Lucara 2016 Fourth Quarter Results

NEWS RELEASE

LUCARA 2016 FOURTH QUARTER RESULTS

TO BE RELEASED FEBRUARY 16, 2017

February 6, 2017 (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm) … Lucara Diamond Corp.

(“Lucara” or the “Company”) is pleased to announce that it will be publishing its 2016 Fourth Quarter

results on Thursday, February 16, 2017, after the market close in North America.

The Company will host a conference call to discuss the results on Friday, February 17, 2017, at 6:00 a.m.

Pacific, 9:00 a.m. Eastern, 3:00 p.m. CET.

Please call in 10 minutes before the conference call starts and stay on the line (an operator will be

available to assist you).

Conference ID: 68842709 / Lucara Diamond

Dial-In Numbers:

Toll-Free Participant Dial-In North America: +1-866-521-4884

All International Participant Dial-In: +1-647-427-2306

To view the live webcast presentation, please log on using this direct link:

http://edge.media-server.com/m/p/qm6wj5ab

The presentation slideshow will also be available in PDF format for download from the Lucara website

www.lucaradiamond.com before the conference call.

A replay of the telephone conference will be available two hours after the completion of the call until

February 24, 2017.

Replay number (Toll Free North America): +1-855-859-2056

Replay number (International): +1-404-537-3406

The pass code for the replay is: 68842709

On behalf of the Board,

William Lamb

President and CEO

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For further information, please contact:

Tanuja Skerlec, IR & PR Manager +1 (604) 689-7842, [email protected]

Sweden: Robert Eriksson, Investor Relations +46 701-112615, [email protected]

UK: Louise Mason, Citigate Dewe Rogerson +44 (0)20 7282 2932 [email protected]

About Lucara

Lucara is a leading independent producer of large exceptional quality Type IIa diamonds from its 100%

owned Karowe Mine in Botswana. The Company has an experienced board and management team with

extensive diamond development and operations expertise. The Company operates transparently and in

accordance with good international practices in the areas of health and safety, environment and

community relations.

The information in this release is accurate at the time of distribution but may be superseded or qualified

by subsequent news releases.

The information in this release is subject to the disclosure requirements of Lucara Diamond Corp. under

the EU Market Abuse Regulation and the Securities Markets Act. This information was submitted for

public release by the above person(s) on February 6, 2017 at 7:30 p.m. Pacific Standard Time.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Certain of the statements made and contained herein and elsewhere constitute forward -looking

statements as defined in applicable securities laws. Generally, these forward-looking statements can be

identified by the use of forward-looking terminology such as “expects”, “anticipates”, “believes”, “intends”,

“estimates”, “potential”, “possible” and similar expressions, or statements that events, conditions or results

“will”, “may”, “could” or “should” occur or achieved.

Forward looking statements are based on the opinions and estimates of management as of the date such

statements are made, and they are subject to a number of known and unknown risks, uncertainties and

other factors which may cause the actual results, performance or achievements of the Company to be

materially different from any future results, performance or achievement expressed or implied by such

forward-looking statements. The Company believes that expectations reflected in this forward -looking

information are reasonable but no assurance can be given that these expectations will prove to be correct

and such forward-looking information included herein should not be unduly relied upon. In particular, this

release may contain forward looking information pertaining to the following: t he estimates of the

Company’s mineral reserves and resources; estimates of the Company’s production and sales volumes

for the Karowe Mine; estimated costs for capital expenditures related to the Karowe Mine, start-up,

exploration and development plans and objectives, production costs, exploration and development

expenditures and reclamation costs; expectation of diamond price and changes to foreign currency

exchange rate; expectations regarding the need to raise capital; possible impacts of disputes or litigation

and other risks and uncertainties describe under “Risks and Uncertainties” as disclosed in the Company’s

most recent Annual Information Form.

There can be no assurance that such statements will prove to be accurate, as the Company’s results and

future events could differ materially from those anticipated in this forward-looking information as a result

of those factors discussed in or referred to under the heading “Risk and Uncertainties” in the Company’s

most recent Annual Information Form available at http://www.sedar.com, as well as changes in general

business and economic conditions, changes in interest and foreign currency rates, the supply and

demand for, deliveries of and the level and volatility of prices of rough diamonds, costs and availability of

power and diesel, acts of foreign governments and the outcome of legal proceedings, inaccurate

geological and recoverability assumptions (including with respect to the size, grade and recoverability of

mineral reserves and resources), and unanticipated operational difficulties (including failure of plant,

equipment or processes to operate in accordance with specifications or expectations, cost escalations,

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unavailability of materials and equipment, government action or delays in the receipt of government

approvals, industrial disturbances or other job actions, adverse weather conditions, and unanticipated

events relating to health safety and environmental matters).

Accordingly, readers are cautioned not to place undue reliance on these forward -looking statements

which speak only as of the date the statements were made, and the Company does not assume any

obligations to update or revise them to reflect new events or circumstances, except as required by law.