BRC DiamondCore’s corporate update

BRC DiamondCore Ltd. provide the following corporate update.

Highlights include:

The Company has filed a business acquisition report (BAR) relating to the acquisition by the Company of Diamond Core Resources Limited (Diamond Core), as required by applicable Canadian securities laws. The pro forma consolidated financial statements included in the BAR illustrate the improvement in the Company’s balance sheet in terms of the combined business.

Since the acquisition of Diamond Core on February 11, 2008 and as previously announced, the Company has realized approximately US$2.4 million from diamond sales from the Company’s South African properties.

The Company’s long-term and supportive largest shareholder, Banro Corporation, remains fully committed to the Company and its long-term success.

Two of the Company’s bulk sampling sites, the Paardeberg East kimberlite project and the Silverstreams alluvial project, are fully operational and a third, the De Kalk alluvial project, is being operationalised. Construction of a bulk sampling plant for a fourth project, the Kwango River alluvial project, is well advanced.

The Company currently operates three trial mining/bulk sampling sites - at Paardeberg East, Silverstreams and De Kalk - in South Africa’s Northern Cape Province. More than 5,000 carats have been sold in 2008, with prices realised for the production from Silverstreams and Paardeberg East above expectation. Approximately US$2.4 million has been received by the Company to date from these diamond sales. The diamond product is technically analysed by independent diamond consultants and subsequently sold on an open tender system.

Source : http://www.brc-diamondcore.com/

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