TORONTO, ONTARIO--(Marketwire - June 30, 2011) -Dia Bras Exploration Inc. (TSX VENTURE:DIB)("Dia Bras" or the "Company") is pleased to present the Company's first quarter 2011 Financial Statements and Management's Discussion & Analysis. All currency in this release is in Canadian dollars unless otherwise indicated. For a full explanation of results and mining statistics, please visit the Company's website atwww.diabras.comor on SEDAR atwww.sedar.com.

First Quarter 2011 Highlights

• During the three-month period ended March 31, 2011, the Company recorded a net loss of $1,452 compared with a gain of $720 for the same period in 2010. The loss is mainly related to lower grades being processed in 2011 compared to 2010, an increase in production cost of 5%, an increase in exploration cost of $1,078, partially offset by higher metal prices and $678 in unrealized currency exchange gains. This will be positively impacted by the lower costs of the Piedras Verdes Mill when it is operational in third quarter 2011. EBITDA(1) was ($598) or ($0.01) per share and $1,546, or $0.03 per share, respectively, for the three-month period ended March 31, 2011 and 2010. Our definition of these non IFRS financial measure and the reconciliation to IFRS measures can be found in this MD&A.

• The Company shows net working capital, of $21,445 at March 31, 2011, compared with a working capital of $4,870 at March 31, 2010.

• Bolívar Mine pilot-mining costs for the three-month period ended March 31, 2011, were 5.1% higher than in 2010, as a result of an increase in costs of diesel, transportation and general items.

• Bolívar Mine pilot-mining sales were $4,166 for the three-month period ended March 31, 2011, down 30.0% compared with $5,954 in the same period of 2010. The decrease from 2010 is primarily due to a significant decrease of 29.6% in copper produced and 34.4% less zinc produced. This reduction was due to lower ore grades in the head of the mine, of 27.3% of copper and 29.3% in zinc, and to the stoppage of 10 days during February because of an unusual snow storm, all of the above, offset by stronger commodity prices, in particular copper and zinc; copper increased from an average of USD$3.28 (CAD$3.38) per pound in the first quarter of 2010, to an average of USD$4.38 (CAD$4.26) per pound during 2011, and zinc increased from an average of USD$1.04 (CAD$1.01) per pound in the first quarter of 2010 to USD$1.09 (CAD$1.06) per pound in 2011.

• During the first quarter of 2011, the Cusi advanced development mining project (non-operating project in which revenues are offset against capitalized cost of the project) generated net revenues of $1,000 ($454 in 2010), with operating costs totalling $779 ($689 in 2010) resulting in a recuperation of the investment capitalized of $221 (an increase of $235 in 2010).

• Operating cash costs for the three-month period ended March 2011 were $102.73 per tonne milled versus $91.38 per tonne milled for the same period of 2010, an increase of 12.42% due mainly to an additional maintenance to machinery & equipment damaged during the February´s unusual snow storm. The completion of the Piedras Verdes Mill during third quarter of 2011 will have an impact on reducing these costs. During the first quarter of 2011, the Company installed a new electric line to the plant site, completed the site preparation for the plant, and invested $3,049 in process equipment in the development of the Piedras Verdes Mill.

Bolívar Mine Pilot-Mining Summary for 1Q 2011

During the first quarter of 2011, the Company processed 25,980 tonnes of material from the Bolívar Mine averaging grades of 1.12% Cu (27.3% less than 1.54% in the same period of 2010) and 7.06% Zn (29.3% less than the 9.99% in same period of 2010), producing 558,811 lbs. of copper and 3,569,635 lbs. of zinc, as shown in Table 1 below. During the first quarter of 2011, the Company produced approximately 29.6% less copper and 34.4% less zinc than the first quarter of 2010 on approximately 6.6% less tonnage processed. During the month of February of 2011, the Company's operation suffered a stoppage of 10 days due to a snow storm affecting some processing equipment.

Bolívar Property 2010 and 2011 Exploration Program

The main focus of the Company's exploration program at the Bolívar Property will be to provide a continued source of feed for the Malpaso Mill, in the short-term, and the Piedras Verdes Mill once operating. Exploration to expand underground resources in the areas of Guadalupe, San Angel, Fernandez, Selena, Rebeca, Titanic (collectively, the Bolívar Mine) and La Increible deposit, El Gallo deposit and others has been carried out and will continue.

Favorable exploration results in areas of disseminated copper-zinc mineralization prompted the exploration team to increase exploration efforts on the Bolívar NW, Bismarck, San Francisco (all part of the Bolívar Mine) and El Gallo deposit, where each of these areas could host individual open-pitable deposits of moderate tonnage.

Construction of a Mill near the Bolívar Property

The new Piedras Verdes Mill is on schedule to commence processing of Bolivar mineralized rock during the third quarter of 2011. From November 1, 2009, to the date of this MD&A, the Company has raised $30,100 for these and other projects and for general corporate purposes, through the exercise of warrants throughout the period and a Rights Offering that closed in May 2010.

The Company cautions that, although economic viability of the mineral resources at the Bolívar Property has not been determined, the Company and its Management intend to complete the construction of an up to 2,500 tpd mill (the Company is completing the first phase at 1,000 tpd, upgradeable to 2,500 tpd) near the Bolívar mining concession. Until the economic viability of the Bolívar Property has been determined and mineral resources have been converted to mineral reserves (by a least a preliminary feasibility study and confirmed in a technical report, as required by NI 43-101), there can be no assurance that the new mill will be economically viable.

Cusi Advanced Development Summary

During the first quarter of 2011, the Company continued its development of the Cusi Property and its shipments of mined material from its advanced development-scale operations at Santa Eduwiges mine, processing 4,887 tonnes averaging 1.78% lead and 277 grams silver per tonne and produced a total of 35,713 oz silver from milling and leaching processes. Advanced development during the first quarter of 2010 processed 5,403 tonnes and produced a total of 41,375 ounces of silver. During the first quarter of 2011, the Company increase recovery of lead from 36.53% to 70.84% in the first quarter of 2010, this high recovery was due to the increase in the head grades to the mill of 1.78% compared with 0.57% in the first quarter of 2010. During the month of February 2011, the Company's operations were affected for a stoppage of 10 days due to a snow storm affecting some processing equipment. Revenues and costs of this advanced development mining project are accounted as a recovery of its original investment in exploration, and development costs.

Cusi Property Exploration –1Q 2011

The Company holds 60 concessions in the Cusi area covering 11,319 hectares. During the first half of 2009, the Company conducted compilation and interpretation of previous work and historical data, as well as mapping and some drilling. New targets and ore shoots of high-grade mineralization in the vein systems of the Santa Eduwiges and Promontorio mines were identified, as well as other nearby areas. Subsequent to this work, drilling in San Juan identified a previously untested area for further exploration (see Dia Bras' news releases of February 24 and May 17, 2011).

The objectives for Cusi are twofold: 1) Define and expand the resources along a) the Santa Marina and San Antonio veins, b) along the vein intersections of the Santa Marina & Rosario and Santa Marina & San Bartolo and c) the Tascates and Mexicana veins; and, 2) Evaluate and test the Promontorio vein intersections, the Santa Rosa Chimney and the structure at San Juan with the objective of defining and expanding resources in these areas. Drilling in the Santa Eduwiges and Promontorio mine areas resulted in intercepts that extended the mineralized portions of the veins laterally and to depth and guided mine exploration development.

The Company continues to develop areas underground where sufficient tonnes and headings can be established to meet the reserves and goals of production stated above. Due to the volume of water encountered in the underground workings at Promontorio, the Company has not yet established sufficient headings. Dia Bras now intends to concentrate on Santa Eduwiges, to dewater Promontorio and to develop and drill prospective areas there in 2011.

Results of Operations

During the three-month period ended March 31, 2011, the Company recorded a loss of $1,452 compared with a gain of $720 in the same period of 2010, ($0.02) per share and $0.01 per share respectively:

The results are explained as follows:

Explanation of Variances – 1Q 2011 vs 1Q 2010

Sales

For the first quarter ended March 31, 2011, revenues decreased to $4,166 compared with $5,954 in 2010. The decrease was driven by lower volumes of metals produced as a result of a decrease in the head of the ores extracted, mainly on copper and zinc, averaging grades of 1.12% Cu (27.3% less than 1.5% in the same period of 2010) and 7.06% Zn (29.3% less than the 9.99% in same period of 2010), producing 558,811 lbs. of copper and 3,569,635 lbs. of zinc, and produced approximately 29.6% less copper and 34.4% less zinc than the first quarter of 2010 on approximately 6.6% less tonnage processed. During the month of February 2011, the Company's operations were affected for a stoppage of 10 days due to a snow storm affecting some processing equipment.

Expenses

During the three-month period ended March 31, 2011, cost of sales increased 5% amounting to $2,669 versus the same period of 2010. This increase was in line with the general inflationary pressure, despite a reduction in the volume of ore milled of 1,848 tonnes. Also, transportation costs for deliveries of Bolívar mineralized rock to the Malpaso Mill increased due to higher fuel prices and increased rail charges.

During the first quarter of 2011, the market prices of the Company's products improved substantially, on average, during its quotation period, compared to the same period in 2010. Additionally, the forward prices the Company locked in, once its trading partner declared the date of the close of the quotation period, were at higher levels than the original spot price at the date of the provisional sales.

Transportation of concentrate costs decreased during the three-month period ended March 31, 2011, as compared to the same period of 2010, due to a decreased amount of concentrate shipped in 2011. Production of zinc and copper concentrates decreased 51% during the first quarter 2011, along with a general increase in freight rates and related costs at the port.

During the first quarter of 2011, the Company continued to pursue its exploration plans for its large concession holdings. The Company focused these efforts on the La Cascada target at the Bolivar concession where it spent $611 during the quarter and the Bolivar III and IV sites, where the Company spent $126. The Company also spent $460 at the EXMIN Las Coloradas project in Melchor Ocampo, with most of these expenditures related to payment of drilling contractors.

Gain/(loss) on foreign exchange – For the three-months ended March 31, 2011, the Company recorded a $678 unrealized foreign exchange gain, due to favourable strengthening of the Canadian dollar and the Mexican peso. The exchange rate of the US dollar against the Canadian dollar during first quarter 2011 varied from $0.9986 as at January 4, 2011, to $0.9718 as at March 31, 2011.

Financial Position, Liquidity and Capital Resources

Operating Cash Flow

Cash provided by operating activities before changes in non-cash assets and liabilities was ($551) and $1,633 for the three months ended March 31, 2011 and 2010, respectively.

Financing Activities

On January 7, 2011, 9,948,051 warrants were exercised at the price of $0.70 per warrant for a total cash consideration of $6,964. The warrants were exercised by shareholders and Directors of the Company. Consequently, the Company issued 9,948,051 post-consolidation common shares (see Dia Bras news release of January 12, 2011).

Investing Activities

The Company invests its excess funds in Guaranteed Investments Certificates from high quality Canadian Banks. As at March 31, 2011, the investments had various maturities upon investment of between 60 and 90 days. Accordingly, as at March 31, 2011, those investments with maturities of three months or less are classified as "cash and cash equivalents".

Capital Expenditures and Deferred Exploration Expenses

Capital Expenditures:

The mineral properties of the Company are at the exploration and the advanced development stages. The exploration and development of the Company's properties depend on its having sufficient funds to carry out its plans. Although it is providing a source of income from the sales of concentrates through its pilot-mining program at the Bolívar Mine and the advanced mining development project at Cusi, the Company is not yet considered as being at the commercial production stage.

Statement of work in progress investment in mining properties as of March 31, 2011:

Exploration Expenditures

The Company plans to continue its exploration programs in La Cascada, Melchor Ocampo, Batopilas, Bacerac and other concessions during 2011 by drilling a total of 27,500 metres. During the three-month period ended on March 31, 2011 and 2010 as follows:

Cash Resources and Liquidity

The Company's liquidity position is directly related to the amount of financing procured for its continued development as a mining enterprise, the level of concentrate production, the cost of this production, the final settlement billing adjustments recorded for zinc, copper, lead and silver in concentrate that is sold and the amount of exploration and development expenditures incurred each year, among other factors. As at March 31, 2011, the Company had cash, cash equivalents and short term investments totaling $15,115 (December 31, 2010, $14,957), and the Company's working capital amounted to $21,445.

As at March 31, 2011, sales tax and other receivables amounted to $3,334 ($3,044 as at March 31, 2010) and are mostly comprised of recoverable Mexican Value Added Tax credits ("IVA", by its initials in Spanish).

As at March 31, 2011, accounts payable and accrued liabilities amounted to $2,826 ($3,007 as at March 31, 2010) which represents balances of normal business transaction activity.

As at March 31, 2011, the Company´s wholly owned subsidiary, Dia Bras Mexicana, S.A. de C.V. (DBM) had a trade receivable of $1,758 and no trade payable with the only Company´s customer MRI Trading AG ("MRI") (receivable of $1,890 and payable of $763 as at March 31, 2010). The decrease in the balance of trade payables is due to the payments discounted from the provisional invoices. Actual final settlement billings will not differ significantly from the current provision due to the fact that DBM has fixed the prices for most of its unsettled lots.

The Company is fully funded and will continue with the construction of its new mill on site at the Bolívar Property that will reduce operating costs and optimize the life of mine resources.

Furthermore, the Company will continue to periodically reassess the amount and timing of its currently planned expenditures to increase operating efficiencies. At the same time, Management will continually assess its capital requirements that may require additional issuance of equity or debt.

Subsequent Events

On May 26, 2011, the Company announced that it has closed the acquisition of 29,377,015 voting shares ("Voting Shares") of Sociedad Minera Corona S.A. ("Corona") at a price of US$9.7282 per share for an aggregate purchase price of US$285,785,477. The Voting Shares were purchased pursuant to the terms of a stock purchase agreement (the "Purchase Agreement") among the Company, its wholly-owned subsidiary, Dia Bras Perú S.A.C. ("Dia Bras Perú"), and a group of Corona shareholders (the "Selling Shareholders"). The Voting Shares acquired by Dia Bras Perú represent approximately 92% of the issued and outstanding Voting Shares and approximately 82% of the total equity of Corona.

In connection with the Acquisition, the Company and Dia Bras Perú also entered into a credit agreement (the "Credit Agreement") with Banco de Credito del Perú ("BCP") pursuant to which BCP has provided to Dia Bras Perú a US$150 million credit facility (the "BCP Facility") for the purpose of funding a portion of the Acquisition purchase price. The BCP Facility has a five-year term with interest payable quarterly at LIBOR plus 4.5%. The BCP Facility is secured by a pledge of the Voting Shares acquired by Dia Bras Perú and the obligations of Dia Bras Perú have been guaranteed by the Company. The Credit Agreement also provides for the establishment of a debt service reserve of US$12 million and contains financial covenants, events of default and other provisions customary for a transaction of this nature.

Pursuant to the Purchase Agreement, certain members of the Selling Shareholders have elected to invest a portion of the consideration for their Voting Shares in common shares of Dia Bras ("Dia Bras Shares") at an effective price of US$2.92 (the US dollar equivalent of Cdn.$2.86 per share based on an exchange rate of Cdn$1.00 = US$0.98). As a result, an aggregate of 5,686,918 Dia Bras Shares have been issued to the Selling Shareholders who elected this option. An additional 48,067,103 Dia Bras Shares were issued pursuant to the exercise of an equal number of subscription receipts issued by the Company on May 25, 2011, at a price of Cdn.$2.86 per share for gross proceeds of Cdn.$137,471,914 (the "Private Placement"). Accordingly, an aggregate of 53,754,021 additional Dia Bras Shares have been issued in connection with the Acquisition and the Private Placement.

The Company funded the cash portion of the purchase price of the Acquisition plus the associated fees and expenses of the Acquisition, through a combination of the net proceeds of the BCP Facility, the proceeds from the Private Placement and the Company's existing cash resources.

Corona's shares trade on the Bolsa de Valores de Lima (the Lima Stock Exchange). The Voting Shares trade under the symbol "MINCORC1", and the non-voting investment shares trade under the symbol "MINCORCI1". According to public records and information provided by the Selling Shareholders, there are currently 31,890,365 Voting Shares and 4,087,673 investment shares outstanding. Under applicable requirements in Perú, the Acquisition will trigger a requirement for Dia Bras to make a follow-up offer for at least 92.1% of the remaining Voting Shares (but not for the non-voting investment shares) of Corona. This will effectively increase the total acquisition cost for 100% of the Voting Shares to approximately US$310.23 million.

2011 Priorities

Dia Bras' biggest current challenges are to complete the construction of the Piedras Verdes Mill at the Bolívar Property on time and on budget. In parallel, the Company's plans for 2011 include the following:

• Increase production and recoveries from the Bolívar Property;

• Increase the amount of resources at the Bolívar and Cusi Properties which can be converted into reserves;

• Increase production and recoveries at the Cusi advanced development mining project;

• Expand capacity of the new Piedras Verdes Mill;

• Explore and drill promising areas at La Cascada, Melchor Ocampo, Batopilas and Bacerac;

• Explore the regional exploration projects, to initiate drilling;

• Complete in-process and formulating discussions with potential JV partners for exploration;

• Maximize cash flow in this uncertain economic environment;

• Reduce direct operating costs;

• Conduct exploration programs to expand and upgrade resources at Bolívar and Cusi projects;

• Complete the Sociedad Minera Corona acquisition.

International Financial Reporting Standards ("IFRS")

In 2006, the Canadian Accounting Standards Board ("AcSB") published a new strategic plan that significantly affects financial reporting requirements for Canadian companies. The AcSB strategic plan outlines the convergence of Canadian GAAP with IFRS over an expected five-year transitional period. In February 2008, the AcSB announced that 2011 is the changeover date for publicly listed companies to use IFRS, replacing Canadian GAAP. The effective date is for the Company's interim and annual financial statements for the year beginning January 1, 2011. The transition date will require the restatement for comparative purposes of amounts reported by the Company for the prior year.

The Company has finalized its IFRS conversion plan, with detailed assessment ongoing. The Company has identified presentation and disclosure, stock based compensation, plant and equipment, future income taxes, asset retirement obligations and financial instruments as areas where the adoption of IFRS will have a significant effect on the Company's financial reporting, processes and controls. The Company has also assessed the available elections under IFRS to determine the effect of each election to the Company.

External advisors were engaged and a team within the finance group coordinated the implementation among the various departments of the organization. The Company obtained preliminary training on IFRS for its internal implementation team and participated in ongoing training to develop a thorough understanding of IFRS in order to finalize the assessment of accounting policies and to affect the 2011 changeover.

Basis of preparation and adoption of IFRS

a. Statement of compliance- The Company´s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") and the interpretations of the International Accounting Standards Board ("IASB") applicable to the preparation of interim consolidated financial statements in accordance with IAS 34,Interim Financial Reporting("IAS 34") and IFRS 1,First-time Adoption of IFRS("IFRS 1"). These are Company's first financial statements prepared in accordance with IFRS.

Subject to certain transition elections disclosed in Note23(a), the Company has consistently applied the same accounting policies in its opening IFRS Statement of Financial Position as at January 1, 2010 (the "transition date"),and throughout all periods presented, as if these policies had always been in effect. Note 23 discloses the impact of the transition to IFRS on the Company´s reported financial position and financial performance, including the nature and effect of significant changes in accounting policies from those used in the Company´s consolidated financial statements for the periods presented.

The interim consolidated financial statements should be read in conjunction with the Company´s Canadian Generally Accepted Accounting Policies ("GAAP") annual financial statements for the year ended December 31, 2010. Additional disclosures describing the changes between Canadian GAAP and IFRS are included in Note 23 of the interim consolidated financial statements.

b.First- time adoption of IFRS- The Company applied IFRS 1 in the preparation of the Company´s consolidated financial statements. In accordance with the provisions of IFRS 1, an entity in its first full set of financial statements under IFRS, must apply all standards in effect as of that date and for the whole period covered by those financial statements (including the transition Statement of Financial Position). Based on the provisions of IFRS 1, the Company is obliged to present at least one year of comparative financial statements in accordance with IFRS. The exemptions applied by the Company and the effects of transition to IFRS are presented in Note 23.

Consequently, the policies applicable in preparing the interim consolidated financial statements are based on IFRS issued and outstanding as of June 29, 2011, the date the Board of Directors approved the financial statements. Any subsequent changes to IFRS that are given effect in the Company´s annual consolidated financial statements for the year ending December 31, 2011, could result in restatement of the interim consolidated financial statements, including the transition adjustments recognized upon the change-over to IFRS.

About Dia Bras

Dia Bras Exploration Inc. is a Canadian listed mining company focused on precious and base metals in Peru and Mexico. The Company owns and operates the Yauricocha Mine (Ag-Cu-Zn-Pb) in Central Peru and the Bolivar Property (Cu-Zn-Ag) in Chihuahua State, Mexico. Dia Bras is also pursuing the development and exploration of the Cusi Property (Ag) and exploring several precious metals targets such as La Cascada (Bolivar Property), Las Coloradas (Melchor Ocampo, Zacatecas State), Bacerac (Sonora State) and Corralitos, Satevo and La Verde projects at the Batopilas Property (Chihuahua State).

The Company's shares trade on the TSX Venture Exchange under the symbol "DIB".

For further information on Dia Bras Exploration Inc. visitwww.diabras.com.

Forward-looking Statements:

This news release contains certain statements that constitute forward-looking statements. Forward-looking information includes, but is not limited to, information concerning Dia Bras' 2010 guidance respecting pilot-mining production and potential plans for Bolívar and Cusi projects, as well as the acquisition of EXMIN Resources. Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to foreign currency fluctuations; risks inherent in the mining industry including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of mineral resources and the geology, grade and continuity of mineral deposits; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; the potential for and effects of labour disputes or other unanticipated difficulties or shortages of labour or interruptions in production; actual rocks mined varying from estimates of grade, tonnage, dilution and metallurgical and other characteristics; the inherent uncertainty of pilot-mining activities and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, foreign taxation, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties. Refer to "Risk and Uncertainties".

Forward-looking information is, in addition, based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long-term price of zinc, copper, lead and silver; the regulatory and governmental approvals for the Company's projects and other operations on a timely basis; access to financing, appropriate equipment and sufficient labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Although the forward-looking statements contained in this MD&A are based upon what management believes to be reasonable assumptions, the Company cannot guarantee that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this MD&A, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances, except as required under applicable securities regulations.

FOR FURTHER INFORMATION PLEASE CONTACT:

President & CEO
Daniel Tellechea
Dia Bras Exploration Inc.
1 (866) 493-9646

OR

Vice President, Corporate Development
Karl J. Boltz
Dia Bras Exploration Inc.
1 (866) 49