Talmora Diamond Completes $280,000 Private Placement

Talmora Diamond Inc. (CNSX:TAI) is pleased to announce that it has completed a
part brokered and part non-brokered private placement of 5,600,000 Units,
comprised of 1,800,000 Hard Dollar Units and 3,800,000 Flow-Through Units, that
were sold at $0.05 per Unit, for gross proceeds of $280,000 effective July 24,
2012. Each Unit consists of one common share and one common share purchase
warrant. Each common share purchase warrant ("Warrant") entitles the holder to
acquire one common share for $0.05 until July 24, 2013. If after four months and
one day following the closing date the common shares of Talmora trade at or
above Can. $0.10 for a period of 20 consecutive trading days, the Company may
notify the warrant holder to exercise the Warrants at a date no later than 30
calendar days after this notification date or forfeit any unexercised Warrants
at that time. All securities issued pursuant to the financing are subject to a
four month hold period which expires on November 24, 2012. Insiders acquired a
total of 2,740,000 Units in the financing. The Company paid a cash commission of
$2,500 on the brokered portion of the placement.


The Company now has 54,031,679 common shares outstanding. On a fully-diluted
basis after giving effect to the exercise of all outstanding share purchase
warrants and incentive stock options granted under its stock option plan the
Company would have 71,372,679 common shares outstanding.


The Flow-Through proceeds of the financing will be applied to exploration on the
Company's property in the Northwest Territories and the Hard Dollar proceeds
will be applied to working capital. Talmora urgently needs to drill some of its
targets and prove that it has kimberlites. A major financing for a drill program
must still be completed and its timing will depend on the global financial
situation. It has not proved easy to raise funds this year.


The $280,000 raised will enable Talmora to carry out assessment work required by
the end of next summer. A Small packsack drill that does not require a
helicopter but can be moved by ATV will be mobilized and be serviced by fixed
wing aircraft. The drill will sample and test the thickness of overburden near
kimberlite targets. An attempt will be made to reach the targets but the small
drill may not have sufficient power.


Project Summary

Talmora holds 211 mineral claims (68,784 acres) straddling the 68th parallel on
the east side of the Lena West diamond area of the Northwest Territories. Most
of the claims are in the Inuvialuit Settlement Region with the remainder in the
Sahtu Settlement Region.


Over $75 million has been spent in the Lena West area by other companies with
the recovery of numerous kimberlite indicator minerals (KIMs) and an
unprecedented 18 diamonds in field samples. No kimberlites have been found
except for the Darnley Bay and the Dharma kimberlites on a well-defined
favourable structure that includes the Talmora property.


Sampling on the Talmora property shows a strong correlation between KIMs in till
samples and magnetic anomalies with characteristics of kimberlite pipes. The
majority of Lena West KIMs (those west of Talmora) are very similar to those
from the Talmora property but differ from those of the Darnley Bay and Dharma
properties.


There is every reason to believe that the Talmora property may be the source of
the abundant KIMs and diamonds of the Lena West area. Talmora has targets ready
for drilling.


The technical information contained in this release was compiled by Alan W.
Davies, P.Eng., P.G., who is the Vice-President of Exploration for Talmora. Alan
W. Davies is a qualified person as defined by National Instrument 43-101.


CAUTIONARY STATEMENT

This News Release includes certain "forward-looking statements". All statements
other than statements of historical fact, included in this release, including,
without limitation, statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of Talmora, are
forward-looking statements that involve various 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. Important factors that could cause actual results to differ
materially from Talmora's expectations are exploration risks detailed herein and
from time to time in the filings made by Talmora with securities regulators.