DIAMONDEX RESOURCES LTD.

Diamondex Announces Canada Nickel Litigation

Diamondex Announces Termination of Canada Nickel Option

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2009) - Diamondex Resources Ltd. (TSX VENTURE:DSP) ("Diamondex" or the "Company") announces that it has formally notified Canada Nickel Corp. ("Canada Nickel"), for failure to cure a contractual default, of the termination of the option agreement between Canada Nickel and the Company on the James Bay Lowlands - Nickel Bay property.

The Agreement required Canada Nickel to advance $5,000,000 to Diamondex for expenditures on the James Bay Lowlands property in the first year of the Agreement in order to maintain the option and earn its next interest. On October 31, 2008, Diamondex requested that Canada Nickel, in accordance with the Agreement, advance $2,000,000 in connection with the first year requirements, including reimbursement of the amount advanced on Canada Nickel's behalf by Diamondex. Canada Nickel failed to do so and, in accordance with the Agreement, Diamondex delivered a notice of default to Canada Nickel on December 16, 2008. Canada Nickel failed to cure the Default by January 15, 2009, as required, and Diamondex has given notice of termination.

Dec. 19, 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2008) - Diamondex Resources Ltd. (TSX VENTURE:DSP) ("Diamondex" or the "Company") announces that it has been served by Canada Nickel Corp. ("Canada Nickel") with a writ of summons and statement of claim claiming rescission of an agreement dated June 3, 2008 originally entered into between J. Proust & Associates Inc. ("Proust") as optionee and Diamondex and its subsidiary Nickel Bay Resources Inc. as optionor respecting the James Bay Lowlands nickel project.

The agreement was assigned by Proust to Canada Nickel, a private company which was intending to make a public offering but has failed to do so. Canada Nickel also seeks a return of the funds it has advanced to Diamondex pursuant to the agreement and unspecified damages.

Diamondex has given notice to Canada Nickel that it is in default of its payment obligations under the agreement and that failure to remit $2,000,000 within 30 days from December 16, 2008 will result in termination of the agreement and the option.

Diamondex considers Canada Nickel's legal action to be without merit and will vigorously defend the action and counterclaim for damages and for costs.

2008-12-17 20:29 ET - Street Wire

by Mike Caswell

Diamondex Resources Ltd. and its president, Randy Turner, are facing a lawsuit in the Supreme Court of British Columbia alleging that they falsely represented to an optionee that Diamondex had spent $5-million exploring the James Bay Lowlands property.

The optionee and plaintiff, privately held Canada Nickel Corp., says it relied on that representation when it subsequently paid $5-million as part of an agreement to acquire a 51-per-cent interest in the ground. It claims that Diamondex actually spent just $3.5-million. Canada Nickel is seeking the return of its money and a declaration that the option agreement is rescinded.

Canada Nickel filed a statement of claim at the Vancouver courthouse on Dec. 16, 2008, naming Diamondex and Mr. Turner as defendants. According to the claim, Diamondex first negotiated the James Bay Lowlands option on June 6, 2008, with J. Proust & Associates Inc., which later assigned the agreement to Canada Nickel.

The deal called for a $5-million option payment plus $20-million in property expenditures over three years, in return for a 51-per-cent interest in the property. J. Proust gave Diamondex a $100,000 deposit.

In subsequent amendments on June 23, 2008, and July 5, 2008, Canada Nickel agreed to advance $1-million to Diamondex as a loan, the lawsuit claims. It also agreed to pay J. Proust back for the $100,000 deposit. On the effective date of the agreement, July 7, 2008, Canada Nickel paid $5-million to Diamondex, bringing the total amount it had paid to $6.1-million, the suit states.

To induce Canada Nickel to make the $5-million payment, Diamondex and Mr. Turner "represented that Diamondex had spent $5,000,000 in historical exploration expenditures ... and that the Option Payment was to reimburse Diamondex for these historical exploration expenditures," the suit claims. Mr. Turner allegedly confirmed this when he sent an e-mail to Canada Nickel containing a draft news release announcing the deal.

The draft stated that Canada Nickel was paying $5-million to reimburse Diamondex for prior exploration, according to the suit. (The version of the news release filed on SEDAR does not contain that statement.)

Canada Nickel says that it "reasonably relied on the Representation and was induced by it to become a party to the Option Agreement and to make the payments under it to Diamondex. The Representation was false in that Diamondex had, to June 30, 2008, incurred only $3,538,768 in historical exploration expenditures in relation to the Property."

Mr. Turner allegedly knew that Diamondex had not spent $5-million, or was negligent in saying that it had. As a result, Canada Nickel paid money to Diamondex that it would not normally have, the suit claims. Canada Nickel says it rescinded the option agreement by a letter dated Dec. 15, 2008.

DIAMONDEX RESOURCES LTD.

Jul 08, 2008 09:00 ET

Diamondex Grants Canada Nickel Corp. Option to Earn 51% Interest in Its James Bay Lowlands Properties for $5,000,000 Cash Payment and $20,000,000 Work Expenditures

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2008) - Diamondex Resources Ltd. (TSX VENTURE:DSP) (the "Company") is pleased to announce that it has signed an Option Agreement with the Canada Nickel Corp. ("Canada Nickel", a private Canadian corporation) under which Canada Nickel can acquire up to a 51% participating interest in the James Bay Lowlands Nickel Project (the "Project") located in the James Bay Region of northern Ontario (see www.diamondex.net for project location and description).

Under the terms of the Agreement, Canada Nickel can acquire a 51% interest by:

(a) having made a $5 million cash payment to Diamondex (which earns Canada Nickel a 10% interest in the Property); and

(b) funding $5 million in exploration expenditures on or before July 7, 2009 (which earns Canada Nickel a further 12% interest in the Property); and

(c) funding a further $7 million in exploration expenditures on or before July 7, 2010 (which earns Canada Nickel a further 14% interest in the Property); and

(d) funding a further $8 million in exploration expenditures on or before July 7, 2011 (which earns Canada Nickel a further 15% interest, for a total interest of 51%).

In addition, Canada Nickel will issue to Diamondex 250,000 share purchase warrants upon the completion of a going public transaction. Following Canada Nickel's exercise of the Option to earn a 51% undivided interest, Diamondex and Canada Nickel will form a participating Joint Venture for further exploration and development of the Property. Diamondex will be the Operator for the Project during the earn-in period.

Diamondex has recently completed a 5,105 line km VTEM survey over the eastern block of the Project area. This survey was successful in discovering 35 discrete late time basement conductors which are interpreted to be excellent targets for magmatic sulphide exploration. The interpreted strike lengths of the conductors range from 300 metres to 1,600 metres.

Geotech Ltd. has been contracted to fly VTEM over the remaining claim blocks of the Property (Areas 1 and 3) (see www.diamondex.net for project location and description). This 8,000 line km survey is expected to commence shortly. During this summer season, Diamondex and Canada Nickel will follow-up selected high-priority airborne anomalies with detailed ground geophysical surveys to further assist conductor characterization and ranking (including width, dip, depth, and ultra-low frequency EM response). These efforts will aid in the target selection for the initial diamond drill test program which is expected to get underway during Q4 of 2008 and be completed during Q1, 2009. It is expected that approximately 16 targets will be tested during this period.

With over 407,000 acres within 724 claims in the James Bay Lowlands, Diamondex is the largest property holder in the area, and has established a leading position in what could be one of Canada's last unexplored volcanic belts with demonstrated economic potential.

The current field program is being managed by Raymond Ashley, P.Geo., of Diamondex Resources Ltd. He is a Qualified Person in accordance with National Instrument 43-101, and has reviewed and approved the content of this press release.

Dec 13, 2007 09:30 ET

Diamondex Acquires Ranulf Property, James Bay Lowlands, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2007) - Diamondex Resources Ltd. (TSX VENTURE:DSP) ("Diamondex") is pleased to announce that it has entered into a Joint Venture Agreement with Special Projects Inc. ("SPI"), a Calgary based geophysical company, on the Ranulf Property located in the James Bay Lowlands area of Northern Ontario (See www.diamondex.net for project location and description).

The Ranulf Property is adjacent to the Weiland Property (Diamondex/DeBeers Canada Inc., see November 8, 2007 press release) and is located east of the Kyle Lake kimberlite cluster area in the James Bay Lowlands, approximately 60 kilometres west of De Beers' Victor diamond mine which is currently slated for production in early 2008. The Ranulf property is also situated in the area surrounding the T1, U1 and U2 kimberlite pipes recently discovered by Metalex Ventures Ltd.

The interpretation of 28,170 line kilometres of low-level high-resolution airborne magnetic surveys flown on 100 metre-spaced lines resulted in the recent staking of 26 claims on the Ranulf Property. Following completion of the Weiland drill program, two proprietary light-weight reverse circulation drills will be moved onto the Ranulf property to undertake a winter drill program testing 15 high priority magnetic targets. Diamondex acquired its 80% interest from SPI for approximately $445,000 and is the Operator of the Project.

Mr. Raymond Ashley, P.Geoph. Vice President of Exploration for Diamondex is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the content of this press release.

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