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Re: News Release - Monday, March 31, 2008
Stellar Diamonds Closes �2.375 Million Pre-IPO Financing and
Appoints New Non-Executive Director
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View News Release in PDF Format:
http://www.manoriver.com/i/pdf/2008--03-31_NR.pdf
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Mano River Resources Inc ("Mano") is pleased to announce that its
majority owned subsidiary Stellar Diamonds Ltd ("Stellar" or "the
Company") has completed a pre-IPO placing of 2,375,000 new ordinary
shares (the "Placing Shares") of 1 pence each in Stellar at 100 pence
per share, raising gross proceeds of �2.375 million (the "Placing").
In addition, it is announced that Guy Pas and Philippe Giaro have
resigned from the Board of Stellar and that Denis Alexandrov will be
appointed to the Stellar Board as non-executive director, effective as
of 1st April 2008.

Placing Highlights:

.. Stellar raises gross proceeds of �2.375 million, net of expenses
estimated to be �17,500


.. Non-Executive Chairman Lord Peter Daresbury purchased 300,000 shares
and CEO Karl Smithson purchased 25,000 shares at this financing


.. Stellar has an enlarged issued share capital of 30,458,303 million
ordinary shares with 3,016,969 warrants and 260,390 adviser's options
in issue and 2,550,000 share options in issue

.. Placing Shares represent 7.8 per cent. of Stellar's enlarged issued
share capital

.. Mano remains largest shareholder in Stellar with 63% of the enlarged
issued capital


.. Listing on AIM proposed, subject to market conditions

The proceeds from the placing will be used to continue development of
near term production projects at the Kono underground trial mining
project in joint venture with Petra Diamonds in Sierra Leone and the
100% owned Mandala alluvial diamond project in Guinea. Additionally,
the proceeds will be used to advance key diamond exploration activities
and for general working capital purposes.

Denis Alexandrov has been appointed to the Board as a non-executive
director. Denis is presently CFO of Arlan Investment Company and is a
member of the Board of Directors. Denis has held various senior
positions at AIM listed natural resource companies most recently
Commercial Director of Timan Oil & Gas Plc and head of Internal Audit
and Finance Director of Highland Gold Mining Plc. He has also held
senior positions at Alfa Group based in London and Moscow and
PricewaterhouseCoopers, based in Moscow and Vladivostok. Denis is a
Fellow Chartered Certified Accountant with the UK Association of
Chartered Certified Accountants.

Stellar's CEO Karl Smithson commented:

"We are delighted to have completed this private placement at 100p,
compared to 87.1p per share at the previous financing completed in July
2007. We have attracted a number of key new shareholders into Stellar,
including the recently appointed Non-Executive Chairman, Lord Peter
Daresbury.

"The funds raised will primarily be used to strengthen Stellar's
portfolio ahead of achieving a listing on AIM by further developing our
near term production projects and by building the long term growth
prospects for the Company by investing further capital into our 2008
exploration programmes. We continue to see encouraging results from our
development and exploration activities and remain positive about the
outlook for Stellar. I look forward to updating shareholders on
progress from these projects in due course.

"I would also like to take this opportunity to thank both Guy Pas and
Philippe Giaro for their valuable contribution to the success of
Stellar to date. Guy in particular has been instrumental in helping to
assemble Stellar's portfolio of assets over the past eight years. The
appointment of Denis Alexandrov to the Board of Stellar is also a major
step forward ahead of the Company's proposed AIM listing. Denis has a
great deal of experience at CFO level and working with AIM listed
resource companies, and his skills will be critical to the Company
going forward. On behalf of the Board I welcome Denis to Stellar."

For further information on Mano River Resources and Stellar Diamonds
Limited, you are invited to visit Mano's website at www.manoriver.com
or contact:

Mano River Resources Inc
Luis da Silva, CEO +44 (0) 20 7299 4212

Stellar Diamonds Limited
Karl Smithson, CEO +44 (0) 77 837 07971

Pelham PR
Charles Vivian / James MacFarlane +44 (0) 20 7743 6670

Panmure Gordon (UK) Limited
Edward Farmer +44 (0) 20 7614 8384

Mano's Qualified Person responsible for reviewing the content of this
release is Karl Smithson, who holds a BSc in Geology from Kingston
University in the UK, and an MBA from the Graduate School of Business
in Cape Town, South Africa. He is also a member of The South African
Council for Natural Scientific Professions and has 20 years of diamond
industry experience.

The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release

View News Release in PDF Format:
http://www.manoriver.com/i/pdf/2008--03-31_NR.pdf

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Copyright (c) 2008 MANO RIVER RESOURCES INC. (MANA) All rights
reserved. For more information visit our website at
http://www.manoriver.com/ or send mailto:releases@manoriver.com
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