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Dia Bras Closes First Tranche of Non-Brokered Financing

17:31 EST Wednesday, January 28, 2009

MONTREAL, QUEBEC--(Marketwire - Jan. 28, 2008) - Dia Bras Exploration Inc. (TSX VENTURE:DIB) is pleased to announce that it has closed a first tranche of the non-brokered private placement (the "Private Placement") previously announced on January 14 and January 23, 2009.

The Company has raised $1.25 million through the issuance of 20.83 million units at a price of $0.06 per unit. Each unit consists of one common share and one purchase warrant. Each warrant entitles the holder thereof to subscribe to one common share of the Company at a price of $0.15 for a period of eighteen months expiring on July 28, 2010.

In connection with the first closing of the private placement, Arias Resource Capital Fund, an insider of the Company, subscribed for a total consideration of $756,643 by purchasing 12,610,710 units in the Company, and Mr. Philip Renaud, a director of Dia Bras, subscribed for $200,000 by purchasing 3,333,333 units in the Company.

The shares and warrants issued under the first closing of the private placement and the shares issuable upon exercise of the warrants are subject to a restricted period which expires on May 28, 2009.

The remaining portion of the private placement expected to close in the near future, subject to regulatory approval and the approval of the private placement by the shareholders of the Company at a special meeting to be held on Monday, February 16, 2009.

The net proceeds of the private placement will be used to initiate the engineering study for the construction of an on-site mill at the Company's Bolivar Mine and for general corporate and working capital purposes.