Change of Adviser

30 November 2010

                        Karelian Diamond Resources plc                         

                         ("Karelian" or "the Company")                         

                             Appointment of Broker                             

Karelian Diamond Resources plc (AIM: KDR; IEX: KDRI) is pleased to announce the
appointment of XCAP Securities plc as broker to the Company with immediate
effect.

Further Information:

Professor Richard Conroy, Chairman, Karelian Diamond       Tel: [phone]
Resources plc                                                                  
                                                                               
Simon Clements/Virginia Bull, Merchant Securities         Tel: [phone]
(Nomad)                                                                        
                                                                               
John Tuite, IBI Corporate Finance Limited (ESM             Tel: [phone]
Adviser)                                                                       
                                                                               
David Newton/John Grant, XCAP Securities plc (Broker)     Tel: [phone]
                                                                               
Michael Padley/Michael Spriggs, Lothbury Financial        Tel: [phone]
Services Limited                                                               
                                                                               
Don Hall, Hall Communications                              Tel: [phone]

http://www.kareliandiamondresources.com