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# Wed Nov 23, 2005
Diamonds North Announces Equity Financing

  VANCOUVER, November 23, 2005 -- Diamonds North Resources Ltd. (DDN-TSX Venture) announces that it has entered into an agreement with Loewen, Ondaatje, McCutcheon Limited (the "Agent") to act as agent in connection with a private placement financing of up to $CDN4,000,000 (the "Offering") on a best efforts basis.

The private placement will comprise Flow-Through Shares at a price of $0.97 per Flow-Through Share and non flow-through Units (the "Units")at $0.82 per Unit. Each Unit will consist of one common share and one-half of one non-transferable share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one common share at a price of $0.95 per common share for a period of twelve months after the closing of the Offering. No flow-through benefits will be attached to the Units or to any common shares issued upon the exercise of the common share purchase warrants.

The Agent will be paid a cash fee equal to 6% of the gross proceeds raised in the Offering. The Agent will also receive agent warrants (the "Agent Warrants") entitling them to purchase that number of common shares which is equal to 7% of the number of Flow-Through Shares and Units sold. The Agent Warrants will expire twelve months after the closing of the Offering. The exercise price for the Agent Warrants will be $0.95 per common share.

The Flow-Through Shares, the Units, and the Agent's Warrants will be subject to a hold period of four months plus one day from the closing of the Offering.

The gross proceeds of the financing will be used for the development of the Company's projects in Canada.

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


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 release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

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