TAI Talmora Diamond Inc

Talmora Diamond Inc. (CNSX:TAI) is pleased to announce that it has completed a
private placement of 8,000,000 Units, comprised of 4,000,000 Hard Dollar Units
and 4,000,000 Flow-Through Units, that were sold at $0.05 per Unit, for gross
proceeds of $400,000 effective July 8, 2011. Each Unit consists of one common
share and one-half of one common share purchase warrant. Each whole common share
purchase warrant ("Warrant") entitles the holder to acquire one common share for
$0.10 until July 9, 2013. If during the term of the Warrants the common shares
of Talmora trade at or above Can. $0.20 for a period of 20 consecutive trading
days, the Company may notify the warrant holder to exercise the Warrants at a
date no later than 30 calendar days after this notification date or forfeit any
unexercised Warrants at that time. All securities issued pursuant to the
financing are subject to a four month hold period which expires on November 9,
2011. A cash commission of $8,750 was paid on the brokered part of the
financing. Insiders acquired a total of 2,549,820 Units. 


The Company now has 44,982,679 common shares outstanding. On a fully-diluted
basis after giving effect to the exercise of all outstanding share purchase
warrants and incentive stock options granted under its stock option plan the
Company would have 56,677,265 common shares outstanding.


The Company had hoped to place up to 25,000,000 Units on a part brokered and
part non-brokered basis, and apply the proceeds to fund exploration, including
drilling, on the Company's property in the Northwest Territories and for working
capital. The non-brokered part was oversubscribed but the brokered part failed
as the market became nervous and many subscribers backed out before the closing.
Talmora will proceed with its exploration program including planning of a drill
program but the drilling will be delayed until additional funding can be
arranged. Hopefully the market will improve later in the year.


Talmora holds 11 contiguous prospecting permits (433,831 acres) and 175 mineral
claims (54,787 acres) straddling the 68th parallel on the east side of the Lena
West diamond area of the Northwest Territories. Ten of the permits are in the
Sahtu Settlement Region and one permit and all the claims are in the Inuvialuit
Settlement Region.


Over $75 million has been spent in the Lena West area by other companies with
the recovery of numerous kimberlite indicator minerals (KIMs) and an
unprecedented 18 diamonds in field samples. No kimberlites have been found
except for the Darnley Bay and the Dharma kimberlites on a well defined
favourable structure that includes the Talmora property. 


Sampling on the Talmora property shows a strong correlation between KIMs in till
samples and magnetic anomalies with characteristics of kimberlite pipes. The
majority of Lena West KIMs found by others to the west of Talmora are very
similar to those from the Talmora property but differ from those of the Darnley
Bay and Dharma properties. There is therefore every reason to believe that the
Talmora property may be the source of the abundant KIMs and diamonds to the
west. Talmora's targets are ready for drilling.


The technical information contained in this release was compiled by Alan W.
Davies, P.Eng., P.G., who is the Vice-President of Exploration for Talmora. Alan
W. Davies is a qualified person as defined by National Instrument 43-101.


CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein. This News Release
includes certain "forward-looking statements". All statements other than
statements of historical fact, included in this release, including, without
limitation, statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of Talmora, are
forward-looking statements that involve various risks and uncertainties. There
can be no assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from Talmora's expectations are exploration risks detailed herein and
from time to time in the filings made by Talmora with securities regulators.

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