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а Fri Feb 28, 2003
Private Placement Fully Subscribed Partial Closing

а #07-03

VANCOUVER, February 28, 2003 - Diamonds North Resources Ltd. (DDN-TSX Venture) announces that the private placement of 1,400,000 units announced February 18 and 19, 2003 has been fully subscribed. An initial closing of 955,000 units at $0.80 per unit occurred on February 28, 2003. Each unit consists of one common share and one non-transferable common share purchase warrant entitling the holder to purchase one common share at a price of $0.80 per common share until February 27, 2005. Should the closing price of the Issuer's shares on the TSX Venture Exchange be $1.60 or greater for a period of ten consecutive trading days during the term of the Warrants, then the holder will have thirty days thereafter to exercise the Warrants and any Warrants which remain unexercised at the end of the foregoing thirty day period will expire unexercised.

On the initial closing of 955,000 units, finder's fees of 5% were paid in cash and shares as follows: 24,750 shares were issued as a fee on 495,000 units and cash of $3,200 was paid on 80,000 units. No fees or commissions were paid on the balance of the 955,000 units issued.

The securities are subject to a hold period and may not be traded until June 28, 2003.

Diamonds North Resources Ltd. is a resource company focused on diamond exploration in Canada. The Company currently holds nine projects covering over 1.5 million acres of land in Nunavut, Northwest Territories. Seven 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
President

For more information, please contact:

Nancy Curry, Manager Corporate Communications
Diamonds North Resources Ltd.
1550-409 Granville Street
Vancouver, B.C. V6C 1T2
Tel. Fax


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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