Dia Met Minerals Announces Proposed Changes To Board Of Directors.

Business Editors

KELOWNA, BRITISH COLUMBIA--(BUSINESS WIRE)--July 26, 2000

Dia Met Minerals Ltd.(TSE:DMM.A.) (AMEX:DMM.A) (TSE:DMM.B.) (AMEX:DMM.B) today announced important proposed changes to the Company's Board of Directors. The changes, which were disclosed today with the release of Dia Met's annual report for the fiscal year ended January 31, 2000, are subject to a shareholder vote at the Company's upcoming Annual General Meeting, scheduled for August 30, 2000.

Specifically, Dia Met's Board has nominated Mr. Tim Price, Chairman of Toronto-based Trilon Financial Corp., and Mr. Eric Schwitzer, Senior Vice President, Strategic Development at Vancouver-based Westcoast Energy Inc., to stand for election as Company directors.

"The decision by these two independent and experienced business executives to submit their names for election to Dia Met's Board reflects our growing stature as Canada's leading diamond producer, and our determination to broaden and strengthen our talent pool at both the Board and management levels," said Mr. Peter Atkinson, Dia Met's interim Chairman. "Combined with the recent addition of Jim Rothwell to our Board, these proposed changes will greatly enhance the depth of our team."

Former BHP Diamonds Inc. President James Rothwell, whose appointment as Dia Met's new President and Chief Executive Officer takes effect August 15, was named to Dia Met's Board in June.

"Mr. Rothwell ranks among the world's most respected diamond mining executives. Mr. Price has gained a wealth of experience in shaping the strategic direction of one of Canada's most prominent financial, advisory and management services companies. Mr. Schwitzer's key role with Westcoast Energy, one of Canada's largest natural gas pipeline and utility companies, and his lengthy experience as an investment banker will add yet another dimension to our Board," added Mr. Atkinson.

The nomination of Mr. Price and Mr. Schwitzer follow recent decisions by Mr. Chuck Fipke, Dia Met's founder and former Chairman, and Mr. James Eccott, the Company's current President and Chief Executive Officer, not to stand for re-election. Mr. Eccott, 67, is retiring after serving as Dia Met's President and Chief Executive Officer since 1992.

Dia Met's annual report for the fiscal year ended January 31, 2000 encompasses the first full year of operations for the Ekati(TM) Diamond Mine in the Northwest Territories. As disclosed previously, Dia Met generated net earnings of $47.5 million or $1.56 per basic share for the 2000 fiscal year, ranking it among Canada's 200 most profitable public companies.

Ekati(TM) production continues to have a number of very favourable characteristics including a wide range of sizes and qualities of gem diamonds, making it less vulnerable to market fluctuations which can affect certain categories. In the past fiscal year, rough diamonds from the Panda Pit achieved an average of US$168.05 a carat, among the highest for any kimberlite mine in the world.

Large diamonds continue to be recovered including a 101.75-carat light grey-brown and a 52.73-carat colourless rough diamond, both mined in July this year.

Dia Met Minerals 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(TM) Diamond Mine, Canada's first and only operating diamond mine. BHP Diamonds Inc. is the operator of the mine, which commenced production in October 1998.

In addition to its investment in the Ekati(TM) mine, Dia Met is carrying out an extensive global exploration program that is currently focused on Mauritania, Greenland, Finland and the Canadian North.

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