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2016-12-05

LUCARA ADDRESSES RECENT BOTSWANA MEDIA REPORTS

SES RECENT BOTSWANA MEDIA REPORTS

December 2, 2016 (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm) Lucara Diamond
Corp. (“Lucara” or the “Company”) announces it has terminated its contract with
Eqstra Botswana to provide mining related services at its Karowe Mine.
Contrary to recent media reports in Botswana, the Company is unaware of any
fraud or illegal activities, of its current or former employees, in relation to
the mining contract.

While the performance of Eqstra under the contract remains a subject of
discussion between the parties, an orderly transition to a new mining
contractor is underway. Operations on site continue with the plant being fed
with stockpiled material from the south lobe. The change in mining contractor
is not expected to have any material impact on production.

On behalf of the Board,

William Lamb

President and CEO

Lucara Diamond on Facebook:
https://www.facebook.com/LucaraDiamondCorporation/

Lucara Diamond on Twitter: https://twitter.com/LucaraDiamond

Lucara Diamond on LinkedIn:
https://www.linkedin.com/company/lucara-diamond-corp-

Lucara Diamond on Google+:
https://plus.google.com/b/108967628758144031612/+LucaradiamondCorporation

Lucara Diamond on Instagram: https://www.instagram.com/lucaradiamond/

For further information, please contact:

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, Citigate Dewe Rogerson +44 (0)20 7282 2932,
Louise.Mason@Citigatedr.co.uk

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be superseded or qualified by subsequent news releases.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 EU Market Abuse Regulation and the Securities
Markets Act. This information was submitted for public release by the above
person(s) on December 2, 2016 at 2:30 p.m. Pacific 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
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,
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.

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