=======================================================================
Diamonds North Announces Flow-Through Financing
=======================================================================
VANCOUVER, July 17th, 2009 -- Diamonds North Resources Ltd. (TSX-V:
DDN) announces that it intends to complete a non-brokered private
placement to raise up to $450,000 through the sale of flow-through
shares. The flow-through shares will comprise up to 2,812,500 shares at
$0.16 per share (the "Offering"). The placement is to finance the
Company's
Diamond and gold programs on the 100% owned Amaruk property
in Nunavut.
Finders Warrants may be payable on a portion of the placement. The
Finders Warrants will entitle the holder to purchase that number of non
flow-through common shares which is equal to 7% of the number of
Flow-Through Shares sold by the Finders. The Finders Warrants will
expire twelve months after the closing of the Offering. The exercise
price for the Finders Warrants will be $0.20 per common share.
This private placement is subject to regulatory approval.
About Diamonds North
Diamonds North Resources is rapidly evolving and committed to building
long-term value for shareholders through ongoing discoveries and
leveraging business opportunities from our vast land holding.
On behalf of Diamonds North Resources Ltd.
Mark Kolebaba
President & CEO
For additional information please contact:
Nancy Curry
VP Corporate Communications
Diamonds North Resources Ltd.
Telephone: (604) 689-2010
Facsimile: (604) 484-7143
Email: info@diamondsnorth.com
Website: www.diamondsnorth.com
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.
=======================================================================
Copyright (c) 2009 DIAMONDS NORTH RESOURCES LTD. (DDN) All rights
reserved. For more information visit our website at
http://www.diamondsnorth.com/ or send mailto:info@diamondsnorth.com
=======================================================================
.
<