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Dia Bras Drilling Expands Catas-Cuye Deposits and Discovers High-grade Gold at the Purisima Area on its Yauricocha Property, Peru

May 3, 2012

TSX Venture Exchange – DIB
Bolsa de Valores de Lima – DIB
# 15-2012

TORONTO, May 3, 2012 /PRNewswire/ – Dia Bras Exploration Inc. (TSX-V:DIB) (BVL: DIB) (“Dia Bras” or the “Company”) is pleased to announce that its drilling
programme for resource expansion at the Yauricocha mine in Peru
continues to find additional ore below the current levels. An
additional eight holes have been drilled and have expanded the deposit
to the south and 350 m to depth. Also, drilling in the Purisima area
of the property yielded high grades of gold in several drill holes.

     _____________________________________________________________________
    |Press Release Highlights:                                            |
    |                                                                     |
    |                                                                     |
    |    --  Yauricocha mineralization expanded further:                  |
    |  o Drill hole CA-14-12-13 cut 18 m width in the Catas ore body      |
    |    averaging 98.1 g/t silver, 1.92 g/t gold and 4.88% copper,       |
    |    including 4.0 m averaging 218.1 g/t silver, 3.82 g/t gold and    |
    |    12.36% copper.                                                   |
    |    # This hole is 270 m below the deepest mine working.             |
    |  o Drill hole CA-14-12-20 expanded the limits of the                |
    |    previously-unknown ore body (herein named Adriana) and also cut  |
    |    the Catas body:                                                  |
    |    # The Adriana polymetallic body was intercepted over 20.1 m width|
    |      averaging 60.3 g/t silver, 1.65% lead and 10.04% zinc.         |
    |    # Catas body over 11 m width averaging 18 g/t silver and 6.1%    |
    |      zinc, plus 8.0 m averaging 95 g/t silver and 1.49% copper.  The|
    |      hole is 320 m below the deepest mine working.                  |
    |    --  Drilling of the Purisima Anticline returned                  |
    |        potentially-economic levels of gold, such as drill hole      |
    |        PC-12-08 that cut 3.0 meters averaging 20.65 g/t gold.       |
    |                                                                     |
    |    --  Exploration outside the immediate mine area will begin after |
    |        the rainy season ends in June.  This is the first exploration|
    |        program of this type conducted on the Yauricocha property.   |
    |        Three areas will be explored first:                          |
    |  o Adrico: Underground drilling of Yauricocha fault and down-dip    |
    |    extension of Adrico disseminated gold deposit 500 m SSE of main  |
    |    deposits.                                                        |
    |  o Ipillo: Drilling of wide area of silver-lead-zinc stockwork      |
    |    mineralization. Yauricocha Fault: Mapping, sampling and Induced  |
    |    Polarization surveys along unexplored 6-km extension of fault SSE|
    |    of main mine area. An updated 43-101 report will be published in |
    |    mid-May.                                                         |
    |  o Yauricocha Fault: Mapping, sampling and Induced Polarization     |
    |    surveys along unexplored 6-km extension of fault SSE of main mine|
    |____area.____________________________________________________________|

Daniel Tellechea, President and CEO of Dia Bras, commented: “These results demonstrate that we continue to expand the resources of
the Yauricocha mine and continue to prove the prolific nature of this
highly mineralized mining district. We know now that the Catas and
Cuye orebodies extend more than 350 m to depth, and our drilling
continues to discover previously-unknown deposits that also are
expected to extend for hundreds of meters down dip. This mature,
productive mine has many, many years of production before it and its
precious metal potential is being reinforced with recent disco
veries of high grade gold at its Purisima area, which is only 500 meters
away from current mine working areas.”

Recent Drilling Results

Yauricocha Mine: Drilling of the Catas and Cuye bodies below the mine workings continues
to demonstrate that these wide, high-grade ore bodies continue to depth
(see link to “Yauricocha Longitudinal Section” here). The deposits are of high-temperature, carbonate-replacement type,
which is an important distinction because these types of deposit often
have great vertical extent. The Company expects that these bodies will
continue to great depth, much deeper than the depth to which current
drilling has shown the deposits to occur.

Assay results from recent drill holes are shown in the table below:

Catas Extension

     _____________________________________________________________________
    |     |           | Core |      |     |     |     |      |            |
    |Hole |   To-From |Length|      |     |     |     |      |            |
    | #*  |     (m)   | (m)  |g/t Ag|% Pb |% Cu |% Zn |Au g/t|   Deposit  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |12-12|310.4-313.0|  2.6 |  0.6 |0.31 |0.11 |0.94 | 0.26 |Polymetallic|
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |12-13| 61.3-63.0 |  1.7 |  8.7 |0.48 |0.02 |3.03 | 0.07 |     Oxide  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     | 76.8-78.0 |  1.2 |  7.9 |0.11 |0.01 |15.63| 0.01 |     Oxide  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |111.8-113.0|  1.2 |209.1 | 5.0 |0.48 |11.00| 0.75 |     Oxide  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |206.8-210.6|  3.8 |  5.7 |0.01 |0.01 |14.59| 0.00 |   Breccia  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |266.9-276.2|  9.3 | 18.5 |0.21 |0.10 |5.26 | 0.19 |   Breccia  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |297.0-315.0| 18.0 | 98.1 |0.03 |4.88 |0.11 | 1.92 |     Catas  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |Incl.|304.0-308.0|  4.0 |218.1 |0.02 |12.36|0.09 | 3.82 |     Catas  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |12-14|328.1-337.0|  8.9 |  6.6 |0.15 |0.16 |16.8 | 0.02 |        ?   |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |12-15| 56.4-85.2 | 28.8 | 25.7 |0.82 |0.13 |19.63| 0.03 |   Oriental |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |180.3-187.1|  6.8 |  1.0 |0.02 | 0.0 |4.98 | 0.05 |   Oriental |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |204.3-211.1|  6.8 |101.3 |1.15 |0.27 |3.55 | 1.97 |Polymetallic|
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |241.0-254.0| 13.0 |33.95 |0.19 |0.20 |2.78 | 3.13 |Polymetallic|
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |12-16| 69.6-78.0 |  8.4 | 66.8 |1.05 |0.04 |8.26 | 0.24 |     Oxide  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |81.35-82.50| 1.15 |231.1 | 8.9 |0.20 |8.94 | 0.25 |     Oxide  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |12-17| 95.2-98.3 |  3.1 |111.1 |5.55 |0.07 |3.91 | 0.25 |     Oxide  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |252.5-258.4|  5.9 | 25.7 |0.08 |0.96 |0.27 | 0.62 |   Pyritic  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |12-18| 79.6-87.0 |  7.4 |108.6 |3.11 |0.28 |17.28| 0.26 |            |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |221.0-222.7|  1.7 |105.9 |0.25 |0.09 |2.35 | 0.33 |            |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |12-19| 39.8-43.5 |  3.7 |823.0 |33.32|0.18 |0.60 |   0  |     Oxide  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     | 84.6-86.0 |  1.4 |  5.5 |0.16 |0.03 |30.13|  0.3 |     Oxide  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |187.5-200.5| 13.0 |  7.9 |0.04 |0.01 |1.75 | 0.03 |Polymetallic|
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |254.5-270.0| 15.5 | 37.6 |0.08 |0.46 |4.40 | 1.68 |Polymetallic|
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |12-20| 62.7-72.1 |  9.4 |124.4 |5.80 |0.22 |2.55 | 1.68 |     Oxide  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |115.3-116.8|  1.5 |284.9 |1.14 |0.85 |23.95| 2.46 |   Poly Bx  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |224.0-244.1| 20.1 | 60.3 |1.65 |0.26 |10.04| 0.29 |   Adriana  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |Incl.|231.0-234.7|  3.7 | 75.7 |1.16 |0.28 |14.33| 0.43 |        "   |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |Incl.|241.5-244.1|  2.6 |148.9 |6.77 |0.99 |29.89| 0.23 |        "   |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |           |      |      |     |     |     |      |    Intr.   |
    |     |290.0-291.1|  1.1 |377.2 |0.59 |4.43 | 1.0 | 0.08 |   Contact  |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |     |410.7-447.9| 37.2 | 29.3 |0.02 |0.75 |2.07 | 0.39 |Polymetallic|
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |Incl.|412.0-423.0| 11.0 | 17.8 |0.04 |0.47 |6.10 | 0.37 |        "   |
    |_____|___________|______|______|_____|_____|_____|______|____________|
    |Incl.|428.0-436.0|  8.0 | 95.0 |0.02 |1.49 |0.60 | 0.27 |        "   |
    |_____|___________|______|______|_____|_____|_____|______|____________|

* All holes have the prefix CA-14-

Purisima Area: This area is located about 500 meters SW of the active mining area at
the Catas and Cuye ore bodies. Twelve reconnaissance drill holes have
been completed at wide spacings to test gold mineralization along the
overturned Purisima Anticline (see link to “Tal-12-11 Cross Section” here). Ten of the holes returned potentially-economic levels of gold. Gold
mineralization is associated with brecciated calcareous rocks, often
bituminous. Although the gold mineralization is associated with a
specific host rock, drilling is too wide-spaced to determine if it is
stratigraphically or structurally controlled. The presence of gold
mineralization in the same stratigraphic layer on both sides of the
overturned anticline, however, indicates that the mineralization is
probably stratigraphically controlled.

Additional holes are required to determine the true width, extent and
orientation of the mineralization, which are planned to be drilled
later in the year after further interpretation of these results has
been completed.

The table below shows the results from holes 3 through 12:

     ____________________________________________________________
    |        |   To-From |   Core   |      |    |    |    |      |
    | Hole # |     (m)   |Length (m)|Ag g/t|% Pb|% Cu|% Zn|Au g/t|
    |________|___________|__________|______|____|____|____|______|
    |PC-12-03|130.0-133.0|     3.0  | 12.0 |0.01|0.00|0.02| 5.87 |
    |________|___________|__________|______|____|____|____|______|
    |PC-12-04|136.5-152.0|    15.5  |  2.4 |0.02|0.00|0.01| 1.08 |
    |________|___________|__________|______|____|____|____|______|
    |  Incl. |148.0-152.0|     4.0  |  7.4 |0.06|0.01|0.03| 3.98 |
    |________|___________|__________|______|____|____|____|______|
    |PC-12-05| 54.8-56.8 |     2.0  | 62.6 |0.03|0.00|0.06| 1.64 |
    |________|___________|__________|______|____|____|____|______|
    |PC-12-06| 62.8-69.2 |     6.4  | 22.9 |0.02|0.00|0.02| 1.20 |
    |________|___________|__________|______|____|____|____|______|
    |   and  |162.7-164.0|     1.3  | 48.0 |0.23|0.01|0.05| 3.33 |
    |________|___________|__________|______|____|____|____|______|
    |PC-12-07| 54.0-55.0 |     1.0  | 14.4 |0.02|0.00|0.01| 1.96 |
    |________|___________|__________|______|____|____|____|______|
    |   and  |233.0-235.0|     2.0  |  7.0 |0.00|0.00|0.03| 1.19 |
    |________|___________|__________|______|____|____|____|______|
    |PC-12-08| 61.0-64.0 |     3.0  |  9.4 |0.01|0.00|0.02|20.65 |
    |________|___________|__________|______|____|____|____|______|
    |PC-12-09| 51.0-60.0 |     9.0  | 51.1 |0.02|0.00|0.02| 1.33 |
    |________|___________|__________|______|____|____|____|______|
    |  Incl. | 51.0-55.0 |     4.0  |104.3 |0.03|0.00|0.00| 1.21 |
    |________|___________|__________|______|____|____|____|______|
    |  Incl. | 55.0-60.0 |     5.0  |  8.5 |0.02|0.00|0.01| 1.43 |
    |________|___________|__________|______|____|____|____|______|
    |PC-12-10| 62.0-64.7 |     2.7  | 1.56 |0.01|0.00|0.01| 1.82 |
    |________|___________|__________|______|____|____|____|______|
    |   and  | 67.0-72.7 |     5.7  | 21.1 |0.02|0.01|0.02| 9.58 |
    |________|___________|__________|______|____|____|____|______|
    |PC-12-11| 68.4-73.1 |     4.7  |  6.4 |0.02|0.00|0.03| 1.39 |
    |________|___________|__________|______|____|____|____|______|
    |   and  | 83.5-86.7 |     3.2  |  5.9 |0.02|0.00|0.04| 3.14 |
    |________|___________|__________|______|____|____|____|______|
    |   and  | 92.0-94.0 |     2.0  | 12.7 |0.02|0.00|0.04| 2.59 |
    |________|___________|__________|______|____|____|____|______|
    |   and  |138.0-140.0|     2.0  | 60.3 |0.07|0.01|0.38| 1.44 |
    |________|___________|__________|______|____|____|____|______|
    |PC-12-12| 87.3-89.0 |     1.7  | 25.3 |0.06|0.00|0.02| 2.23 |
    |________|___________|__________|______|____|____|____|______|
    |   and  | 95.4-97.5 |     2.1  | 38.7 |0.12|0.00|0.02| 3.71 |
    |________|___________|__________|______|____|____|____|______|

Significance of Drill Results

Drilling in the Yauricocha mine over the past few months has
demonstrated that both the Catas and Cuye bodies continue to depth with
good widths and grades of mineralization. Mineralization in both
bodies is open along strike and down dip, and the carbonate/intrusion
contact along the Yauricocha fault for several hundred meters to the
SSE remains to be tested.

The potential to define significantly more economic mineralization in
the Yauricocha area has been greatly expanded by these results. The
discovery of a previously-unknown deposit (Adriana) in the immediate
vicinity of the mine workings demonstrates the strength of the
mineralizing system and bodes well for the definition of more mineable
bodies. The Company intends to continue drilling these areas in order
to increase significantly the mineable resources of the property.

Intercepts of gold mineralization at Purisima demonstrate that
potentially-economic grades and widths of gold occur in the area.
Additional drilling is required to determine the extent and continuity
of these widely-separated intercepts, but results from this program are
very encouraging.

Exploration Program of mid 2012

During 2012, Dia Bras will also explore other targets identified by its
mine geology staff, most of which will begin in June, after the rainy
season has ended. These are:

        --  Adrico: An underground drill station is being developed at the
            end of the 400-m-long Victoria adit, on Level 330.  Drilling is
            scheduled to commence in early June.  The primary target is the
            contact of the Yauricocha intrusion with the main limestone
            host rock of the main deposits of the Yauricocha mine, which
            are located 500 m to the NNW.  An initial eight holes totalling
            1,600 m are planned, with an additional six holes planned to
            test the down-dip projection of the Adrico disseminated gold
            deposit.
        --  Ipillo: This area has potential for open-pitable
            silver-lead-zinc stockwork of major tonnage.  Three drill holes
            are planned for the third quarter.
        --  Yauricocha Fault: The south-eastern portion of this major
            ore-controlling fault extends six km from the Yauricocha mine
            to the eastern limit of the Yauricocha property.  This area has
            never been explored, but the fault cuts through calcareous
            lutites, pure limestones and arenaceous limestone, all of which
            are good host rocks.  The program is directed at identifying
            drill targets and will consist of geologic mapping, rock
            sampling and an Induced Polarization (IP) geophysical survey.
            Work will begin in June.

Yauricocha Property Overview

The Company is currently the title holder of five (5) mining concessions
with a combined area of 19,957.7174 hectares. The Yauricocha mine is
located in the Alis district, Yauyos province, department of Lima
approximately 12 km west of the Continental Divide and 60 km south of
the Pachacayo railway station. The active mining area is in the high
zone of the Andean cordillera at an average altitude of 4,600 masl.

The rich silver ores of Yauricocha were initially documented by
Alexander von Humboldt in the early 1800s. In 1905, the Valladares
family filed the claims of what is today the Yauricocha property. The
Valladares family mined high-grade silver ore for 22 years and in 1927,
Cerro de Pasco Corporation acquired the Yauricocha claims. In 1948,
Cerro de Pasco commenced mining operations at Yauricocha until the
Peruvian Military Government nationalized Cerro de Pasco Corporation
and Yauricocha became a production unit of State-owned Centromin Peru
S.A. for 30 years. In 2002, the Yauricocha unit was privatized and
purchased by Sociedad Minera Corona S.A. Dia Bras acquired 82% of the
total equity of Corona in May, 2011.

Prior to the 1970s, detailed production records are unavailable. Since
1973, this mine has produced over 12.8 million tonnes of ore containing
59 million ounces of silver, 350 thousand tonnes of lead, 100 thousand
tonnes of copper and 600 thousand tonnes of zinc. During 2010, the
mine produced 837,000 tonnes of ore averaging 163 g/t Ag, 3.4% Pb, 0.9%
Cu and 3.2% Zn.

The carbonate-replacement ore deposits of the Yauricocha district are
spatially and genetically related to the Yauricocha stock, a composite
intrusive body of granodioritic to quartz monzonitic composition. The
stock intrudes tightly folded beds of the Late Cretaceous Jumasha
(limestone) and Celendin (lutite-limestone) Formations and the
overlying Casapalca (lutite-limestone) Formation (latest Cretaceous and
Paleocene?).

The principal orebodies of the Yauricocha district, located near the
western margin of the Yauricocha stock, are related spatially and
genetically to the main body of the stock and to narrow fingers of
granodiorite that presumably connect at depth to a western extension of
the stock. The orebodies consist of vertically elongate pipes composed
largely of pyrite and other sulfide minerals that replace limestone of
the Jumasha Formation. Skarn is developed adjacent to the stock but
does not host appreciable amounts of ore. The pipes typically exhibit
both vertical and radial zoning and there is a pronounced district
zoning, with an inner core of enargite (the principal copper mineral)
giving way outward to an enargite-chalcopyrite-bornite zone, which in
turn is succeeded to the west by zones characterized by sphalerite,
galena, lead and silver. Mineralization of the Yauricocha deposit is
formed principally by pyrite, quartz, enargite, chalcopyrite, bornite
and covellite in the core and central parts of the bodies. Loose masses
of friable pyrite, galena, sphalerite and minor amounts of chalcopyrite
in a gangue of limestone, clay and quartz occur in the periphery of the
bodies. Also, native gold is associated with these sulfide minerals.

Update of NI 43-101 Report

The Company has commissioned an update of the NI 43-101 compliant
resource calculation, dated May 25, 2011, for the Yauricocha property
and the required property visit was made by a representative of
Gustavson Associates, Lakewood, Colorado, during mid-April. The final
report is expected during mid-May.

Option Granting

The Company also announces that it has granted 42,857 options to a
director who is also an officer. The options are exercisable at $3.40
over a five-year period and vesting over two years.

Method of Analysis

Samples are prepared at the Yauricocha lab facility in the Chumpe mill,
which is on site. Core and channel samples from the mine are assayed
utilizing one of two procedures. Silver, lead, zinc, and copper are
assayed by atomic absorption. Gold is fire-assayed with an atomic
absorption finish. Diamond drill samples sent for analysis consist of
half NQ-size and BQ-size diamond core split on site.

Quality Assurance

The quality assurance-quality control (QA-QC) program employed by Dia
Bras has been described in detail in the NI 43-101 report on Yauricocha
of May 25, 2011, prepared by Gustavson Associates of Denver, which is
available for review on SEDAR.

The technical content of this news release has been approved by Thomas
L. Robyn, Ph.D., CPG, RPG, a Qualified Person as defined in NI 43-101
and Head of Exploration for Dia Bras Exploration, Inc.

About Dia Bras

Dia Bras Exploration is a Canadian exploration & mining company focused
on precious and base metals in Chihuahua State, other areas of northern
Mexico, and most recently at its Yauricocha
silver-lead-zinc-copper-gold mine in Peru. The Company is accelerating
exploration at the Yauricocha property as well as pursuing the
development and exploration of its most advanced Mexican assets – the
Bolivar Property (copper zinc silver) and the Cusi Property
(silver-lead) and is exploring in Mexico several precious metal targets
such as La Sidra gold project at the Bolivar Property, the Las
Coloradas silver project at Melchor Ocampo (Zacatecas State), the
Bacerac silver project (Sonora State), and the La Verde gold project at
the Batopilas Property (Chihuahua State). Dia Bras is also exploring
base metal projects in Mexico such as the Corralitos intrusion-hosted
molybdenum deposit (Chihuahua State).

The Company’s shares trade on the Bolsa de Valores de Lima and TSX
Venture Exchange under the symbol “DIB”.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news
release.

Forward-looking Statements

Except for statements of historical fact, all statements in this news
release without limitation regarding new projects, acquisitions, future
plans and objectives are forward-looking statements which involve risks
and uncertainties. There can be no assurance that such statements will
prove to be accurate; actual results and future events could differ
materially from those anticipated in such statements.

SOURCE Dia Bras Exploration Inc.

PDF available at: http://stream1.newswire.ca/media/2012/05/03/20120503_C3459_DOC_EN_13037.pdf

PDF available at: http://stream1.newswire.ca/media/2012/05/03/20120503_C3459_DOC_EN_13038.pdf


Source: PR Newswire