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2016-12-09

LUCARA’S KAROWE MINE EXCEEDS $1.0 BILLION IN SALES

OWE MINE EXCEEDS $1.0 BILLION IN SALES

December 8, 2016 (LUC – TSX, LUC – BSE, LUC – Nasdaq Stockholm) Lucara Diamond
Corp. ("Lucara" or the "Company") is pleased to announce that following the
close of the fourth Regular Tender of 2016, the Company exceeded $1.0 billion
in accumulated sales since the start of production in June 2012.

Quarterly Revenue Highlights

The Q4 2016 revenue, inclusive of the second Exceptional Stone Tender held in
November, is $66.1 million at an average of $743 per carat.

Year End Revenue Highlights

Total revenue for the year end, inclusive of the Constellation Diamond sale, is
estimated to be $295 million at an average of $823 per carat. Revenue
excluding the sale of the Constellation Diamond is estimated at $232 million at
an average of $649 per carat.

The Company sold 14 exceptional stone at over $2 million per stone (including 4
stone at over $10 million per stone). Additionally, the Company sold 20
exceptional stones between $1 - $2 million per stone.

The Karowe Mine, to date, has yielded 1.8 million carats generating revenue of
$1.02 billion at an average price of $566 per carat.

Safety Highlights

Lucara is also pleased to announce that during the month of November its Karowe
mine surpassed the 5,000,000 Lost Time Injury Free hour mark.

William Lamb, President and Chief Executive Officer commented “Achieving sales
of $1 billion is a significant milestone for the Company and is a recognition
of our strong client base and the quality of diamonds recovered from the Karowe
mine. Such a milestone could only have been achieved with the dedication of
our employees, who have demonstrated a great commitment to working safely on
site as exemplified by the Karowe mine surpassing 5,000,000 Lost Time Injury
Free hours. We are pleased that our final sale of the year has shown strong
demand for our larger higher quality diamonds and also a sustainable demand for
the smaller size diamonds. We look forward to continued success in 2017 with
the advancement of our exploration and deep drilling programs and the
completion of our capital programs to enhance diamond recovery from the high
value south lobe.”

On behalf of the Board,

William Lamb

President and CEO

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For further information, please contact:

Tanuja Skerlec, Investor & Public Relations +1 (604) 689-7842,
tanujas@lucaradiamond.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 8, 2016 at 2:45 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.

Författare SSE

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