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# Wed Jul 12, 2006
Diamonds North Completes $3,265,000 Equity Financing

  VANCOUVER, July 12th, 2006 -- Diamonds North Resources Ltd. (DDN-TSX Venture) announces that the brokered private placement announced June 29th, 2006 has been completed. A total of 3,000,000 flow-through common shares at a purchase price of $1.00 per share have been issued.

Loewen, Ondaatje, McCutcheon Limited, as lead agent, and Canaccord Capital Corporation (the "Agents") have been issued Agents' Warrants entitling them to purchase up to 210,000 common shares at a price of $1.00 per share until July 12, 2007 The Agents also received commissions equal to 6% of the gross proceeds.

The non-brokered portion of the offering announced on July 11th, 2006 has also been completed. A total of 265,000 flow-through common shares at $1.00 per shares have also been issued.

All the securities are subject to a hold period and may not be traded until November 13, 2006.

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.

Mark Kolebaba
President & CEO

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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