BRAZILIAN DIAMONDS

http://www.braziliandiamonds.com/s/PressReleases.asp?ReportID=327912&_Type=News&_Title=Quarterly-Report-For-The-Nine-Month-Period-Ended-30-September-2008

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Mon Oct 27, 2008 Salvador Project / Santo Antonio do Bonito Alluvial Project -------------------------------------------------- Brazilian Diamonds Limited ("Brazilian Diamonds" or "the Company") reports that field operations at its Salvador kimberlite project in central Bahia State, Brazil have been completed. Following reporting of initial results (see news release dated September 4, 2008) additional samples have been sent to the laboratory for analysis and on receipt of the results, the Company will assess the next steps for the project. All the field equipment has been moved to the Santo Antonio do Bonito project site in Minas Gerais State where the Company is investigating the possibility of re-starting operations. Brazilian Diamonds has an extensive license position at Santo Antonio do Bonito covering the famous diamond producing river system where historical and government records document recovery of numerous large high quality gem diamonds greater than 90 carats, including the 726.6 carat Presidente Vargas and eight other gems greater than 300 carats. It should be noted that, although the timing and recovery sites of these highly valuable large stones are reasonably well documented in records dating back to the 1930s, detailed production figures and size distributions for this historical artisanal production do not exist. Brazilian Diamonds' focus will be on the alluvial gravels in the portion of the river valley where the highest concentration of +300 carat diamonds have been recovered to date. Harrison Cookenboo, Ph.D., P.Geo., is a Qualified Person by the standards of NI43-101, and has approved the contents of this news release. Further details of the projects are available in NI43-101 technical report filed on www.sedar.com in March, 2007. For further information contact: Kenneth P. Judge, Chairman Tel: + 44-7733 001 002 Stephen Fabian, President & CEO Tel: + 55-31- 9186 4660 Jon Bey, Investor Relations Tel: 1-866-689-2599 Email: jbey@braziliandiamonds.com Hanson Westhouse Limited (Nomad to the Company) Tim Feather / Matthew Johnson Tel: + 44 113 246 2610

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