DGM

Diagem Inc. (TSX VENTURE:DGM) ("Diagem" or "the Company") and Natural Diamond
Corporation ("Natural Diamond") are pleased to report on the progress of the
valuable pink diamond which was recovered downstream from the Diagem's Chapadao
kimberlite properties by a local miner and purchased by Diagem earlier this
year. There have since been other reports of pink diamonds from the same area
which encourages the Company regarding the potential of the Chapadao cluster.


The export from Brazil to Antwerp of the diamond was delayed, waiting on the
issue of the Brazilian Kimberley Certificate. The 9.32 pink diamond was shipped
to Natural Diamond in Antwerp, Belgium for analysis, cutting, and polishing.
Jacky Lewy, a director of Diagem and a principal of Natural Diamond, has been
directing the cutting and polishing process, which is nearly complete. A current
picture of the diamond cut to a 3.13 carat heart-shaped orangey-pink diamond can
be found on the Company's website at www.diagem.com.


Mr. Lewy stated that "Christie's has expressed interest in including the diamond
in its next auction or the auction preceding Valentine's Day. Other houses are
also showing interest."


Mr. Lewy and other experts who have examined the diamond express confidence that
the diamond will likely achieve a significant value. While encouraging, Diagem
cautions that it is not possible to obtain a definitive valuation because of the
unique and rare nature of the diamond. Denis Francoeur stated "The possibility
of recovering such stones is encouraging and supports our management team's
efforts, excitement and optimism for the Chapadao cluster of kimberlites."


About Diagem

Diagem Inc. is a publicly listed Canadian exploration mining company focused on
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 the Juina Province
historical alluvial diamond production.


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.

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