Lucara Diamond Corp. is pleased to report that its subsidiary, Mothae Diamonds Ltd, will be holding its first diamond sale during the period of March 21 to March 28, 2011 in Antwerp. Mothae is offering approximately 8,500 carats of diamonds produced from bulk sampling and trial mining at the Mothae kimberlite in Lesotho.



Mothae Diamonds Ltd is conducting a trial mining program of up to 720,000 tons on the Mothae kimberlite in Lesotho. Lucara Diamond Corporation is a 75% shareholder in Mothae and the Government of Lesotho is a 25% shareholder. A 4% royalty will be payable to the Government of Lesotho based on the final sales proceeds.



The sale will be conducted by sealed tender in terms of an agency agreement between Mothae and A.G.M. Diamond Expertise and will be held at the offices of Bonas-Couzyn N.V. in Antwerp.



Lucara President and CEO William Lamb commented, "This is an important milestone for the Mothae project as it will provide us with the first true price discovery for Mothae production and will greatly enhance our ability to understand the economic drivers for Mothae."