Mr. Yari Nieken reports

MARGARET LAKE DIAMONDS ANNOUNCES GRANT OF OPTIONS

Margaret Lake Diamonds Inc. has granted stock options to certain directors, officers and consultants to purchase up to an aggregate of one million common shares of the company at a price of 5.5 cents per share, exercisable up to one year from the date of grant.

About Margaret Lake Diamonds Inc.

Margaret Lake is a Canadian-based mineral exploration company. As part of its joint venture with Arctic Star Exploration, Margaret Lake holds an 18.5-per-cent interest in the Diagras diamond project, Northwest Territories, property. The property hosts 13 known kimberlites originally discovered by DeBeers in the 1990s, and Margaret Lake believes there is an opportunity to apply modern exploration techniques to define additional kimberlites.