Dianor Closes Initial $2 Million Draw Under Credit Agreement With Syndicate of Lenders Portion of proceeds can be used for bulk sampling project at Dianor's Leadbetter diamond property

VAL-D'OR, QUEBEC -- (Marketwire) -- 10/07/10 -- Dianor Resources Inc. (TSX VENTURE: DOR) is very pleased to announce that it has made an initial draw of $2 million under its Credit Agreement dated August 28, 2010 with Third Eye Capital Corporation, as administrative agent, and a syndicate of lenders, pursuant to which the lenders have committed to provide up to $10 million in a term-credit facility to Dianor, subject to various terms and conditions.

'We are very pleased to have met the conditions allowing us to make the first draw' said John Ryder, Dianor's President and CEO. 'While the first draw was originally to be limited to $1 million, the lenders agreed that Dianor met the criteria to authorize an immediate draw of twice that amount. The funds that the credit facility will provide are intended to make Dianor's financial position much more secure and should enable us to advance our bulk sampling project at the Leadbetter diamond property. This is a strong vote of confidence in Dianor.'

As previously announced, the credit facility is a senior, secured, term-credit facility in the amount of up to $10 million, made available to Dianor in minimum advances of $1 million each, from time to time, until August 31, 2011. The Credit Agreement provides that the proceeds from the credit facility can be used by Dianor for, among other things: (i) the purchase of equipment for Dianor's Leadbetter diamond project; (ii) the completion of a bulk sampling project at Dianor's Leadbetter diamond property; (iii) the repayment in full of a secured loan made to Dianor by one of its directors; and (iv) expenses associated with the credit facility.

In consideration of the credit facility, and concurrent with the first draw, Dianor issued 3.8 million common shares and 34 million common share purchase warrants to the lenders. Each of the 34 million warrants will entitle its holder to purchase one additional common share of Dianor at a price of $0.10 for three years. In accordance with the policies of the TSX Venture Exchange, the warrants must be reduced on a pro rata basis if advances under the credit facility are repaid by Dianor in the first year of the credit facility.

In order to obtain the initial advance, Dianor was required to satisfy a number of conditions, including the execution and delivery of loan documentation in form and substance satisfactory to the lenders, the issuance of a receipt by the Canadian securities regulatory authorities for Dianor's final base shelf prospectus dated September 13, 2010 in respect of Dianor's equity line of credit with Kodiak Capital Group, LLC (press release September 20th 2010), evidence that Dianor has requested an initial draw down of at least $500,000 under the equity line of credit (press release September 27th 2010) and payment in full of all fees and other amounts payable on or before the initial advance, all of which were satisfied.

About Dianor

Dianor is an innovative exploration company focused on advancing diamond exploration properties in the Superior Craton of Canada. The Leadbetter Diamond Project is its most advanced project and is geographically well situated and easily accessible, some 12 kilometres north east of Wawa in Northern Ontario. Substantial exploration work has been conducted on the project since 2005 and in May 2009, the Company received government approval to proceed with a 50,000 tonne bulk sampling programme of the 2.697 Ma old Archean Conglomerate. A preliminary tonnage estimate for this conglomerate is in the range of 549 million to 583 million tonnes (press release July 24th 2007). In addition to diamonds, the conglomerate contains gold, sapphires and rubies (press release January 18th 2007). In 2008, additional diamond discoveries, including rare purple diamonds, were made by the Company in rocks of similar type, age (Archean) and geological settings (press release March 3rd, April 10th, & May 13th 2008) in Quebec. The Quebec diamond properties have increased our portfolio of low cost, accessible exploration targets. These diamond discoveries (Ontario and Quebec) are both unique and amongst the oldest diamond-bearing occurrences in the world.

Forward-Looking Statements

This news release contains statements that may constitute 'forward-looking information' or 'forward-looking statements' within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Dianor Resources Inc. ('Dianor'). Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Dianor will derive therefrom. Forward-looking information is based on the estimates and opinions of Dianor's management at the time the information is released and Dianor does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:

Dianor Resources Inc.

Mr. John Ryder, P. Geo.

President

819-825-7090

819-825-7545 (FAX)
info@dianor.com


Dianor Resources Inc.

Mr. Daniel Duval

Chairman of the Board

819-825-7090

819-825-7545 (FAX)
info@dianor.com


Resultz Media Group Corp.

Mr. Tyler M. Troup, B.Comm

Senior Associate, RMG IR

877-301-9748

519-979-7820 (FAX)
Tyler@thinkRMG.com
www.dianor.com