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# Tue Jul 11, 2006
Diamonds North Financing Update

  VANCOUVER, July 11, 2006 - Diamonds North Resources Ltd. (TSX-V: DDN) reports the private placement financing announced on June 29, 2006 has been increased by $265,000. The brokered financing, led by Loewen, Ondaatje, McCutcheon Limited as lead agent, and Canaccord Adams, (collectively the "Agents") will raise up to C$3,000,000 on a best efforts basis. On a non-brokered basis, the private placement will comprise a further 265,000 flow-through shares at a price of C$1.00 per flow-through share.

The terms of the brokered portion of the financing remain the same, as previously disclosed. No fees will be paid on the non-brokered portion.

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

This private placement is subject to regulatory approval.

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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This page was created on Sat Oct 21, 2006 at 2:36:02 PM Pacific Time.