Five STAR Diamonds Ltd. Provides Update ON Financial Statement Filings

FIVE STAR DIAMONDS LTD. PROVIDES UPDATE ON FINANCIAL STATEMENT FILINGS

TORONTO, June 2 , 2020 – Five Star Diamonds L imited (TSX‐V:STAR) (“Five Star” or the “Company”)

announces that, as previously disclosed on April 24, 2020, the Company relied on the blanket relief

granted by the Canadian Securities Administrators in respect of its obligation to file (i) its annual financial

statements required by subsection 4.2(a) of National Instrument 51 ‐102 – Continuous Disclosure

Obligations ("NI 51‐102") and its annual management's discussion and analysis required by subsection

5.1(1) of NI 51‐102 (“Annual Financial Reports”) on or before April 30, 2020 ; and (ii) its interim financial

statements for the three months ended March 31, 2020 required by subsection 4.4(b) of NI 51‐102 and

its interim management's discussion and analysis required by subsection 5.1( 1) of NI 51 ‐102 (“Interim

Financial Reports”) on or before June 1, 2020. Management of the Company expects that the Company's

Annual Financial Reports will be filed on or before June 15, 2020 and its Interim Financial Reports will be

filed on or before July 15, 2020.

The Company confirms that there have not been any material business developments since April 24, 2020,

the date the Company announced it was relying on the blanket exemptions, other than as disclosed in the

Company’s news releases.

Five Star Diamonds Limited

Matthew Wood

Chairman of the Board

+1.647.981.1703

NEITHER 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.