Dia Met: Third Quarter Results.

KELOWNA, British Columbia--(BUSINESS WIRE)--Dec. 29, 1998--(TSE:DMM.A.) (AMEX:DMM.A) (TSE:DMM.B.) (AMEX:DMM.B) Dia Met Minerals Ltd. released its quarterly results for the nine months ended October 31, 1998. Summarized financial highlights (reported in Canadian dollars) for this period, compared with the nine months ended October 31, 1997 are as follows: -0-

                        Nine months           Nine months
                      Ended October 31,    Ended October 31,
                          1998                   1997
                       (unaudited)           (unaudited)
                      _________________    _________________

Revenue                 $1,396,474            $3,933,268

Total expenses before
 The write off of
 exploration and
 development costs of
 abandoned properties
 and programs           $2,639,752            $5,016,391

Exploration and
 development costs of
 abandoned properties
 and programs
 written off               $50,272              $767,425

Gain on disposal of
 capital assets and net
 assets of aircraft
 operations                $39,496              $787,854

Income taxes              $351,363              $342,980

Loss for the period     $1,605,417            $1,405,674



                           As at                 As at
                         October 31,          October 31,
                            1998                  1997
                         (unaudited)           (unaudited)
                      _________________    _________________

Cash position           $37,090,955          $42,478,183

Working capital         $38,379,767          $43,831,402

Shareholders' equity    $60,220,102          $60,984,554

Dia Met is a publicly traded mineral exploration and development company with a primary focus on diamonds. The company holds a 29 per cent interest in the Ekati Diamond Mine, Canada's first commercial diamond mine, together with BHP Diamonds (51 per cent), Charles Fipke (10 per cent) and Stewart Blusson (10 per cent). The Ekati Diamond Mine is located 300 kilometres northeast of Yellowknife in Canada's Northwest Territories.

SIGNED ON BEHALF OF THE BOARD OF DIRECTORS

James E. Eccott, President

The American Stock Exchange and Toronto Stock Exchange have neither approved nor disapproved the information contained in this release.