TORONTO and JOHANNESBURG, South Africa, Nov. 6 /CNW/ -- BRC DiamondCore Ltd. ("BRC" or the "Company") (TSX - BCD; JSE - BCD) is pleased to announce that the Company has signed a Letter of Intent with Rio Tinto Mining and Exploration Limited ("Rio Tinto"), whereby Rio Tinto will fund the exploration of certain parts (the "JV Property") of the Company's Tshikapa kimberlite project located in Kasai-Occidental province in the Democratic Republic of the Congo. The JV Property does not include the ground covered by the ACACIA sprl exploration permits.

The Letter of Intent proposes that Rio Tinto will have the right, under a staged earn-in arrangement, to earn a 75% interest in a joint venture company (the "JVCo") which would hold the ownership interests in the JV Property, with the Company retaining a 25% interest in the JVCo.

The above proposed earn-in arrangement is subject to various conditions, including completion of due diligence and negotiation and execution of a definitive agreement between the parties.

A drilling program on the JV Property is expected to commence this month.

The Company's Tshikapa project is situated in the highly prospective "Kimberlite Emplacement Corridor" extending northeastward from the Kimberlite fields of the Lunda Norte Province in Angola. The area has produced well over 100 million carats of diamonds; the results from stream samples taken in the area indicate the presence of promising kimberlitic indicators. Additional information with respect to the Tshikapa project is contained in a technical report dated March 31, 2009 and entitled "National Instrument 43-101 Technical Report on the Tshikapa Project of BRC DiamondCore Ltd. in the Democratic Republic of Congo". A copy of this report can be obtained from SEDAR at www.sedar.com.

Qualified Person
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Dr. Mike de Wit, President of the Company, is the "qualified person" (as such term is defined in National Instrument 43-101) who is responsible for the technical information in this press release relating to the Tshikapa project.

Rio Tinto is a leading international mining group headquartered in the United Kingdom, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange. Rio Tinto's business is finding, mining and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.

BRC DiamondCore Ltd. is an African-focused diamond explorer with projects in the Democratic Republic of the Congo (the "DRC").