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Gold/Mining/Energy : DIAMONDWORKS DMW.v

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To: Robert Saito who wrote ()	4/10/1997 11:11:00 PM
From: POLARBEAR	of 413

DiamondWorks Ltd DMW Shares issued 56,518,282 Apr 7 close $2.40 Tue 8 Apr 97 News Release Mr Eric Friedland reports Eric Friedland, chairman and CEO of DiamondWorks Ltd, announced today that the Toronto Stock Exchange has conditionally approved the listing of the company's common shares. The listing is subject to the company fulfilling all of the TSE's requirements on or before July 2 1997. Mr Friedland also announced that the Ontario Securities Commission and the BC Securities Commission have issued receipts for the company's final prospectus in connection with its private placement of 12.5 million special warrants. The prospectus qualifies the distribution of 12.5 million common shares and 12.5 million common share purchase warrants. Each warrant is exercisable for one common share of the company at an exercise price of $2.00 a share at any time prior to the expiry time of 4:30 pm (Pacific Standard Time) on December 6 1997. The prospectus also qualifies for distribution 300,000 agent's warrants upon the exercise of previously issued compensation warrants, each agent's warrant being exercisable for one common share of the company at an exercise price of $2.00 a share prior to the expiry time. The receipts have been issued within the qualification period stipulated under the terms of the original special warrant private placement, thereby avoiding dilution penalties. DiamondWorks has begun diamond mining at its Luo project in Angola. The company has a number of diamond exploration and development properties in Angola and Sierra Leone. It also has interests in a diamond exploration venture in Canada's Northwest Territories, in five gold and polymetallic exploration ventures in China and in various gold exploration properties in Venezuela.

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