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2016-05-09

LUCARA SELLS ITS 813 CARAT DIAMOND FOR US$63 MILLION, THE HIGHEST PRICE EVER ACHIEVED FOR THE SALE OF A ROUGH DIAMOND

Lucara Diamond Corp
Company Announcement

LUCARA SELLS ITS 813 CARAT DIAMOND FOR US$63 MILLION, THE HIGHEST PRICE EVER
ACHIEVED FOR THE SALE OF A ROUGH DIAMOND

May 9, 2016 (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm), Lucara Diamond
Corp. (“Lucara” or the “Company”), is pleased to announce that the exceptional
812.77 carat, Type IIa diamond recovered from the Karowe mine in Botswana in
November 2015 (see news release dated November 19, 2015), has been sold for
US$63,111,111 (US$77,649 per carat). As part of the sale, Lucara has partnered
with Nemesis International DMCC, and retains a 10% interest in the net profit
received from the sale of the resultant polished diamonds.

The 813 carat diamond has been named, “The Constellation”, in collaboration
with our partner.

William Lamb, President and CEO, commented, “We are very pleased with the
result from the sale of this magnificent 813 carat diamond as well as the
opportunity to further participate in profits earned when the polished product
is sold. The sale of the 813 carat diamond is the highest price ever achieved
for a rough diamond, breaking all records. This achievement solidifies our
reputation in the jewelry industry as one of the most important sources of
diamonds of the very highest quality. We look forward to the next stage of
Lucara’s development with the sale of the spectacular 1,109 carat, Lesedi La
Rona diamond which will take place at Sotheby’s London on June 29, 2016.”

On behalf of the Board,

William Lamb

President and CEO

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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, Asabe Communications, Investor Relations, +447850593445,
louise@asabecommunications.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 May 9, 2016 at 2:00 a.m. Eastern 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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