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Diamond Discoveries Secures $10 Million Equity Line of Credit

New York, NY (PRWEB) May 14, 2007 -- Diamond Discoveries International Corp.(OTCBB:DMDD), a diamond exploration company, today announced that it has entered into an Investment Agreement and Registration Rights Agreement with Dutchess Private Equities Fund Ltd. Under the terms of the agreement, Dutchess will provide an equity line of credit of $10,000,000USD which can be drawn down in tranches over a 36 month period.

"The financing works very well with a company like Diamond Discoveries," said Diamond Discoveries Director Tony Sciacca. Mr. Sciacca also stated, "we require capital in order to aggressively pursue our diamond exploration activities. The Dutchess financing provides the flexibility of drawing funds in conjunction with the approved work programs recommended by Harrison Cookenboo, Ph.D., P.Geo., Senior Associate Geologist of Watts, Griffis and McOuat,a firm of consulting geologists and engineers of Toronto, Ontario. The funds also guarantee that we can earn up to a 50% interest via the option agreement entered into with Tres-Or Resources Ltd. for their Notre Dame du Nord -Quebec properties which includes the +7.0 hectare diamond-bearing Guigues pipe that was originally discovered by DeBeers. The funds also allow us to pursue additional opportunities. This is a major milestone in the progress and future of Diamond Discoveries."

About Dutchess Private Equities Fund, Ltd.

Dutchess Private Equities Fund, Ltd. is engaged in assisting growth companies in all facets of their long term strategy by providing capital and progressive business solutions. Dutchess Private Equities Fund Ltd. manages a portfolio of private investments in public equities. Founded in 1996, Dutchess has since transacted in excess of $1 billion in financing for publicly- traded companies. These companies span a wide array of industries including; telecom & VoIP, wireless communications, healthcare, biotechnology, medical device, Internet, e-Commerce, technology, media, oil & gas, defense, homeland security, nuclear sciences, precious metals, manufacturing, apparel, textiles, consumer products, and alternative energy. With offices in Boston, MA and LaGrangeville, NY, Dutchess has assisted in facilitating the growth of companies throughout North America and Europe.

About Diamond Discoveries International Corp.

Diamond Discoveries International Corp is a U.S. exploration company with executive offices in New York, NY and Toronto, Ontario. Since inception through it’s wholly owned subsidiary Diamond Discoveries (Canada) Inc. it is focused on diamond exploration in the province of Quebec.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve 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. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in current and periodic reports and other documents filed by Diamond Discoveries International Corp. with the U.S. Securities and Exchange Commission. Diamond Discoveries International Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact:
Diamond Discoveries International Corp.
Dominic Spedaliere, Investor Relations
(212) 332-8016
dominic @ diamonddiscoveries.com
45 Rockefeller Plaza, Suite 2000
New York, NY, 10111
www.diamonddiscoveries.com

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