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# Wed Dec 7, 2005
Diamonds North Increases Equity Financing To $ CDN 4,500,000

  VANCOUVER, December 7, 2005 -- Diamonds North Resources Ltd. (DDN-TSX Venture) announces that the brokered private placement with Loewen, Ondaatje, McCutcheon Limited (the "Agent") reported on November 23, 2005 has been increased from $CDN4,000,000 to up to $CDN4,500,000 (the "Offering").

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 date of the Offering, currently expected to be December 13, 2005. 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.

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


Janice Davies
Corporate Secretary

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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