Archangel Diamond Corporation ("Archangel" or the "Corporation") (TSX
VENTURE:AAD) announces that the financing and debt restructuring set out in its
news release dated March 20, 2009 will not proceed. The corporation is seeking
alternative financing to meet its immediate obligations.


There can be no assurance that Archangel will be able to secure such financing
or that the terms of any financing will be acceptable to the corporation or the
TSX Venture Exchange.
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