Diamcor Receives Final Tsx Venture Exchange Approval - Closes $4.0 Million Financing

/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES, TO "U.S. PERSONS" OR TO UNITED STATES OF AMERICA NEWS SERVICES./

TSX.V Symbol (DMI)

KELOWNA, Nov. 22, 2012 /CNW/ - Diamcor Mining Inc. (TSX-V.DMI) (the "Company") is pleased to announce that the $4,000,000 financing from its long-term strategic alliance partner, world famous premier luxury jewellery and specialty retailer Tiffany & Co. ("Tiffany"), as previously announced on November 16, 2012, has received final TSX Venture Exchange approval and accordingly, closed.  The $4,000,000 in financing is provided by Tiffany's subsidiary, Tiffany & Co. Canada, via a $2,400,000 term loan (the "Term Loan") and a $1,600,000 convertible debt debenture (the "Convertible Debenture").

The Term Loan has a fixed rate of interest of 9% and is secured by a promissory note (the "Promissory Note") which is non-amortizing until January 20, 2014, at which time principal and interest is payable monthly until maturity on December 20, 2016.  The Company has the right to repay the outstanding principal and any accrued and unpaid interest due under the Promissory Note at any time without notice or penalty.

The Convertible Debenture has a fixed rate of interest of 9% per annum, and is non-amortizing until January 20, 2014, following which time principal and interest is payable monthly in accordance with a 36 month amortization schedule until maturity on December 20, 2016. The Company has the right to repay the outstanding principal and any accrued and unpaid interest, without penalty, on not less than 30-days' notice and subject to the conversion rights contained in the Convertible Debenture. Under the conversion rights of the Convertible Debenture, Tiffany & Co. Canada may convert the principal amount of $1,600,000, along with any accrued and unpaid interest due at that time, in whole or in part, into Class A Common Shares (the "Shares") of the Company at a conversion price of CAD $1.60 per Share.  Under the conversion scenario, a maximum of 1,090,000 Shares in the Company would potentially be issued.  Any Shares issued upon the conversion of any amounts due under the Convertible Debenture will be subject to a hold period which expires four months and one day from the date of issuance of the Convertible Debenture.

The sourcing, negotiation and successful completion of this additional financing transaction with Tiffany & Co. were completed by the Company's management and directors.  As a result no brokerage or finder's fees were incurred by the Company.

About Diamcor Mining Inc:

Diamcor Mining Inc. is a fully reporting publically traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, and on the OTC QX International under the symbol DMIFF.  The Company has a well-established operational and production history in South Africa, and extensive experience supplying rough diamonds to the world market.  Rather than exposing itself to the high risks and costs associated with exploration, the Company's focus is on the identification, acquisition, and operation of unique diamond projects with near-term production potential such as the Krone-Endora at Venetia Project.  For additional information on Diamcor, please visit our website at www.diamcormining.com.

On behalf of the Board of Directors

Mr. Dean H. Taylor
President & CEO
Diamcor Mining Inc.
DTaylor@diamcormining.com

Phone:  (250) 864-3326
Website: www.diamcormining.com

This press release contains certain forward-looking statements.  While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company's ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements.  Further, the Company expressly disclaims any obligation to update any forward looking statements.  Accordingly, readers should not place undue reliance on forward-looking statements.  This news release is not for dissemination in the United States, to "U.S. Persons" or to United States of America news services.

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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Diamcor Mining Inc.