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2016-11-17

LUCARA BRINGS IN US $38.7 MILLION FROM ITS SECOND EXCEPTIONAL STONE TENDER OF 2016

Lucara Diamond Corp Company Announcement LUCARA BRINGS IN US $38.7 MILLION
FROM ITS SECOND EXCEPTIONAL STONE TENDER OF 2016 November 16, 2016 (LUC –
TSX, LUC – BSE, LUC – Nasdaq Stockholm) Lucara Diamond Corp. (“Lucara” or
the “Company”) is pleased to announce excellent results from its second
Exceptional Stone Tender of 2016. This tender of Karowe diamonds consisted
of 12 single stone lots. All 12 diamonds, totaling 1,098 carats, were sold
for gross revenues of US $38.70 million (US $35,230 per carat). Highlights:
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5 diamonds sold for more than US $2.0 million each.

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Lot 1001, the 224.5 carat Type IIa diamond sold for US $11.11 million (US
$49,497/ct), which was also the highest value per carat diamond.

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Lot 1004, the 162.3 carat diamond sold for US $4.88 million (US $30,117/ct)

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Lot 1005, the 81.8 carat diamond sold for the second highest price per
carat of US $46,138/ct.

William Lamb, President and CEO, commented, "It is fitting that this
tender, the tenth Exceptional Stone Tender for the Company was concluded on
the one year anniversary of the recovery of the historic 1,109 carat,
Lesedi La Rona diamond. To date, the Company has sold 144 magnificent
diamonds bringing in revenues of greater than US $460 million. This
includes 143 diamonds sold through the exceptional stone tender process and
also the beautiful 813 carat Constellation diamond which was sold in a
private transaction. These ongoing excellent results demonstrate the
sustainability of production and the continued strong demand for Karowe’s
high value diamonds." For the brochure and images of the diamonds sold in
this and previous Exceptional Stone Tenders, please visit the Lucara
website at www.lucaradiamond.com. 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 November 16, 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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