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а Fri Jul 2, 2004
Brokered Private Placement

а VANCOUVER, July 2, 2004 -- Diamonds North Resources Ltd. (DDN-TSX Venture) announces that the brokered private placement announced June 8, 2004 has been completed. A total of 2,400,000 flow-through common shares at a purchase price of $1.25 have been issued.

An aggregate of 168,000 Agents' Warrants to purchase up to 168,000 common shares at a price of $1.35 per share for a period of one year were granted to a syndicate led by Canaccord Capital Corporation (142,800 Agent's Warrants) and including Dundee Securities Corporation (25,200 Agent's Warrants). Cash fees totalling $185,000 were paid in connection with the financing.

All the securities are subject to a hold period and may not be traded until November 3, 2004.

The successful completion of this financing brings Diamonds North Resources' treasury to over $6 million. The exploration budget for Diamonds North's projects in 2004, including all partners' contributions, is $10 million with Diamonds North's portion being $2 million.

Diamonds North is a dynamic successful exploration team focused on strategically advancing diamond opportunities and is determined to discover Canada's next diamond mine.

On behalf of Diamonds North Resources Ltd.

Janice Davies
Corporate Secretary

For further information, please contact:

Corporate Communications: Nancy Curry
Diamonds North Resources Ltd.
Email: mailto:

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

You can view the Next News Releases 2004 item: Tue Jul 13, 2004, Kennecott and Diamonds North Join Forces in Nunavut

You can view the Previous News Releases 2004 item: Tue Jun 22, 2004, Indicator Explorations

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