PARTIAL DRILL RESULTS - VAL / VALENZUELA

Montréal, Québec, - January 22, 2004 -

Dia Bras Exploration Inc. (the “Company” or “Dia Bras”) is pleased to announce the acquisition by its Mexican subsidiary, Dia Bras Mexicana S de RL de CV (“Dia Bras Mexico”), of three properties in the State of Chihuahua in Mexico: the El Oro and the PC-1135 and PC‑1135 Fraccion covering an aggregate of 5,127.2710 hectares to the north and northwest of the present holdings of Dia Bras Mexico in the region. Considering these claims, Dia Bras Mexico now holds properties totalling 14,510 hectares.

The El Oro claim was acquired in consideration for US$10,000 and 300,000 common shares of the Company. The El Oro claim covers the extension of the polymetallic trend of Val, Valenzuela and the Bolivar Mine where high grade Cu, Ag and Zn are known. Gold anomalies of more than 1 gram have been sampled as well as silver-lined fractures with assays over 950 grams/ton and sporadic copper-lead-zinc values.

The PC-1135 and the PC-1135 Fraccion claims were acquired in consideration for US$10,000 and 200,000 common shares of the Company. The PC-1135 and PC-1135 Fraccion were claimed over the old mines of Urique, some having operated for more than 200 years. Small 1-3 meter veins assaying 15‑60 grams Au with high-grade silver are reported on these claims. Also large disseminated Au zones have been recognized along the northern boundary. Valuable infrastructure and water are available on the claims.

The Company also announces that it has entered into two agreements with Montex Exploration (“Montex”).

Pursuant to the San Jose Joint Venture Agreement, Montex can earn a cumulative 49% interest in the San Jose Property (462 hectares) by incurring US$6,000,000 of expenditures as follows: (i) US$500,000 of exploration expenditures over a period of three months for an initial interest of 4%; (ii) US$1,500,000 of development expenditures in the following six-month period for an additional 8.25% interest; and (iii) US$700,000 for a 200 ton a day crushing and gravity concentration plan located at the mine site and US$3,300,000 for a 100 ton a day Nichromet processing plant located in the city of Chihuahua for an additional 36.75% interest. Montex will be entitled to 60% of the cash flow emanating from the San Jose Property until it has recovered US$6,500,000, after which, Montex will hold a 49% and the Company, a 51% interest in the San Jose Property. The San Jose Property covers 462 hectares of the 14,510 hectares held by the Company. Dia Bras will be the operator of this joint venture.

Pursuant to the El Oro-PC Joint Venture Agreement, Montex can earn a 50% interest in the El Oro and PC-1135 and PC-1135 Fraccion Properties (“Oro and PC Properties”) by incurring US$1,000,000 of exploration expenditures on the Oro and PC Properties over a period of two years. Dia Bras will be the operator of this joint venture.

These acquisitions and agreements are subject to the approval of the Board of directors of the Company and of the competent regulatory authorities.

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For further information contact:

Réjean Gosselin
President

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