UK4") at the Lace mine, in the Free State Province of South Africa.

The first UK4 production is coming from the 310m level, where the slot is being opened up to the drive vertically above it on the 290m level. Once the slot is mined by the end of Q1 2016 and all trough tunnels completed during Q2 2016, longhole ring blasting for production troughs will commence.

UK4 production from January 2016 to the end of March 2016 is scheduled to average 4,000 tonnes per month: April to June 2016, an average of 15,000 tonnes per month, then full production of 30,000 tonnes per month from July 2016 onwards.

DiamondCorp Chief Executive Officer, Paul Loudon, said: "Today is an historic day for the Lace mine as it marks the start of the ramp up towards commercial production from underground at Lace for the first time since October 1930. Production to date has come from access development and tailings retreatment; from now on production will be dominated by mining development, stoping and block caving."

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