A total of 632.94 tonnes of kimberlite was excavated from nine large diameter reverse circulation drillholes completed during the first quarter of 2007. Diamond results were allocated to distinct kimberlite units for evaluation of grade and distribution of diamond in the body (Table 1). Recovery of the 370 macrodiamonds included 31 stones larger than 0.1 carats of which eight were larger than 0.3 carats. The two largest diamonds recovered from the program were from the kimberlite #1 unit and weighed 0.91 carats and 0.43 carats. Candle Lake diamonds appear to be very similar in terms of colour, clarity, and gem abundance to those recovered to date in the rest of the Fort a la Corne Kimberlite Field - that is, there is a large proportion of white and near white stones with few inclusions.

Presently work is focusing on integrating geophysical, geotechnical, drilling, and analytical results for the C29/30 kimberlite in order to complete a 3D geological model of the kimberlite body. A 21 hole drill program was completed during the first quarter of 2008 totalling 4,701 metres. The core samples from this program have been sent to the Saskatchewan Research Council for total diamond analysis.

Table 1: Macrodiamond Results by Phase for Kimberlite C29/30
---------------------------------------------------------------------------
                                                   WEIGHT            WEIGHT
                                          NO. OF       OF   NO. OF       OF
KIMB                                      STONES   STONES   STONES   STONES
UNIT                                     greater  greater  greater  greater
AND       KIMB    NO. OF  WEIGHT   AVG.     than     than     than     than
LOBE    MASS(t)   STONES     (ct)  CPHT   0.1 ct   0.1 ct   0.3 ct   0.3 ct
---------------------------------------------------------------------------
Kimb 1
South   213.53       137    6.89    3.2       19     4.60        5     2.63
---------------------------------------------------------------------------
Kimb 2
South   121.67        59    1.55    1.3        3     0.43        0     0.00
---------------------------------------------------------------------------
Kimb 3
South   139.21        78    2.23    1.6        2     0.50        1     0.31
---------------------------------------------------------------------------
Kimb 4
North    45.96        29    1.35    2.9        3     0.71        1     0.38
---------------------------------------------------------------------------
Kimb 6
North   112.57        67    1.97    1.8        4     0.89        1     0.40
---------------------------------------------------------------------------
TOTAL   632.94       370   13.99    2.2       31     7.13        8     3.72
---------------------------------------------------------------------------

About Vaaldiam Resources

With two debt-free alluvial mines in production in Brazil, Vaaldiam is already South America's largest diamond producer. Vaaldiam is also currently advancing its BraA-A?1/2na kimberlite project towards a feasibility study to be completed later this year, following completion of the 5,000 tonne bulk sampling program currently underway with the construction of a new diamond recovery plant. Vaaldiam is also developing the Pimenta Bueno and Ariquemes kimberlite properties in the State of Rondonia, and the Catalao kimberlite property in the State of Goias, Brazil. Vaaldiam's strategy is to use any cash flow generated from its alluvial mines to directly fund the exploration and development of its Brazilian kimberlite properties.

This release has been reviewed by Brent Jellicoe, P.Geo., Vice President, Exploration and Evaluation who is a qualified person under National Instrument 43-101.

For additional information regarding Vaaldiam please visit www.vaaldiam.com.

For questions regarding technical aspects of this release please contact Brent Jellicoe at 416-363-6927 or 306-262-5088.

This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates, accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Contacts:
Vaaldiam Resources Ltd.
Ken Johnson
President & Chief Executive Officer
(416) 363-6927

Vaaldiam Resources Ltd.
Janet Reid
Manager, Investor Relations
(416) 363-6927
Website: www.vaaldiam.com

SOURCE: Vaaldiam Resources Ltd.

http://www.vaaldiam.com

This expansion and strengthening of the management team will include the addition of individuals with significant experience with regard to the exploration, development and operation of diamond properties in Brazil and internationally. As part of this program, the Company has initiated a hiring program for two senior operations officers who will assume the roles of President and Chief Operating Officer of the Company. The Company has identified and is in final discussions with two individuals exceptionally qualified to assume their respective positions with the Company. In order to facilitate this program Ken Johnson, the current President and Chief Executive Officer, will assume the role of Chairman while maintaining his role as Chief Executive Officer. This will allow Mr. Johnson to focus on the strategic objectives of the Company while allowing the new President and the new Chief Operating Officer to assume their respective functions with regard to exploration, mine development and operations.

The Company is in the final stages of expanding and strengthening management and in order to facilitate this process the current non-executive Chairman, Mr. Peter Marrone, has indicated he will step down from that role and the board. We wish to thank Mr. Marrone for his efforts as one of the principals responsible for the establishment of the Company and for his continuing support. Mr. Marrone will remain active as a strategic advisor to the Company and one of the Company's largest individual shareholders.

Announcements regarding the new President and the new Chief Operating Officer are expected to be made by the end of August 2008.

With two expanding alluvial mines in production in Brazil, Vaaldiam is South America's largest diamond producer. Vaaldiam is advancing its Brauna kimberlite project towards a feasibility study to be completed later this year, following completion of the 5,000 tonne bulk sampling program which involves the construction of a new diamond recovery plant expected to be completed in August 2008. Vaaldiam is also developing its Rondonia diamond projects which include the Pimenta Bueno and Ariquemes kimberlite clusters where over 40 kimberlite pipes have been discovered. Vaaldiam's strategy is to use cash flow generated from its alluvial mines to directly fund the exploration and development of its Brazilian kimberlite properties.

This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates, accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Contacts:
Vaaldiam Resources Ltd.
Ken Johnson
Chairman and Chief Executive Officer
(416) 363-6927

Vaaldiam Resources Ltd.
Janet Reid
Manager, Investor Relations
(416) 363-6927
Website: www.vaaldiam.com

SOURCE: Vaaldiam Resources Ltd.

http://www.vaaldiam.com

A total of 632.94 tonnes of kimberlite was excavated from nine large diameter reverse circulation drillholes completed during the first quarter of 2007. Diamond results were allocated to distinct kimberlite units for evaluation of grade and distribution of diamond in the body (Table 1). Recovery of the 370 macrodiamonds included 31 stones larger than 0.1 carats of which eight were larger than 0.3 carats. The two largest diamonds recovered from the program were from the kimberlite #1 unit and weighed 0.91 carats and 0.43 carats. Candle Lake diamonds appear to be very similar in terms of colour, clarity, and gem abundance to those recovered to date in the rest of the Fort a la Corne Kimberlite Field - that is, there is a large proportion of white and near white stones with few inclusions.

Presently work is focusing on integrating geophysical, geotechnical, drilling, and analytical results for the C29/30 kimberlite in order to complete a 3D geological model of the kimberlite body. A 21 hole drill program was completed during the first quarter of 2008 totalling 4,701 metres. The core samples from this program have been sent to the Saskatchewan Research Council for total diamond analysis.

Table 1: Macrodiamond Results by Phase for Kimberlite C29/30

---------------------------------------------------------------------------
                                                   WEIGHT            WEIGHT
                                          NO. OF       OF   NO. OF       OF
KIMB                                      STONES   STONES   STONES   STONES
UNIT                                     greater  greater  greater  greater
AND       KIMB    NO. OF  WEIGHT   AVG.     than     than     than     than
LOBE    MASS(t)   STONES     (ct)  CPHT   0.1 ct   0.1 ct   0.3 ct   0.3 ct
---------------------------------------------------------------------------
Kimb 1
South   213.53       137    6.89    3.2       19     4.60        5     2.63
---------------------------------------------------------------------------
Kimb 2
South   121.67        59    1.55    1.3        3     0.43        0     0.00
---------------------------------------------------------------------------
Kimb 3
South   139.21        78    2.23    1.6        2     0.50        1     0.31
---------------------------------------------------------------------------
Kimb 4
North    45.96        29    1.35    2.9        3     0.71        1     0.38
---------------------------------------------------------------------------
Kimb 6
North   112.57        67    1.97    1.8        4     0.89        1     0.40
---------------------------------------------------------------------------
TOTAL   632.94       370   13.99    2.2       31     7.13        8     3.72
---------------------------------------------------------------------------

About Vaaldiam Resources

With two debt-free alluvial mines in production in Brazil, Vaaldiam is already South America's largest diamond producer. Vaaldiam is also currently advancing its BraA-na kimberlite project towards a feasibility study to be completed later this year, following completion of the 5,000 tonne bulk sampling program currently underway with the construction of a new diamond recovery plant. Vaaldiam is also developing the Pimenta Bueno and Ariquemes kimberlite properties in the State of Rondonia, and the Catalao kimberlite property in the State of Goias, Brazil. Vaaldiam's strategy is to use any cash flow generated from its alluvial mines to directly fund the exploration and development of its Brazilian kimberlite properties.

This release has been reviewed by Brent Jellicoe, P.Geo., Vice President, Exploration and Evaluation who is a qualified person under National Instrument 43-101.

For additional information regarding Vaaldiam please visit www.vaaldiam.com.

For questions regarding technical aspects of this release please contact Brent Jellicoe at 416-363-6927 or 306-262-5088.

This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates, accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

SOURCE: Vaaldiam Resources Ltd.

Vaaldiam Resources Ltd.
Ken Johnson
President & Chief Executive Officer
(416) 363-6927
Vaaldiam Resources Ltd.
Janet Reid
Manager, Investor Relations
(416) 363-6927
Website: www.vaaldiam.com

The Corporation intends to use the net proceeds of the Rights Offering to complete the previously announced acquisition of RST Recursos Minerais Ltda. (see press releases dated July 2, 2008 and July 3, 2008), purchase capital equipment for both the Chapada and Duas Barras mines and to supplement the working capital of the Corporation.

Canaccord Capital Corporation has been appointed as the dealer manager for the Rights Offering.

For additional information regarding Vaaldiam please visit www.vaaldiam.com, or contact, or, at.

This press release contains certain forward-looking statements. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to international operations; risks related to joint venture operations; actual results of current exploration activities; changes in project parameters as plans continue to be refined, future prices of resources; possible variations in reserves, grade or recovery rates, accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Contacts:
Vaaldiam Resources Ltd.
Ken Johnson
Chairman and Chief Executive Officer
(416) 363-6927

Vaaldiam Resources Ltd.
Janet Reid
Manager, Investor Relations
(416) 363-6927
Website: www.vaaldiam.com

SOURCE: Vaaldiam Resources Ltd.

http://www.vaaldiam.com