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# Thu Dec 12, 2002
Diamonds North Raises $1,661,594.60


VANCOUVER, December 12, 2002 - Diamonds North Resources Ltd. (DDN-TSX Venture) announces the completion of the brokered private placement announced November 6th, 2002. A total of 2,373,706 units at a price of $0.70 per unit were issued on December 11, 2002. Each unit consists of one flow-through common share and one-half of one non-transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at a price of $0.80 per common share until December 11, 2003. Broker Warrants equal to 10% of the total number of units sold have been issued to the Agents entitling them to purchase an aggregate of 237,371 common shares at $0.70 per share until December 11, 2003. Dundee Securities Corporation was issued 142,423 Broker Warrants and Haywood Securities Inc. was issued 94,948 Broker Warrants. The Agents also received a cash fee equal to 7.5% of the gross proceeds. The Units are subject to a four month hold period and may not be traded until April 12, 2003.

Proceeds from this financing will be used to further advance Diamonds North's extensive diamond property portfolio. Over the next few weeks diamond analyses are expected for 750 kg of sub-crop from the Pegasus, Sculptor and Zeta kimberlites, on the wholly owned Blue Ice project, Victoria Island. On the Hadley Bay project (optioned 50% to Canabrava Diamond Corporation) diamond analyses are pending for the Neptune, Turnstone and Juno kimberlite samples.

Diamonds North Resources Ltd. is a diamond exploration company with eight projects covering over one million acres of land in Canada's Nunavut and Northwest Territories. Six projects are located on Victoria Island; one project is adjacent to the De Beers/Mountain Province Kennady Lake advanced stage discovery and one project is near the Drybones kimberlite in the Northwest Territories.

On behalf of Diamonds North Resources Ltd.

Mark Kolebaba

For further information, please contact:
Corporate Communications: Nancy Curry
Diamonds North Resources Ltd.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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