Record Diamond Recovered at Duas Barras

TORONTO, ONTARIO--(Marketwire - Feb. 7, 2008) - Vaaldiam Resources Ltd. (TSX:VAA) reports that a record sized gem quality diamond of 15.68 carats has been recovered at its wholly-owned Duas Barras mine in the State of Minas Gerais, Brazil. This large, light yellow octahedral stone is 81% larger than the previous largest diamond recovered at Duas Barras of 8.68 carats. Production from the Duas Barras alluvial mine consists of predominantly gem quality stones at an average diamond size of 0.37 carats per stone. A picture of the 15.68 carats stone recovered can be viewed on Vaaldiam's website at
http://www.vaaldiam.com/mining/duas-production/index.html

During January, Vaaldiam sold 13,603 carats of diamonds from the Duas Barras mine for a gross sales revenue of US$2,206,280, or US$162.19 per carat. An additional 4,816 carats of diamonds recovered from the Duas Barras mine are currently awaiting the issuance of a Kimberley Certificate to allow export of the parcel to Antwerp for sale, which is expected later this month. Unsold gold inventory at the Duas Barras mine is currently approximately 665 ounces with a gross value based on current gold prices of approximately US$600,000.

With two debt-free alluvial mines in production in Brazil, Vaaldiam is South America's largest diamond producer. Vaaldiam is currently advancing its Brauna kimberlite project towards a feasibility study to be completed later this year, following completion of a bulk sampling program that is expected to commence shortly. Vaaldiam is also developing the 250,000 hectare Pimenta Bueno kimberlite property in the State of Rondonia, and the Catalao kimberlite property in the State of Goias, Brazil. Cash flow generated from Vaaldiam's alluvial mines will be used to directly fund the exploration and development of its Brazilian kimberlite properties.