TORONTO, April 27, 2012 /PRNewswire via COMTEX/ — TSX Venture Exchange – DIB

Bolsa de Valores de Lima – DIB

Dia Bras Exploration Inc. (bvl:DIB) (“Dia Bras”) (the “Company”) is pleased to announce the filing of its audited Financial Statements and Management Discussion and Analysis (“MD&A”) for 2011. All amounts are presented in Canadian dollars unless otherwise stated. For the full Financial Statements or MD&A please visit the Company’s website www.diabras.com or SEDAR at www.sedar.com .

2011 Financial Highlights

Net loss attributable to shareholders of $18.7 million or $0.16 per share for 2011 compared to a loss of $2.1 million ($0.03 per share) for 2010. For the fourth quarter of 2011, net loss attributable to shareholders of $12.4 million ($0.09 per share) compared to a loss of $0.7 million ($0.01 per share) for the same period in 2010.

A large component of the net loss for 2011 is a non-cash depletion charge in Peru of $43.1 million. This depletion charge has been calculated based on the units of production of the fair valued $363.9 million mineral property asset purchased in the acquisition of Corona on May 26, 2011. Management expects that Yauricocha’s life-of-mine will increase going forward as additional mineral reserves and resources are confirmed. If this occurs, non-cash depletion charges would be reduced in future periods.

EBITDA of $44.4 million for 2011 compared to $2.1 million for 2010. For the fourth quarter 2011, EBITDA of $16.6 million compared to $(0.3) million for the same period in 2010.

Cash flow generated from continuing operations of $38.8 million for 2011 compared to $2.6 million used in operations for 2010. For the fourth quarter of 2011, cash flow generated from continuing operations of $13.7 million compared to $0.4 million in the same period in 2010.

Cash and cash equivalents of $20.2 million at the end of 2011 compared to $15.0 million at the end of 2010.

Revenues of $100.7 million for 2011 compared to $19.7 million for 2010. For the fourth quarter of 2011, revenues of $35.7 million compared to $4.8 million for the same period in 2010.

Silver cash cost of US$(27.46) per ounce (“oz”) at Yauricocha and copper cash cost of US$0.69 per pound (“lb”) at Bolivar for 2011.

The following table sets out selected annual financial results.

 (In millions of Canadian dollars, unless stated) Year Ended

December 31, December 31,

2011 2010

Revenue 100.7 19.7

EBITDA 44.4 2.1

Non-cash depletion charge on Corona acquisition (43.1) –

Operating loss (15.2) (3.0)

Net loss attributable to shareholders (18.7) (2.1)

Operating cash flow 38.8 (2.6)

Cash cost per oz of Ag net of by-products (Yauricocha) US$(27.46) –

Cash cost per lb of Cu net by-products (Bolivar) US$0.69 US$0.44

2011 Operational Highlights

Acquisition of Corona, containing the Yauricocha Mine, the Huanchor hydro-electrical asset and other exploration properties for an aggregate purchase price of $280.3 million (US$285.8 million).

Declaration of commercial production at the Bolivar Mine in November 2011.

Completion of the Piedras Verdes Mill in Mexico reduced cash cost per tonne at the Bolivar Mine by 14.7% to US$85.73 per tonne for 2011 and by 54.8% to US$61.12 per tonne for the fourth quarter of 2011.

Silver production of 1.5 million oz for 2011 compared to 0.2 million oz in 2010. For the fourth quarter of 2011, silver production of 0.6 million oz compared to 0.1 million oz for the same period in 2010.

Copper production of 10.5 million lb for 2011 compared to 2.9 million lb in 2010. For the fourth quarter of 2011, copper production of 3.5 million lb compared to 0.6 million lb for the same period in 2010.

Lead production of 19.6 million lb for 2011 compared to 0.2 million lb in 2010. For the fourth quarter of 2011, lead production of 8.0 million lb compared to 0.1 million lb for the same period in 2010.

Zinc production of 36.4 million lb for 2011 compared to 17.7 million lb in 2010. For the fourth quarter of 2011, zinc production of 10.6 million lb compared to 3.2 million lb for the same period in 2010.

The following table sets out consolidated production results for the quarter and year ended December 31, 2011 and 2010. Please note that Yauricocha’s production is included from May 26, 2011 to December 31, 2011, following the Corona acquisition.

 3 Months Ended Year Ended Pro-Forma

Production Dec. 31, Dec. 31, Var. % Dec. 31, Dec. 31, Var. % FY 20112

2011 2010 20111 2010

Silver (Koz) 605 66 822% 1,517 235 546% 2,356

Copper (000 lb) 3,455 638 442% 10,493 2,926 259% 16,618

Lead (000 lb) 7,936 104 7560% 19,636 248 7811% 32,981

Zinc (000 lb) 10,660 3,180 235% 36,435 17,705 106% 48,802

1 Includes Yauricocha only for the ownership period starting on May 26,

2011

2 Includes Yauricocha figures from January 1 to December 31, 2011

2011 Exploration Highlights

On May 25, 2011 an updated NI 43-101 resource calculation report was released on the Yauricocha property identifying the following resources:

Proven and Probable: 1,140,030 tonnes at grades of 0.93% copper, 2.98% zinc, 2.34% lead, 117 grams/tonne (“g/t”) silver and 0.56 g/t gold.

Indicated Resources: 3,882,220 tonnes at grades of 0.77% copper, 2.62% zinc, 3.10% lead, 121 g/t silver and 0.75 g/t gold.

On October 1, 2011 an in-house resource evaluation of the Bolivar project was released identifying the following:

Indicated Resources: 3,134,535 tonnes at grades of 1.07% copper, 0.78% zinc, 26 g/t silver and 0.22 g/t gold.

Inferred Resources: 2,953,028 tonnes at grades of 1.25% copper, 0.40% zinc, 26 g/t silver and 0.27 g/t gold.

On November 23, 2011 an in-house resource evaluation of the Cusi project was released identifying the following:

Indicated Resources: 327,750 tonnes at grades of 261 g/t silver and 0.17% lead for a total indicated resource of 2.8 million ounces of silver.

Inferred Resources: 50,312 tonnes at grades of 147 g/t silver and 0.54 % lead for total inferred resources of 237,089 ounces of silver.

2012 Recent Developments

On January 26, 2012 the Company appointed Mr. Steven Dean as non-executive Chairman and Mr. Alberto Arias as Vice Chairman of the Board of Directors.

On February 28, 2012, positive exploration results from the Yauricocha property led to the announcement of the largest exploration budget to date on the property. In addition, an updated NI 43-101 resource calculation is being completed at Yauricocha and is expected to be released in the second quarter of 2012.

On March 1, 2012 the Company completed the sale of its hydroelectric asset in Peru to Volcan Compañía Minera S.A.A for US$46.8 million, of which the Company received US$24.5 million net of third party payments.

On March 30, 2012, Dia Bras intersected a new silver-type disseminated body of mineralization in its Cusi property. Consequently, management approved a 2012 exploration budget of $7.0 million to define the geological continuity of these high-grade deposits. The Company plans to complete an updated NI 43-101 resource calculation on Cusi in the fourth quarter of 2012.

On April 4, 2012 the Company released new exploration drill results indicating that El Gallo’s known resources at the Bolivar property expand 100 metres to the northeast of the previous resource boundary. The Company plans to release an updated NI 43-101 resource calculation on the Bolivar Property by the end of the second quarter of 2012.

On April 20, 2012 Dia Bras announced a Letter of Intent to acquire Plexmar Resources Inc., a Canadian exploration company currently focused on acquiring, exploring and developing gold properties, on a stock-for-stock transaction for an approximate market value of $13.7 million.

Liquidity & Capital Resources

Enhanced the liquidity position in Peru resulting from net proceeds of the sale of Corona’s hydroelectric asset for US$24.5 million in March 2012.

Improved liquidity position in Mexico due to the new US$10.0 million revolving credit facility and amendment on Corona’s acquisition financing to allow for cash transfers from Peru to Mexico of up to US$10.0 million. Both were negotiated during the first quarter of 2012.

Accelerated repayment of $50.9 million on Corona’s $146.6 million (US$150.0 million) acquisition financing as of the date of this release. Current net debt1 balance of $67.2 million.

Daniel Tellechea, President and CEO of Dia Bras, commented: “Dia Bras has had a strong year of growth by expanding operations into Peru with the acquisition of Corona and announcing commercial production at Bolivar. With the recent exploration results released from Yauricocha, Bolivar and Cusi the Company remains well positioned to continue its growth strategy. We look forward to 2012 as a year to consolidate operations while continuing to maximize operational efficiencies and add value through dedicated exploration efforts in Mexico and Peru. The Company remains poised for continued growth in the future as it is focused on precious metal production in Latin America”.

_______________ 1 Consolidated debt minus total cash and cash equivalents

Quality Assurance

The quality assurance-quality control (QA-QC) programme employed by Dia Bras has been described in detail in the NI 43-101 report on Yauricocha of May 25, 2011, prepared by Gustavson Associates of Denver, which is available for review on SEDAR.

The technical content of this news release has been approved by Thomas L. Robyn, Ph.D., CPG, RPG, a Qualified Person as defined in NI 43-101 and Head of Exploration for Dia Bras Exploration, Inc.

About Dia Bras

Dia Bras Exploration is a Canadian exploration & mining company focused on precious and base metals in Chihuahua State, other areas of northern Mexico, and most recently at its Yauricocha silver-lead-zinc-copper-gold mine in Peru. The Company is accelerating exploration at the Yauricocha property as well as pursuing the development and exploration of its most advanced Mexican assets – the Bolivar Property (copper-zinc-silver) and the Cusi Property (silver-lead) and is exploring in Mexico several precious metal targets such as La Sidra gold project at the Bolivar Property, Las Coloradas silver project at Melchor Ocampo (Zacatecas State), the Bacerac silver project (Sonora State), and the La Verde gold project at the Batopilas Property (Chihuahua State). Dia Bras is also exploring base metal projects in Mexico such as the Corralitos intrusion-hosted molybdenum deposit (Chihuahua State).

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Forward-looking Statements

Except for statements of historical fact, all statements in this news release without limitation regarding new projects, acquisitions, future plans and objectives are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.