AAD Added Capital

Archangel Diamond Corporation ("Archangel" or the "Corporation") (TSX
VENTURE:AAD) announces further to its original April 29th notice of default with
respect to filing 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 and the most recent default status report disseminated
on May 20, 2009 that the auditors have not finalized the audit of the 2008
Annual Financial Statements. The Corporation had announced in its April 29th
news release that it believed that the 2008 Annual Financial Statements would be
filed by May 31, 2009. However, the Corporation is now targeting completion of
the audit over the coming weeks which should facilitate filing before the end of
June, 2009.


As a result of the delay in filing the 2008 Annual Financial Statements, the
Corporation will not be able to file its interim financial statements,
accompanying MD&A and related CEO and CFO certifications (collectively, the
"Interim Financial Statements") for first quarter interim financial statements
for the period ended March 31, 2009, which are due to be filed by June 1, 2009.
Upon completion and filing of the 2008 Annual Financial Statements, the
Corporation will file its Interim Financial Statements.


Further, the Corporation confirms that it is postponing the Annual Meeting of
shareholders originally scheduled for June 25, 2009 to a future date yet to be
determined upon resolution of the delay in filing the 2008 Annual Financial
Statements.


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.


The Corporation confirms that its 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 they remain in default as a result of the late
filing of the 2008 Annual Financial Statements and Interim 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.


Archangel has been granted a management cease trade order by the Ontario
Securities Commission as principal regulator with respect to the original
default. Any applicable Canadian securities regulatory authorities may issue
general cease trade orders against the Corporation for failure to file the 2008
Annual Financial Statements and/or the Interim 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.

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