AAD Added Capital

Archangel Diamond Corporation ("Archangel" or the "Corporation") (TSX
VENTURE:AAD) announces that it will not be able to file its annual financial
statements, accompanying management's discussion and analysis ("MD&A") and
related CEO and CFO certifications (collectively, the "2008 Annual Financial
Statements") for the financial year ended December 31, 2008, within the 120 day
period prescribed for the filing of such documents under Parts 4 and 5 of
National Instrument 51-102.


The Corporation expects to file the 2008 Annual Financial Statements shortly.
Archangel is not currently in a position to file the 2008 Annual Financial
Statements primarily as a result of the time required to reflect and account for
the outcome of any significant pending debt refinancing in the 2008 Annual
Financial statements and to complete the necessary accounting analysis.


The Corporation confirms that it intends to satisfy the provisions of the
alternative information guidelines found at sections 4.3 and 4.4 of National
Policy 12-203 for so long as it remains in default as a result of its late
filing of the 2008 Annual Financial Statements. During the period of default,
Archangel will issue bi-weekly default status reports in the form of further
press releases, which will also be filed on SEDAR.


The Corporation confirms that there are no insolvency proceedings against it as
of the date of this press release. Archangel also confirms that there is no
other material information concerning the affairs of Archangel that has not been
generally disclosed as of the date of this press release.


Archangel has made an application to the applicable Canadian securities
regulatory authorities for a management cease trade order. There is no certainty
that such order will be granted. The applicable Canadian securities regulatory
authorities may issue general cease trade orders against the Corporation for
failure to file the 2008 Annual Financial Statements within the prescribed time
period.


CAUTIONARY NOTE TO SHAREHOLDERS CONCERNING FORWARD LOOKING STATEMENTS AND
FINANCIAL PROJECTIONS - This news release contains "forward-looking statements",
within the meaning of applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to, statements with
respect to the outcome of future negotiations, completion of the Transaction,
execution of definitive agreements, exercise of future call rights, success of
financing activities, identification or upgrade of mineral resources,
requirements for additional capital, government regulation, results of future
diamond exploration, results of diamond marketing, changes in legal
requirements, changes in the political environment, environmental liabilities
and title disputes. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as "plans", "expects"
or "does not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain actions, events or
results "may", "could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual outcomes, results,
level of activity, performance or achievements of Archangel Diamond Corporation
to be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks described in the
above news release; those risks set out in Archangel's disclosure documents and
its annual, interim management discussion and analysis and annual reports.
Although Archangel has attempted to identify important factors that could cause
actual results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements. Archangel
does not undertake to update any forward-looking statements or financial
projections, except in accordance with applicable securities laws.

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