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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2009) - Lucara Diamond Corp. (TSX VENTURE:LUC) and partner Motapa Diamonds Inc. (TSX VENTURE:MTP) are pleased to update diamond recovery results for Phase 2 of the Mothae bulk sample project in Lesotho. Processing of 21,977 dry tonnes of sample G1C was completed on February 20, 2009 and final diamond recovery is in progress. Grease belt recovery yielded 2,297 diamonds for a total of 1,108.70 carats and a preliminary sample grade of 5.04 carats per hundred tonnes (cpht). Grease belt tailings are currently being audited by means of a separate x-ray recovery circuit and final sample grade for G1C will include the results of this audit.

Sample G1C has yielded 59 stones greater than 2 carats, 21 stones greater than 5 carats and 1 stone greater than 20 carats. The average size of stones recovered to date from the sample is 0.48 carats per stone and the largest three diamond recovered are 22.63, 18.68 and 14.21 carats.

This completes sampling of the G kimberlite domain of the Mothae pipe. Phase 1 and Phase 2 bulk sample results for the G kimberlite domain are summarized in the following table. Note that final diamond grade results for sample G1C are subject to results of ongoing audit of grease belt tailings.

                             # of       Total    Carats   Dry Grade
Sample       Dry Tonnes    Stones      Carats    /Stone       (cpht)
Phase 1
(G1X, G1Z
 and G1XB)        6,199     1,007      408.07      0.41        6.58
Phase 2
(G1C)            21,977     2,297    1,108.70      0.48        5.04
Totals           28,176     3,304    1,516.77      0.46        5.38

With completion of sample G1C, approximately 82,000 of the planned 100,000 wet tonne bulk sample have been processed. This material has yielded 167 stones greater than 2 carats, 50 stones greater than 5 carats, 9 stones greater than 10 carats and 4 stones greater than 20 carats. Included in the plus 20 carat stones recovered was a broken Type IIa diamond from sample C2C. The largest fragments of this stone have been reassembled and demonstrate that the original stone exceeded 45 carats.

Processing of approximately 18,000 wet tonnes from kimberlite domain F has commenced and is expected to be completed by the end of March. Concurrent with this work, grease belt tailings from Phase 2 samples E1, C3 and C2C will be audited by x-ray recovery, and, if deemed appropriate, additional grease belt recovery efforts.

Preliminary Drilling Program:

A fifteen hole, 2,452 meter core drilling program was completed in early February. The drill program was designed to support an initial estimate of global tonnes of kimberlite present to a depth of 200 meters and to provide geologic information needed to design a more detailed subsequent drilling program. Modelling of the pipe is currently in progress and results will be reported in due course.

Conceptual Study

Good progress continues to be made on the conceptual mining study. To date a preliminary mine plan has been compiled based on assumed tonnages. These figures will be updated when the results of the drilling program have been reported. Preliminary designs for the process plant and site facilities have been reviewed and are being sited on the overall project layout. The cost breakdown structure is currently being populated with capital and operating costs. The conceptual study is scheduled to be complete at the end of March 2009.

The sampling program is being carried out under the supervision of Dr. Tom Nowicki of Mineral Services Canada, a Qualified Person in terms of NI43-101.

On Behalf of the Board,

Lukas H. Lundin, President

Forward-looking statements: This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capacity to execute and implement its future plans. Actual results may differ materially from those projected by management.