DGE Diagem (Tier2)

MONTREAL, QUEBEC ("Diagem" or "the Company") is pleased to report the results of a comprehensive petrographic, mineralogical, and geochemical study performed on 15 samples collected from 7 diamondiferous sites on Diagem's Chapadao properties within the Juina Diamond Province of Mato Grosso, Brazil. The study establishes the volcanic and kimberlitic nature of the host rocks for most of the diamondiferous localities sampled on the Chapadao.

Denis Francoeur, Diagem's CEO commented: "The study confirms the interpretation of our Chief Geologist, Paulo Andreazza. His determination, persistence and geological acuity led to the discovery of a cluster of kimberlites now proven to be true kimberlites. The importance of the discovery resides in that it is recognized to be a significant source of the alluvial diamonds accumulated in the river beds draining the Chapadao, a regional elevated plateau. The permitting process is in progress in preparation for large-scale bulk sampling and drilling (both diamond drilling and reverse circulation drilling)".

Petrographic examination revealed that almost all but two of the Chapadao sample sites correspond to volcanic (kimberlite) crater structures. These rocks demonstrate some characteristic features that clearly point to their kimberlitic nature, specifically, the presence of inclusions with relicts of a parquet-like olivine replacement structure and picroilmenite grains with intact leucoxene rims. Since such fine structural details cannot survive during prolonged transportation of clastic material, these samples are believed to represent rocks from crater parts of kimberlite pipes.

The heavy mineral fraction of the examined samples shows a quite poor spectrum of kimberlite indicator minerals ("KIM"), which are dominated by picroilmenite, with only a few chrome spinel grains present in some samples. Pyrope, olivine, and chrome-diopside were not found at all. These results coincide well with a previous mineralogical study of samples from the Juina area (Kaminsky and Sablukova, 2007) (see press releases dated October 10 and September 27, 2007). The high picroilmenite content and the presence of chrome spinel grains both confirm the kimberlitic nature of the samples.

By looking at specific geochemical elements, the tuffites of the Chapadao pipes and weathered oxidized clay-rich material from the Collier-4 kimberlite pipe are similar to Group 1 South African kimberlites, Fe-Ti series kimberlites of the Arkhangelsk diamond province, and Yakutian kimberlites. In some characteristics, these rocks are similar to West Australian lamproites.

The study was conducted by renowned diamond consultant Dr. Felix Kaminsky and colleagues at the KMD/Institute of Diamonds laboratory in Moscow, Russia. The identification procedure included visual examination of the samples, petrographic examination of thin sections, full-silicate analysis and ICP-MS analysis using an Elan-6100 analyzer, and a mineralogical analysis for KIM. Computer processing and interpretation of analytical data were performed based on the comparison of obtained results with available data on rocks from the main kimberlite provinces of the world and on non-kimberlitic diamondiferous igneous rocks from different regions worldwide.

This press release has been reviewed by Mousseau Tremblay, Ph.D, P. Eng., Diagem's Chairman and a qualified person under National Instrument 43-101.

About Diagem

Diagem Inc. is a publicly listed Canadian exploration mining company focused on primary diamondiferous resources in the Juina Diamond Province of Mato Grosso, Brazil, where it controls a large portfolio of mineral properties. The Company has one advanced development stage project and recently discovered two clusters of kimberlite pipes believed to be the main sources of Juina's historical alluvial diamond production. The historical Juina alluvial diamond production is commonly referred to as "Indian goods" based on the generally low quality of the diamonds. However, the Chapadao area is accessible year round and is amenable to open pit mining which translates into low extraction costs. Preliminary diamond grades are also encouraging (see press release dated January 11, 2007). The area is also known for the occurrence of a valuable rare type of diamonds often harbouring a fancy pink color (see press release dated November 13, 2007).

Forward-looking statements: Except for statements of historical fact, all statements in this news release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE

Contacts: Diagem Inc. Denis Francoeur CEO 514-866-6001 (ext 265) Diagem Inc. Paul Einarson CFO 514-866-6001 (ext 251) Diagem Inc. Nicole Blanchard Investor Relations 450-973-6690 WWW.DIAGEM.COM

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