Adviser - Change of Name

12 July 2010

                        Karelian Diamond Resources plc                         

                                ("the Company")                                

                             NOMAD Change of Name                              

The Company announces that its nominated adviser, Merchant John East Securities
Limited, has changed its name to Merchant Securities Limited with immediate
effect.

Further enquiries:

Karelian Diamond Resources plc                           Tel: [phone]
                                                                               
Professor Richard Conroy                                                       
                                                                               
Merchant Securities Limited (Nomad)                          Tel: [phone]
                                                                               
Simon Clements/Virginia Bull                                                   
                                                                               
IBI Corporate Finance Limited (ESM                       Tel: [phone]
Adviser)                                                                       
                                                                               
John Tuite                                                                     
                                                                               
City Capital Corporation Limited (Broker)                    Tel: [phone]
                                                                               
Charles Dampney                                                                
                                                                               
Lothbury Financial Services Limited                          Tel: [phone]
                                                                               
Michael Padley/Michael Spriggs                                                 
                                                                               
Hall Communications                                      Tel: [phone]
                                                                               
Don Hall