Five Star Diamonds Ltd. Announces Reliance on Financial Statement Filing Extension

Toronto, Ontario--(Newsfile Corp. - April 24, 2020) -  Five Star Diamonds Limited (TSXV: STAR) ("Five Star" or the "Company") announces that it will be relying on the blanket relief granted by the Canadian Securities Administrators in respect of its obligation to file (i) its annual financial statements required by subsection 4.2(a) of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102") and its annual management's discussion and analysis required by subsection 5.1(1) of NI 51-102 ("Annual Financial Reports") on or before April 30, 2020; and (ii) its interim financial statements for the three months ended March 31, 2020 required by subsection 4.4(b) of NI 51-102 and its interim management's discussion and analysis required by subsection 5.1(1) of NI 51-102 ("Interim Financial Reports") on or before June 1, 2020. Management of the Company expects that the Company's Annual Financial Reports will be filed on or about May 30, 2020 and its Interim Financial Reports will be filed on or about June 30, 2020.

The Company confirms that its management and other insiders are subject to an insider trading black-out policy that reflects the principles in section 9 of National Policy 11-207 - Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

The only material developments of the Company that have occurred since November 30, 2019, being the date of filing of the last interim financial report of the Company, have been:

• On December 5, 2019, the Company has announced that Board of Directors of the Company has approved a proposed name change of the Company to "Aranjin Resources Ltd".
• On February 26, 2020, the Company has announced that it has issued Common Shares in payment of drilling services provided to the Company pursuant to a drilling for shares arrangement previously announced on April 17, 2018. The Company settled an aggregate amount of $484,698 owing to the drilling contractor for drilling completed on the Company's Brazilian diamond properties through the issuance of 9,693,960 Common Shares at a deemed issuance price of $0.05 per Common Share, all in accordance with the drilling contract entered into between the Company and the drilling contractor.

On behalf of the Board

Five Star Diamonds Limited

Matthew Wood
Chairman of the Board
+1.647.981.1703

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