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Lucara Diamond Confirms $60 million Private Placement

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Lucara Diamond will carry out a non-brokered private placement of up to an aggregate of 60 million common shares at $1 each. Net proceeds of the private placement will be used towards the development of Lucara's AK6 diamond mine in Botswana and at its Mothae diamond mine in Lesotho.

Common shares issued, pursuant to the private placement, will be subject to a four month hold period. Shares were trading nearly 3 percent lower in late morning today in New York at $1.03.

AK6 is in the construction phase with mine commissioning scheduled to commence in the fourth quarter of 2011. Mothae is currently in the trial mining stage.

By: Jeff Miller of RAPAPORT

Date: 1/21/2011