Archangel Diamond Corporation Announces Delay in Filing Annual Financial Statements in Canada

TORONTO, ONTARIO, Apr 29 (MARKET WIRE) --
Archangel Diamond Corporation ("Archangel" or the "Corporation") (TSX
VENTURE: AAD) announces that it will not be able to file its annual
financial statements, accompanying management's discussion and analysis
("MD&A") and related CEO and CFO certifications (collectively, the "2008
Annual Financial Statements") for the financial year ended December 31,
2008, within the 120 day period prescribed for the filing of such
documents under Parts 4 and 5 of National Instrument 51-102.

The Corporation expects to file the 2008 Annual Financial Statements
shortly. Archangel is not currently in a position to file the 2008 Annual
Financial Statements primarily as a result of the time required to
reflect and account for the outcome of any significant pending debt
refinancing in the 2008 Annual Financial statements and to complete the
necessary accounting analysis.

The Corporation confirms that it intends to satisfy the provisions of the
alternative information guidelines found at sections 4.3 and 4.4 of
National Policy 12-203 for so long as it remains in default as a result
of its late filing of the 2008 Annual Financial Statements. During the
period of default, Archangel will issue bi-weekly default status reports
in the form of further press releases, which will also be filed on SEDAR.

The Corporation confirms that there are no insolvency proceedings against
it as of the date of this press release. Archangel also confirms that
there is no other material information concerning the affairs of
Archangel that has not been generally disclosed as of the date of this
press release.

Archangel has made an application to the applicable Canadian securities
regulatory authorities for a management cease trade order. There is no
certainty that such order will be granted. The applicable Canadian
securities regulatory authorities may issue general cease trade orders
against the Corporation for failure to file the 2008 Annual Financial
Statements within the prescribed time period.

CAUTIONARY NOTE TO SHAREHOLDERS CONCERNING FORWARD LOOKING STATEMENTS AND
FINANCIAL PROJECTIONS - This news release contains "forward-looking
statements", within the meaning of applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to,
statements with respect to the outcome of future negotiations, completion
of the Transaction, execution of definitive agreements, exercise of
future call rights, success of financing activities, identification or
upgrade of mineral resources, requirements for additional capital,
government regulation, results of future diamond exploration, results of
diamond marketing, changes in legal requirements, changes in the
political environment, environmental liabilities and title disputes.
Generally, these forward-looking statements can be identified by the use
of forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or state that certain actions,
events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". Forward-looking statements are subject to known
and unknown risks, uncertainties and other factors that may cause the
actual outcomes, results, level of activity, performance or achievements
of Archangel Diamond Corporation to be materially different from those
expressed or implied by such forward-looking statements, including but
not limited to: risks described in the above news release; those risks
set out in Archangel's disclosure documents and its annual, interim
management discussion and analysis and annual reports. Although Archangel
has attempted to identify important factors that could cause actual
results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such
statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. Archangel does not undertake to update any forward-looking
statements or financial projections, except in accordance with applicable
securities laws.

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.

Contacts:
Archangel Diamond Corporation - Media Enquiries
Ms. Jocelyn Fraser
+1 604 731 6164
jocelyn.fraser@archangeldiamond.com

Archangel Diamond Corporation
Mr. Steven Thomas
Chief Financial Officer
+1 416 423 1600
steve.thomas@ca.debeersgroup.com

Copyright 2009, Market Wire, All rights reserved.

-0-