Operational Update

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')

MINE DEVELOPMENT AND EXPLORATION ACTIVITIES

RESTART IN SOUTH AFRICA AND BOTSWANA

DiamondCorp plc, the African diamond mining and exploration company, is pleased to announce the recommencement of mine development in South Africa and exploration activities in Botswana following the successful completion of its recent £7.1 million capital raising.

HIGHLIGHTS

·; Decline development recommences at the Lace mine near Kroonstad in the Free State province of South Africa.

·; Planning for a six-hole diamond drilling programme on two further kimberlite targets in Botswana being finalised.

LACE MINE - FREE STATE PROVINCE, SOUTH AFRICA

Development activities have resumed at the Lace diamond mine, 200km southwest of Johannesburg, near Kroonstad in the Free State Province of South Africa.

Activities for the remainder of 2010 will focus on the completion of a 4.5m x 4.5m decline to access kimberlite resources below the -240m level, the lowest level of historical workings at the Lace mine.

The decline is budgeted to cost £4 million and be completed in the first quarter of 2011. This decline will be used for the initial haulage of kimberlite from below the -240m level for bulk testing purposes and implementation of the sub-level caving mine plan devised by Snowden Mining Industry Consultants.

Once the existing 6m x 2.7m vertical shaft is re-equipped during 2011 for primary ore hoisting, production at Lace is scheduled to increase to 1.2 million tonnes per annum and the decline will then be utilised for men, materials and ventilation for the remainder of +25-year life of the mine.

Commenting on the recommencement of activities, DiamondCorp managing director and CEO, Paul Loudon, said: 'It was gratifying that our shareholders, new and old, have provided us with the capital required to access the substantial kimberlite resources below any of the old working areas at Lace.

'Following one of the most difficult years on record for the diamond sector, we have been able to keep the 1.2 million tonne per annum recovery plant and full underground mining fleet in place and in good working order, in readiness for a rapid restart of activities.

'We have also retained the key individuals on our management team who will drive the project forward under the leadership of chief operating officer Steve West, as well as retained the services of our main shaft sinking contractor. These core technical competencies have been strengthened with the signing of a contract with Snowden Mining Industry Consultants as leading technical consultant on the decline development and sub-level caving mine plan.

'We look forward to accessing the potential 13 million carats in resource at Lace in early 2011, and building up to a potential production of between 400,000 and 500,000 carats per annum at the same time as the long-term metrics for the diamond industry continue to improve.'

BOTSWANA

Preparations are being finalised for the commencement of a six-hole diamond drilling programme in Botswana on two kimberlite targets - J-05 and J-12. This programme follows the successful delineation of a 10 ha diamondiferous kimberlite J-01 during the Company's initial drilling programme in late 2009. The results of the next drilling programme will determine the priority of drilling large diameter holes for extraction of mini bulk samples for grade modeling. Prior to siting of drill holes, ground gravity data on J-05 and J-12 are being re-interpreted.

DiamondCorp is earning a 77.5 per cent interest in various exploration licences in Botswana from Geoperspectives (Pty) Limited by funding exploration activities. The J-05 and J-12 kimberlite targets are located approximately 5.5km southeast of De Beers Jwaneng mine, the richest diamond mine in the world measured by value.

London

20 April 2010

Nominated Adviser: Cenkos Securities plc

AIM Brokers: Cenkos Securities plc, Fairfax I.S. plc Investment Bank and Sponsor: Investec Bank Limited DiamondCorp plc, Paul Loudon +44 20 7256 2651 Cenkos Securities plc, Joe Nally/Liz Bowman/Ivonne Cantu +44 20 7397 8900 Fairfax I.S. plc, Ewan Leggat +44 207 598 5368 Investec Bank Limited, Robert Smith +27 11 286 7326 Russell & Associates, Charmane Russell/Matthew Ross +27 11 880 3924 Ana Ribeiro/Tim Blythe, Blythe Weigh Communications +44 20 7138 3204