Vaaldiam Expands Size of Candle Lake Kimberlite Pipe

Vaaldiam Resources Ltd. ("the Company") (TSX: VAA) reports the completion of the 2008 delineation drilling program on its 100% owned Candle Lake C29/30 kimberlite pipe. The estimated 70 hectare kimberlite is situated in the northern end of the Fort a la Corne Kimberlite Field in central Saskatchewan. A total of 21 coreholes totaling 4,700.65 metres were completed as part of a previous delineation program that started in late 2006 and was designed to evaluate the economic potential of this large kimberlite body.

Commenting on the results of this latest program, Brent Jellicoe, VP Exploration and Evaluation said that "our recent delineation drilling program has successfully expanded the margins of the pipe which should result in an increase in kimberlite tonnage. The core drilling that was completed indicates that the kimberlite beds are thicker than previously thought, and that the kimberlite forms a more continuous tabular body than what was interpreted previously."

A total of 937 kilograms of kimberlite has been submitted for full diamond recovery to a bottom screen size of 0.106 mm using caustic dissolution methods at the Saskatchewan Research Council (SRC) Geoanalytical Lab in Saskatoon. These microdiamond results will supplement the current database of diamond results, which will be further supplemented with macrodiamond recoveries from the 2007 minibulk samples that are expected to be released later this month. Combined, these results will support diamond grade forecasts with a higher degree of confidence. These studies will contribute to an in-house Conceptual Mine Study that will provide information to determine whether to proceed with a 43-101 compliant inferred resource calculation.

The following tables provide a summary of the drilling completed on the C29/30 kimberlite.


Table 1: Summary of 2008 Core Drilling on the South Lobe
 of the C29/30 Kimberlite

------------------------------------------------------------
                             Top of          Total
Corehole   Kimberlite    Kimberlite     Kimberlite    End of
Identifier       Lobe            (m)            (m)  Hole (m)
------------------------------------------------------------
CL-08-005       South        159.31          21.11    201.16
------------------------------------------------------------
CL-08-006       South        164.59           9.45    194.77
------------------------------------------------------------
CL-08-007       South        155.05          36.67    200.86
------------------------------------------------------------
CL-08-008       South        155.05          94.58    249.63
------------------------------------------------------------
CL-08-009       South             -              -    197.51
------------------------------------------------------------
CL-08-010       South        151.88         116.04    277.67
------------------------------------------------------------
CL-08-011       South        149.05          92.74    252.98
------------------------------------------------------------
CL-08-012       South        152.85          44.97    206.96
------------------------------------------------------------
CL-08-013       South        156.11          78.07    243.84
------------------------------------------------------------
CL-08-014       South        156.17          62.26    219.21
------------------------------------------------------------
CL-08-018       South        153.09          31.27    197.81
------------------------------------------------------------
Total:                                      587.16  2,442.40
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Table 2: Summary of 2008 Core Drilling on the North Lobe and
 Central Area of the C29/30 Kimberlite

------------------------------------------------------------
                             Top of          Total
Corehole   Kimberlite    Kimberlite     Kimberlite    End of
Identifier       Lobe            (m)            (m)  Hole (m)
------------------------------------------------------------
CL-08-001     Central        148.74          30.39    188.97
------------------------------------------------------------
CL-08-002     Central        161.70          12.18    180.59
------------------------------------------------------------
CL-08-003     Central        170.40          68.26    242.32
------------------------------------------------------------
CL-08-004     Central             -              -    240.79
------------------------------------------------------------
CL-08-015     Central        177.65          60.02    246.58
------------------------------------------------------------
CL-08-016       North        162.08          99.74    264.87
------------------------------------------------------------
CL-08-017       North        155.54          54.56    219.15
------------------------------------------------------------
CL-08-019       North        152.07          76.96    231.34
------------------------------------------------------------
CL-08-020       North        154.53          55.38    213.36
------------------------------------------------------------
Cl-08-021       North        153.92          71.33    230.28
------------------------------------------------------------
Total:                                      528.82  2,258.25
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