Seitapera Mineral Chemistry

Karelian Diamond Resources plc                         

                         ("Karelian" or the "Company")                         

                                                                  15 April 2008

 DIAMOND POTENTIAL OF SEITAPERÄ KIMBERLITE CONFIRMED BY MINERAL CHEMISTRY AND  
                            MICRO-DIAMOND ANALYSES                             

  * Micro-Diamond Recovered From Kimberlite Feeder Dyke
   
  * Mantle Material Shown To Have Favourable Ratio Of Garnets
   
Karelian Diamond Resources plc (AIM: KDR) is pleased to announce favourable
results of its mineral chemistry and micro-diamond analyses on the Seitaperä
diamondiferous kimberlite in eastern Finland and the recovery of a
micro-diamond from a feeder dyke to the main pipe.

Micro-probe analyses of mantle-derived nodules (inclusions) from the Seitaperä
kimberlite have demonstrated that these are mantle-sourced garnet peridotites
bearing abundant G9 garnets. The significance of the nodules is that diamonds
are formed within mantle material.

These analyses, performed under contract by the Geological Survey of Finland
("GTK"), have been integrated into an extensive data-base of mineral chemistry
analyses from the Seitaperä kimberlite. The garnet content of the kimberlite is
now shown to comprise ~ 14per cent. harzburgitic (G10); ~73 per cent.
lherzolitic (G9); ~13 per cent. megacrystic and ~ 0.5 per cent. eclogitic (n=
240). This ratio is in the general range of many economically diamondiferous
kimberlites world-wide.

In addition to the positive mineral chemistry, a micro-diamond has been
recovered from one of two kimberlite dykes presumed to feed into the Seitaperä
kimberlite. The sample material was selected on the basis of surface exposure
and, as such, the positive micro-diamond result not only further confirms the
diamondiferous nature of the Seitaperä pipe but also the survivability of
diamonds in the kimberlite magma of the pipe.

Based on these results, the Company has decided to undertake comprehensive
testing of the known mantle-nodule bearing zone previously identified within
the Seitaperä kimberlite.

Commenting today, Professor Richard Conroy, Chairman of Karelian Diamond
Resources, said: "We are particularly pleased by the recovery of a
micro-diamond from the feeder dyke, which bodes well for the main pipe itself,
and that the mineral chemistry results from the mantle material are within the
general range of many economically diamondiferous kimberlites world-wide".

This release has been approved by Kevin McNulty, who is a member of the
Company's technical staff, who holds a BSc/MSc in Geology and Remote Sensing,
in accordance with the guidance note for Mining, Oil & Gas Companies issued by
the London Stock Exchange in respect of AIM Companies, which outlines standards
of disclosure for mineral projects.

Further Info: Professor Richard Conroy, Chairman Karelian Diamond Resources
plc. Tel: + 353-1-661-8958

Charles Dampney, City Capital Corporation Limited. Tel: + 44-20-7842-5867

Jeffrey Coburn/Simon Fox, John East & Partners Limited Tel: + 44-20-7628-2200

Don Hall, Hall Public Relations and Corporate Affairs Tel: + 353-1-660-9377

Ron Marshman/John Greenhalgh, City of London PR Limited. Tel: + 44-20-7628-5518