Archangel Diamond Corporation: Outstanding Financial Statements Filed

  Archangel Diamond Corporation ("Archangel" or the "Corporation") (TSX VENTURE: AAD) announces that it has now filed its annual financial statements, accompanying MD&A and related CEO and CFO certifications for the financial year ended December 31, 2008 and its interim financial statements, accompanying MD&A and related CEO and CFO certifications for first quarter interim financial statements for the period ended March 31, 2009 with applicable regulators in jurisdiction in which the Corporation is a reporting issuer. These documents are available for review with other Archangel disclosure documents through the Internet under Archangel's company profile on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

CAUTIONARY NOTE TO SHAREHOLDERS CONCERNING FORWARD LOOKING STATEMENTS AND FINANCIAL PROJECTIONS - This news release contains "forward-looking statements", within the meaning of applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the outcome of future negotiations, completion of the Transaction, execution of definitive agreements, exercise of future call rights, success of financing activities, identification or upgrade of mineral resources, requirements for additional capital, government regulation, results of future diamond exploration, results of diamond marketing, changes in legal requirements, changes in the political environment, environmental liabilities and title disputes. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual outcomes, results, level of activity, performance or achievements of Archangel Diamond Corporation to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks described in the above news release; those risks set out in Archangel's disclosure documents and its annual, interim management discussion and analysis and annual reports. Although Archangel has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Archangel does not undertake to update any forward-looking statements or financial projections, except in accordance with applicable securities laws.

Neither the 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 news release.

Contacts: Archangel Diamond Corporation - Vancouver, British Columbia Ms. Jocelyn Fraser Media Enquiries 604 731 6164 [e-mail] Archangel Diamond Corporation - Toronto, Ontario Mr. Steven Thomas Chief Financial Officer 416 423 1600 [e-mail]