Dia Met Minerals: NWT Diamonds Project Exploration Update.

KELOWNA, BRITISH COLUMBIA--(BUSINESS WIRE)--Nov. 4, 1997--DIA MET MIN.(TSE, AMEX DMM.A., TSE, AMEX DMM.B.) Dia Met Minerals Ltd. and BHP Diamonds Inc. are pleased to announce they are proceeding with plans to acquire 200 tonne bulk samples early in 1998 from the Koala North and Bear Tooth kimberlites.

These two pipes, which were discovered in 1996, are located in the Core Zone in the immediate vicinity of the Panda-Koala mine development area of the NWT Diamonds Project. The decision to bulk sample is in light of encouraging results for the two pipes. The microdiamond analyses, comparable to both the Panda and Koala pipes, are detailed in the following table: -0-

Pipe  Drill Hole Interval Interval Sample  No.   No.  Total wt.
Code    Number   From (m)  To (m)    kg  Stones Stones  carats
                                          less   more
                                          than   than
                                          0.5mm  0.5mm
Koala
 North  KDC-14     16.5     178.9   268.4   38    51    0.555
Bear
 Tooth  BDC-1      23.8     252.0   376.0  166   106    0.668

Also, the joint venture partners are pleased to release the following update for microdiamond analyses carried out on kimberlites discovered in the 1997 summer exploration program. Four of the twenty three kimberlites discovered in 1997 have produced significant microdiamond results. The results were obtained from analyses of split NQ drill core samples submitted to an independent laboratory. The data are summarized below:

Pipe  Drill Hole Interval Interval Sample  No.   No.  Total wt.
Code    Number   From (m)  To (m)    kg  Stones Stones  carats
                                          less   more
                                          than   than
                                          0.5mm  0.5mm

97-A     97-3      54.0     125.8    66.9   27    31    0.261
97-B     97-20    120.7     205.7   170.8   63    44    0.225
         97-57     45.5     161.8   236.2  104    58    0.437
97-C     97-2     144.4     167.0    57.2   45    32    0.316
97-D     97-8     131.7     288.2   232.0   78    47    0.260

As of October 31, 1997, the partners had spent approximately $536 million Cdn on the project including exploration. All major buildings are now enclosed and the heating systems operational to facilitate winter construction. The Ekati Diamond Mine is expected to be completed on time to go into production in October, 1998.

Charles E. Fipke, Geologist and Director, Dia Met Minerals Ltd.

CONTACT: Dia Met Minerals Ltd.

Jim Eccott,

or

Gerald Prosalendis, 250/ 861-8660

250/ 861-3649 (FAX)