Diamonds North Resources Ltd.

TORONTO, Nov. 3 /CNW/ - On October 28, 2008, Smith Vincent & Co. Ltd. sold on the Toronto Stock Exchange 1,600,000 common shares of Diamonds North Resources Ltd. Certain related holding companies, individuals and trusts that are all related to the Vincent and/or Curry families of Toronto (the "Shareholders"), who may be considered to act "jointly or in concert" for purposes of Canadian securities legislation, now own an aggregate of 5,100,000 Common Shares of the Diamonds North Resources Ltd., representing approximately 6.78% of the issued and outstanding Common Shares, based on a total of 75,159,308 Common Shares issued and outstanding. Such Common Shares are owned as follows:

    
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                                        Number of
    Beneficial Owner                  Common Shares               Percentage
                                   Beneficially Owned              Ownership
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    The Dromore Investment
     Company, Limited                       1,000,000                   1.33%
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    117902 Canada Inc.                      1,000,000                   1.33%
    -------------------------------------------------------------------------
    Smith Vincent & Co. Ltd.                3,000,000                   3.99%
    -------------------------------------------------------------------------
    G. Mark Curry                             100,000                   0.13%
    -------------------------------------------------------------------------
    

Prior to the sale, this group owned over 10% of the outstanding Common Shares. The Common Shares were sold by the Shareholders in the ordinary course of business for investment purposes.

This press release is being issued in accordance with the early warning requirements of applicable Canadian securities laws.

Contacts

Kit Vincent
Suite 808
1200 Bay St
Toronto
Ontario
(416) 964-6411