Dia Met Minerals: Amended First Quarter Results.

KELOWNA, British Columbia--(BUSINESS WIRE)--June 30, 1999--

On June 29, 1999 Dia Met Minerals Ltd. (TSE:DMM.A.)(AMEX:DMM.A) (TSE:DMM.B.)(AMEX:DMM.B) released unaudited quarterly results for the three months ended April 30, 1999. Subsequently it was discovered that the interest on obligations for the Ekati Diamond Mine had been overstated and that the earnings for the period had therefore been understated.

The interest on obligations for Ekati was $5.6 rather than the $6.8 million previously reported in the June 29, 1999 release. Earnings for the period were therefore $4.7 million rather than $4.0 million and earnings per share were $0.15 rather than $0.13.

Amended summarized financial highlights (reported in Canadian dollars) for this period, compared with the three months ended April 30, 1998 are as follows:

Consolidated Statements of Operations and Deficit

                       Three months ended  Three months ended
                         April 30, 1999      April 30, 1998
                          (unaudited)         (unaudited)

Revenue
 Equity in earnings from
  Ekati Diamond Mine     $ 15,530,145        $         -
 Interest and other
  income                      418,115             400,879
                         --------------------------------
                           15,948,260             400,879
                         --------------------------------

Expenses
 Amortization of capitalized
  interest and direct
  expenditures on
  the Ekati Diamond Mine      418,184                  -
 Interest on obligations for
  the Ekati Diamond Mine    5,568,107                  -
 Cost of mineral properties
  abandoned                        -                2,771
 General and administrative
  and other                   967,998             694,707
 Income taxes               4,317,273             131,513
 Earnings (loss)
  for the period            4,676,698            (428,112)
 Earnings (loss)
  per share, basic       $       0.15        $      (0.01)


Consolidated Balance Sheets
                             As at               As at
                         April 30, 1999      April 30, 1998
                          (unaudited)         (unaudited)

Cash position            $ 29,980,094        $ 42,734,975
Working capital            29,562,038          44,023,847
Total assets              342,539,892         280,234,860
Total liabilities         287,113,530         217,894,354
Shareholders' equity       55,426,362          62,340,506

The operations to the end of April 1999 are not indicative of the projected annual operations for the mine. The fiscal year ended January 31, 2000, will be the first complete year of operations at Ekati and will be more representative of future operations. During the ramp up of production, costs per tonne will be higher due to fixed costs. Also, there are seasonal fluctuations in costs. In the first quarter there were costs associated with operating the winter road and other annual payments which fell due.

Dia Met Minerals Ltd. is a publicly traded mineral exploration and development company with a primary focus on diamonds. The company owns a 29 per cent interest in the Core Zone joint venture of the Ekati Diamond Mine, Canada's first diamond mine. BHP Diamonds Inc. is the operator of the mine which commenced production in October 1998.

In addition to the investment in the Ekati Diamond Mine, Dia Met is carrying out extensive global exploration in Greenland, Finland and Mauritania.

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