Diamond Frank Exploration Closes a $368,000 Private Placement at a Price of $0.36 per Share

LAVAL, CANADA -- (Marketwire) -- 12/23/10 -- Diamond Frank Exploration Inc. ('Diamond Frank') (TSX VENTURE: DOD) announces the closing of a private placement on December 20th for a total gross proceeds of $368,000 (the 'Placement'). In connection with the Placement, Diamond Frank issued a total of 368 units (the 'Units').

Each unit at a price of $1,000 per Unit is comprised of 2,222 flow-through common shares at a price of $0.36 per share, 800 common shares at a price of $0.25 per share and 800 warrants entitling to subscribe for one (1) common share of Diamond Frank at the price of $0.30 for a period of 18 months from closing.

Under the Placement, Diamond Frank paid a cash commission of $22,220. The securities issued under this Placement will be subject to a four-month and one day hold period expiring on April 21st, 2011. This placement is subject to the approval of the TSX Venture Exchange

The proceeds of the Placement will be used to finance the Company's exploration work on its Quebec properties and for general working capital.

Highlights

Fall 2010:   The exploration work on the Gold Peak Property, which
             included till sampling and a heliborne magnetic and
             electromagnetic type survey, is now completed. The company is
             awaiting the report to determine the next exploration
             campaign to be conducted on the property.

Winter 2011: A drilling campaign on the Destorbelle property is in the
             planning phase and should begin in January 2011.

Stock Option Plan

Diamond Frank Exploration Inc. announces it has increased by 3,315,440 the number of common shares reserved for issuance pursuant to its stock option plan (the 'Plan'). The number of common shares reserved for issuance under the Plan is now set at 4,513,640. The increase is subject to the final approval of the TSX Venture Exchange (the 'Exchange').

The common shares of Diamond Frank Exploration Inc are listed on the Venture Stock Exchange under the symbol 'DOD'.

This news release contains statements that 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 Diamond Frank. 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 Diamond Frank will derive therefrom. Forward-looking information is based on the estimates and opinions of Diamond Frank's management at the time the information is released and Diamond Frank 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 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:

Diamond Frank Exploration Inc.

David Mc Donald

President and CEO

450-622-4066 / Toll Free: 1-877-622-4004

450-622-4337 (FAX)
info@diamondfrank.com