Archangel to appoint new CEO and President

Archangel Diamond Corporation has named Mr. Tom Beardmore-Gray as new President and Chief Executive Officer of the company.

Earlier President and CEO of Archangel, Mr. Jonathan Dickman, is schedule to resign on June 25, 2008, but he will remain a director of the Corporation.

Tom Beardmore-Gray, a chartered accountant by profession is a graduate from Oxford University. Since 2005, he is working as a director in Archangel and with the De Beers Group since 1994.

Tom held various positions during his fourteen year career with De Beers.

Bruce Cleaver, Chairman of Archangel, said, “Following the signing of definitive agreements with Lukoil on April 15 Archangel is clearly entering a new phase in its development. The priority now is to expedite the development of the Verkhotina project. Tom has the requisite skills and experience to take the Corporation forward. I would like to pay tribute to Jonathan Dickman, who has led Archangel for the past three years with great distinction. I am very pleased that Jonathan will remain on the Board as a non-executive director and that the Corporation will continue to benefit from his considerable expertise.”

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