Margaret Lake arranges $900,000 private placement

Mr. R. Nick Horsley reports MARGARET LAKE ANNOUNCES NON-BROKERED PRIVATE PLACEMENT Margaret Lake Diamonds Inc. has arranged a non-brokered private placement of up to nine million units at a price of 10 cents per unit for gross proceeds of up to $900,000. Each unit will consist of one common share and one transferable common share purchase warrant. Each warrant entitles the holder to purchase one additional share of the company at a price of 15 cents per share for a period of 36 months from the date of issuance. The warrants have an acceleration provision, which provides that, in the event that, after four months and one day after the warrants are issued, the weighted average daily trading price of the shares on the Canadian Securities Exchange, or such other market as the shares may trade from time to time, is or exceeds 18 cents for any five consecutive trading days, the company may provide notice, whether by written notice or the issuance of a news release, to the warrantholders that the expiry date of the warrants has been accelerated and that warrants not exercised within 30 days of the date of the acceleration notice will expire 30 days from the date of the acceleration notice. Directors and officers of the company may acquire securities under the private placement, which will be considered a related party transaction as defined under Multilateral Instrument 61-101. Such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The net proceeds from the placement will be allocated toward exploration activities and for general corporate purposes. In accordance with the regulations of the TSX-V, finders' fees may be applicable. All securities issued pursuant to the private placement will be subject to a hold period of four months and one day as required under applicable securities legislation. We seek Safe Harbor.