Lucara Diamond Corp. Provides Revised Operating Performance Outlook for 2013

Lucara Diamond Corp. Provides Revised Operating Performance Outlook for 2013 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/27/13 -- Lucara
Diamond Corp. (TSX:LUC)(BOTSWANA:LUC)(NASDAQ OMX First North:LUC)
("Lucara" or the "Company") today provides a revised 2013 operating
performance outlook for 2013. 
William Lamb, President and CEO, commented: 
"Lucara has had an exceptional start to 2013 with the recovery of
large and exceptional diamonds resulting in the Company's first large
stone tender achieving gross revenues of $24.8 million and the sale
of its second blue stone for $1.6 million. Lucara continues its solid
operating performance and has revised its operating cost and
production guidance. The additional cash flows from the large stone
tender will result in the strengthening of the Company's balance
sheet as it expects to reduce its debt by meeting all of its
debenture repayment obligations of $33.3 million by the end of the
year."  
Key operational highlights are as follows: 


 
--  Karowe Mine is projected to process 2.5 million tonnes and the Company
    is forecasting diamond sales of 420,000 carats in 2013, an increase of
    5% from previous guidance. The Company is forecasting revenues of around
    $118 million. Five sales are planned for the remainder of the year,
    excluding the potential for a second large stone tender with viewings in
    both Gaborone and Antwerp. 
--  Karowe's operating cash costs are expected to be in the order of $23 per
    tonne treated, in-line with previous guidance. 
--  Waste will be stripped to access ore in the Centre and South Lobes
    during the final half of the year, which will provide access to deeper
    ore benches in the North Lobe. The scheduled strip ratio for the year is
    2.2 which is in line with previous expectations. 
--  Capital expenditures for 2013 are expected to be approximately $5m, an
    increase from previous guidance of $3m, which is to fund advanced work
    on the Company's tailings dam and securing the Company's water resources
    through the installation of additional boreholes.

 
On Behalf of the Board, 
William Lamb, President and CEO 
Lucara's Certified Advisor on NASDAQ OMX First North is Pareto Ohman
AB. 
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS 
Certain of the statements made and contained herein in the press
release constitute forward-looking statements as defined in
applicable securities laws. Generally, these forward-looking
statements include any statements with respect to predictions,
expectations, beliefs, plans, projects, objectives, assumptions or
future events or performance and often (but not always) 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. In particular, this press release
contains 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;  
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.
Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors that could cause
actual events or results to materially differ from those reflected in
the forward-looking statements including, without limitation, the
following risks and uncertainties for the Company: general global
financial and economic conditions; future market prices for diamonds;
the supply and demand for rough diamonds; ability to access capital;
fluctuations in interest rates and foreign currency exchange rates;
inherent hazards and risks associated with mining operations;
estimations of the Company's production and sales volume for the
Karowe Mine; costs associated with the construction of the Karowe
mine; operational costs, including costs of power and diesel;
operational difficulties, including failure of plant, equipment or
processes to operate in accordance with specifications or
expectations; industrial job disturbances; environmental and other
regulatory requirements, including changes in the same; the acts of
the governments of the jurisdictions in which the Company's
operations are located; obtaining governmental approvals and permits;
estimation of mineral resources, including the continuity of grade of
diamondiferous mineralization; risks related to property titles; the
dependence on transportation facilities and infrastructure; the
Company is required to carry uninsurable risks; the mining industry
is competitive; risks associated with current and future legal
proceedings; conflicts of interest; dependence on management and
technical personnel; and risks associated with volatility in the
securities market. 
Certain of these risks are discussed under the heading "Risk Factors'
in the Company's Annual Information Form dated March 22, 2012
available at http://www.sedar.com. This list is not exhaustive of the
factors that may affect any of the Company's forward-looking
statements. Forward-looking statements are statements about the
future and are inherently uncertain, and actual achievements of the
Company or other future events or conditions may differ materially
from those reflected in the forward looking statements due to these
risks, uncertainties and other factors. Accordingly, readers are
cautioned not to place undue reliance on these forward-looking
statements. The Company disclaims any intention or obligation to
update or revise forward-looking statements if circumstances or
management's beliefs, expectations, or opinions should change, except
as required by law.
Contacts:
Lucara Diamond Corp.
Sophia Shane
Corporate Development
+1 (604) 689-7842
+1 (604) 689-4250 (FAX) 
Lucara Diamond Corp.
Robert Eriksson
Investor Relations, Sweden
+46 701-112615
lucara@namdo.com
www.lucaradiamond.com