VANCOUVER, January 28, 2019/CNW/ - (LUC - TSX, LUC - BSE, LUC - Nasdaq Stockholm)

Lucara Diamond Corp. ("Lucara" or the "Company") is pleased to announce the recovery of a 240 carat, top white gem diamond (image attached (https://lucaradiamond.com/assets/img/news/20190128_240ct_lg.jpg)), from its 100% owned Karowe Diamond Mine located in Botswana. This diamond will be shown alongside the 127 carat, top white gem diamond reported earlier this year (News Release) (https://www.lucaradiamond.com/investor-info/company/news-releases/2019/lucara-recovers-127-carat-top-white-gem-diamond-from-karowe-122761) together with other exceptional diamonds recently recovered from Karowe, at Lucara's upcoming diamond tender closing on March 7, 2019. Since mining began at Karowe in July 2012, a total of 54 diamonds in excess of 200 carats have been recovered, including 12 diamonds larger than 300 carats in size. In addition, Lucara has sold 180 diamonds in excess of $1 million each and ten diamonds have sold for in excess of $10 million each.

Eira Thomas CEO commented: "This top white 240 carat gem diamond was mined from the M/PK(S) unit within the South Lobe, providing continuing confirmation that large, high quality gem diamonds are recovered throughout the kimberlite, in all lobes and phases on a regular basis. As Karowe enters its 7thfull year of production, the regular recovery of Specials (diamonds>10.8 carats) continues unabated and in line with expectations."

Eira Thomas
President and Chief Executive Officer

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The information in this release is accurate at the time of distribution but may be superseded or qualified by subsequent news releases.

The information was submitted for publication, through the agency of the contact person set out above, at 4:30am PST on January 28, 2019.

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 be 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 accurate and such forward-looking information included herein should not be unduly relied upon. In particular, this release contains forward looking information pertaining to the Lucara's intention to complete the sale of the 127 carat and 240 carat diamonds recovered this year in March 2019 as well as Management's expectation about the recovery of Specials. The value of the Company's shares, its financial results and its mining activities are significantly affected by the price and marketability of the diamonds recovered. The sales price of a diamond is determined by its characteristics. While the Karowe Diamond Mine has produced a number of large, high-value diamonds in excess of 100 carats, there is no assurance that the diamonds recovered which are 100 carats or larger will have the characteristics required to achieve a high sales price.  

There can be no assurance that such forward looking 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 "Risks 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 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.