Diamcor Announces Initial Delivery of Rough Diamonds Following Completion of Phase One Upgrades

KELOWNA, October 12, 2021 - Diamcor Mining Inc. (TSXV:DMI), (OTCQB:DMIFF), (FRA:DC3A), ("Diamcor" or, the "Company") announced today the delivery of 2,521.17 carats of rough diamonds for the Company's first tender and sale of its current quarter ending December 31, 2021. The total carats delivered for this initial tender are in line with Company expectations, and the first since the Company's recent completion of the phase one upgrade objectives at the Company's Krone Endora at Venetia Project (the "Project"). Further refinements, as well as efforts on a larger phase two upgrade, will continue throughout the quarter. The Company remains confident the full potential of these upgrades will be realized and operating costs on a per ton basis will continue to improve due to reductions in plant consumables and increases in operational efficiencies at the Project. The Company expects to complete two additional tenders prior to the end of the current quarter and provide updates on the results in due course over the coming weeks.

LD MICRO - Main Event Conference

The Company also announces that it will be participating in the LD Micro Main Event conference from October 12 - 14^th at the Luxe Sunset Bel Air in Los Angeles, CA. The LD Micro Main Event has become the preeminent convention for the most influential people, analysts, and investors in the small-cap world. Diamcor President and CEO, Dean Taylor, will be presenting on Tuesday, October 12, 2021, and hosting one-on-one meetings throughout the conference. Interested parties not attending the conference in person can visit the LD Micro website at ldmicro.com to register and listen to company presentations virtually.

"We look forward to the return of the live, in person LD Micro Main Event Conference after a two year delay associated with COVID-19", stated Mr. Dean Taylor, Diamcor CEO. "The timing of this event provides us with a perfect opportunity to meet with various Company stakeholders and industry participants and discuss the growth objectives underway, our efforts to increase processing volumes, recoveries, and revenues, as well as our plans for exploration efforts on the larger areas of the Project in 2022".

About Diamcor Mining Inc.

Diamcor Mining Inc. is a fully reporting publicly traded junior diamond mining company which is listed on the TSX Venture Exchange under the symbol V.DMI, the OTCQB International under the symbol DMIFF, and on the Frankfurt Exchange under the symbol DC3A. The Company has a well-established operation in South Africa with a proven history of supplying rough diamonds to the world market. Diamcor has established a long-term strategic alliance with world famous luxury retailer Tiffany & Co. and is now in the final stages of developing the Krone-Endora at Venetia Project co-located with De Beer's flagship Venetia mine.

About the Tiffany & Co. Alliance

The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at then current prices to be determined by the parties on an ongoing basis. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing to advance the Project. Tiffany & Co. is owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.

About Krone-Endora at Venetia

In February 2011, Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers' flagship Venetia Diamond Mine in South Africa. On September 11, 2014, the Company announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project's total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade "Alluvial" basal deposit which is covered by a lower-grade upper "Eluvial" deposit. The deposits are proposed to be the result of the direct-shift (in respect to the "Eluvial" deposit) and erosion (in respect to the "Alluvial" deposit) of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur in two layers with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the Venetia Mine.

Qualified Person Statement:

Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor's exploration programmes 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.

On behalf of the Board of Directors

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

For further information contact:

Mr. Dean H. Taylor
Diamcor Mining Inc.
DeanT@Diamcor.com
+1 250 862-3212

Mr. Rich Matthews
Integrous Communications
rmatthews@integcom.us
+1 (604) 355-7179

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.

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SOURCE: Diamcor Mining Inc.