Karelian Diamond Res. PLC

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

Further Information:

Professor Richard Conroy, Chairman, Karelian Diamond       Tel: +353-1-661-8958
Resources plc                                                                  
Simon Clements/Virginia Bull, Merchant Securities         Tel: +44-20-7628-2200
John Tuite, IBI Corporate Finance Limited (ESM             Tel: +353-1-637-7800
David Newton/John Grant, XCAP Securities plc (Broker)     Tel: +44 207 101 7070
Michael Padley/Michael Spriggs, Lothbury Financial        Tel: +44-20-7868-2010
Services Limited                                                               
Don Hall, Hall Communications                              Tel: +353-1-660-9377