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2016-02-04

CORRECTION: LUCARA DIAMOND NAMING CONTEST

ON: LUCARA DIAMOND NAMING CONTEST

Correction of date for press conferences.

February 3, 2016 (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm) Lucara Diamond
Corp. (“Lucara” or the “Company”) is pleased to announce that a contest is
underway for the official naming of the extraordinary 1,100+ carat Type IIa
diamond recovered in November of last year from the Company’s Karowe mine in
Botswana. This beautiful, gem quality diamond is the largest diamond ever
recovered in Botswana and the second largest ever in the world.

The contest, open only to citizens of Botswana, has attracted over 11,000
entries to date. The winning name will be announced in simultaneous press
conferences held in Gaborone and the Indaba Conference in Cape Town at 3:30
p.m. GMT+2 (Central African Time) on February 9, 2016. The winner will receive
a cash prize of P25,000.

Cape Town - Indaba Conference

Gaborone - Avani Hotel

On behalf of the Board,

William Lamb

President and CEO

Lucara Diamond on Facebook

Lucara Diamond on Twitter

Lucara Diamond on LinkedIn

Lucara Diamond on Google+

For further information, please contact:

North America: Sophia Shane, Corporate Development +1 (604) 689-7842,
sophias@namdo.com

Sweden: Robert Eriksson, Investor Relations, +46 701-112615, reriksson@rive6.ch

UK: Louise Mason, Portland Communications +44 20 7554 1854,
louise.mason@portland-communications.com

About Lucara

Lucara is a well positioned diamond producer. The Company has an experienced
board and management team with extensive diamond development and operations
expertise. The Company’s main producing asset is the 100% owned Karowe Mine in
Botswana. The Company also conducts exploration activities and holds two
precious stone prospecting licenses close to its Karowe mine.

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be superseded or qualified by subsequent news releases.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 Swedish Securities Market Act and/or the Swedish
Financial Instruments Trading Act. This information was publicly communicated
on February 3, 2016 at 2:00 p.m. Vancouver 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: the estimates of the Company’s mineral
reserve and resources; estimates of the Company’s production and sales volumes
for the Karowe Mine; estimated costs to construct 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 disclosed in the
Company’s 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 Factors’ 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 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), unanticipated operational
difficulties (including failure of plant, equipment or processes to operate in
accordance with specifications or expectations, cost escalations,
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.

Författare SSE

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