Lucara Diamond Corp.: Provides Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 14, 2015) - Lucara Diamond Corp. (TSX:LUC)(BOTSWANA:LUC)(NASDAQ OMX Stockholm:LUC) ("Lucara" or the "Company") is pleased to provide an update on its new exploration assets located on trend with the Company's Karowe Mine in Botswana. The Company was awarded two high-potential exploration licences in 2014. These licences host at least three known diamondiferous kimberlites, BK02, AK11 and AK12.

Approval has been received from the Botswana Department of Environmental Affairs ("DEA") for the extraction of samples from the BK02 kimberlite. A bulk sample plant has been constructed and commissioned. It is expected that exploration sample processing will commence during November 2015 with initial results being achieved before the end of the year. Contracts for the extraction and transport of the 5,000 tonne sample are in place and it is expected that the earth moving equipment will be mobilized to the BK02 kimberlite within the next two weeks. Initial work will involve overburden removal and trenching to determine the optimal sample areas prior to sample extraction.

Applications are in progress for the material extraction from the AK11 and AK12 kimberlites along with the required permits to allow drilling on the respective sites.

William Lamb, President and CEO, commented, "The receipt of the permits is a positive step forward in our resource extension campaign. We are excited about the prospects of these licenses based on the historical work which had previously been conducted on the property."

On behalf of the Board,

William Lamb, President and CEO

About Lucara

Lucara is a well positioned diamond producer. The Company has an experienced board and management team with extensive diamond development and operations expertise. The Company's two assets are the Karowe Mine in Botswana and the Mothae Project in Lesotho. The 100% owned Karowe Mine is in production. The 75% owned Mothae Project has completed its trial mining program.

Information in this release is accurate at the time of distribution but may be superseded or qualified by subsequent news releases.

The information in this release is subject to the disclosure requirements of Lucara Diamond Corp. under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on October 14, 2015 at 3:30 Vancouver Time.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain of the statements made and contained herein and elsewhere constitute forward-looking statements as defined in applicable securities laws. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or achieved.

Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The Company believes that expectations reflected in this forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information included herein should not be unduly relied upon. In particular, this release may contain forward looking information pertaining to the following: the estimates of the Company's mineral reserve and resources; estimates of the Company's production and sales volumes for the Karowe Mine; estimated costs to construct the Karowe Mine, start-up, exploration and development plans and objectives, production costs, exploration and development expenditures and reclamation costs; expectation of diamond price and changes to foreign currency exchange rate; expectations regarding the need to raise capital; possible impacts of disputes or litigation and other risks and uncertainties describe under Risks and Uncertainties disclosed in the Company's Annual Information Form.

There can be no assurance that such statements will prove to be accurate, as the Company's results and future events could differ materially from those anticipated in this forward-looking information as a result of those factors discussed in or referred to under the heading "Risk Factors' in the Company's most recent Annual Information Form available at http://www.sedar.com, as well as changes in general business and economic conditions, changes in interest and foreign currency rates, the supply and demand for, deliveries of and the level and volatility of prices of rough diamonds, costs of power and diesel, acts of foreign governments and the outcome of legal proceedings, inaccurate geological and recoverability assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job actions, adverse weather conditions, and unanticipated events relating to health safety and environmental matters)

Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date the statements were made, and the Company does not assume any obligations to update or revise them to reflect new events or circumstances, except as required by law.

Contact

Lucara Diamond Corp.
Sophia Shane
Corporate Development
+1 (604) 689-7842
sophias@namdo.com
Lucara Diamond Corp.
Robert Eriksson
Investor Relations, Sweden
+46 701-112615
reriksson@rive6.ch
Lucara Diamond Corp.
Louise Mason
UK Public Relations and Investor Relations
+44 (0)20 7554 1660
louise.mason@portland-communications.com