The shares are subject to a 4 month hold period expiring August 12, 2011.

#910-475 Howe Street, Vancouver, British Columbia Canada V6C 2B3

Tel: (604) 689-2599 Fax: (604) 689-3609

[email protected] www.braziliandiamonds.com

BZD : TSX.V BRAZILIAN DIAMONDS LIMITED

NEWS RELEASE

Vancouver, Canada – April 21, 2011 – Brazilian Diamonds Limited (TSX.V: BZD) (the “Company”). Further to its news release of November 2, 2010 the Company announces that it has received the acceptance of the TSX Venture Exchange to the issuance of 2,415,547 shares of the Company at a deemed price of $0.09 per share to settle debt owing to certain insiders and their assignees totalling $217,399.

The shares are subject to a 4 month hold period expiring August 12, 2011.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:

Stephen Fabian, President & CEO

Tel: + 33 6439 10649

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