Hard ball in the low lands - a confusing, but a good ROF read

• Diamondex has commenced drilling on its nickel property, James Bay (Diamondex owns 90% of the James Bay Property and Canada Nickel Corp. retains an undivided 10% interest)
• Diamondex Resources Ltd. announces that it has formally notified Canada Nickel Corp. 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.
  
• Southern Arc owns 5.3 million common shares of Canada Nickel (a Private company)
• Bruce Durham, director of Canada Nickel, seems to enjoy mining litigation…..
• Diamondex, has the staked one of the largest land packages in the James Bay lowlands-ROF staked claim map - Diamondex
• Diamondex BOD, is a who’s who
• (old news) Diamondex Grants Canada Nickel Corp. Option to Earn 51% Interest
• Southern Arc & Canada Nickel litigates against Diamondex
  

Mar 11, 2009 16:31 ET

Diamondex Starts 2,000 Metre Drilling Program on James Bay Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2009) - Diamondex Resources Ltd. (TSX VENTURE:DSP) (the "Company") is pleased to announce that the Company has commenced drilling on its nickel property (the "James Bay Property") in the James Bay area of northern Ontario.

The 2,000 metre program will focus on priority geophysical anomalies in Area 1, a subset of the three roughly contiguous claim blocks of the 414,000 acre property (see www.diamondex.net for project location and description). Cyr Drilling Ontario Inc. has been contracted to provide the diamond drilling expertise that will see up to 10 priority targets tested before the middle of April.

During 2008 approximately 13,000 line-kilometres of versatile time domain electromagnetic ("VTEM") surveys were flown over the James Bay Property. To date, 78 strong conductors with minimum conductance values greater than 100 siemens have been identified over the breadth of the Property. The resulting targets, up to ten of which will be tested during the current program, are interpreted to be underlain by similar volcano-sedimentary stratigraphy to that which hosts Noront's Double Eagle nickel deposit and Spider-KWG's McFauld's Lake VMS deposits.

The Company owns 90% of the James Bay Property and Canada Nickel Corp. retains an undivided 10% interest.

The Company is one of the largest property holders 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.

David Clarke, P.Geol., MSc., Senior Vice President of Exploration for Diamondex Resources Ltd. is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Diamondex Resources Ltd.

Diamondex Management team - directors

James Eccott, B.Comm.
Position: Chairman & Director

Mr. Eccott had been a member of the Board of Directors of Dia Met Minerals Ltd. since 1986 and in 1992 he was appointed its President and Chief Executive Officer, until his retirement in December 2000. During his executive role at Dia Met Minerals Ltd., Mr. Eccott was involved in the discovery of Canada's first diamond mine, Ekati, in the Northwest Territories

Randy Turner, B.Sc., P.Geo.
Position: President, CEO and Director

Mr. Turner has been President of Diamondex Resources Ltd. since 1999, when the Company first traded as a "spin-off" from Winspear Diamonds Inc. As former President of Winspear for nine and a half years, Mr. Turner guided the Company from the discovery of the Snap Lake diamond deposit through to the sale of it to De Beers Mining of Canada for C$305 million

John McDonald, Ph.D., P.Geo.
Position: Director and Technical Consultant

Dr. McDonald was the V.P. Exploration for both Diamondex and Winspear Diamonds Inc., designing and developing their exploration focus. He and his technical team were directly responsible for the discovery and development of the Snap Lake diamond deposit, acquired by De Beers for $305 million in 2000. His field success is complemented by an academic career including 5 years mineral deposit research with CSIRO, Australia and a 13-year tenure as a university professor at the University of Saskatchewan, Saskatoon and Australian National University, Canberra, Australia. He has also served as Interim Director for the Mineral Deposit Research Unit (MDRU) at the University of British Columbia during its formative stage. Prior to Dr. McDonald joining the Winspear team, he worked 10 years for Esso Minerals Canada as Chief Geologist and Exploration Manager, Western Canada.

James D. Excell
Position: Director

Mr. Excell brings to the Board more than 30 years of operating and major project management experience in the mining industry. He has managed and developed some of the world's premier mining projects in Canada, the United States and Australia, including most recently the Ekati Diamond Mine in the Northwest Territories. Mr. Excell led the construction, commissioning and subsequent operation of the $700 million development of the Ekati Mine, Canada's first diamond mine.

Alexander J. Davidson, B.Sc., M.Sc.
Position: Director

Alex Davidson is the Executive Vice President of Exploration and Corporate Development at Barrick Gold. He has responsibility for Barrick Gold's International Exploration programs and Corporate Development activities. Prior to joining Barrick, Mr. Davidson was Vice President, Exploration for Metall Mining Corporation. Mr. Davidson has over 25 years experience in designing, implementing and managing gold and base metal exploration and acquisition programs throughout the world.

Diamondex, James Bay Lowlands Nickel Project

The Property was originally staked by Diamondex on the basis of regional aeromagnetic data, with support from recent and historic government interpretations of geology from magnetic data.

The property includes key positive magnetic anomalies, typical of mafic and ultramafic lithologies and prospective for nickel mineralization, along the entire 250 km length of the newly interpreted greenstone belt. A few drill holes in the public domain corroborate the presence of the volcanic belt. There are few known rock outcrops in the staked area. Consequently, accurate interpretation of geophysical surveys has been used to identify viable drill targets. A 5,105 line-km Variable Time-delayed Electro-Magnetic (VTEM) survey was recently completed over approximately one-third of the Property (Area 2). Initial results indicate the presence of numerous high quality conductors with strong coincident magnetic anomalies. Interpreted strike lengths of thirty-five late-time conductors range from 300 metres to 1,600 metres.

The basement conductors on this property have been interpreted by independent consultants to be excellent targets for magmatic sulphide exploration. The Property, at 407,400 acres (approximately 165,000 hectares), represents the largest land position in the district.

Canada Nickel, The current board of directors of Canada Nickel is comprised of:

John Proust

Mr. Proust has advised public and private companies with respect to debt and equity financing, mergers and acquisitions, and corporate restructuring since 1986. Mr. Proust has served on numerous boards and in several senior operating positions for private companies and TSX Venture Exchange listed companies, including as current President, Chief Executive Officer and a Director of Southern Arc Minerals Inc., Chairman and a Director of Canada Energy Partners Inc., President, Chief Executive Officer and a Director of Superior Mining International Corporation, and as a Director of Western Uranium Corporation and Pamodzi Gold Limited.

Mr. Proust has extensive experience in corporate governance and is a graduate of The Directors College, De Groote School of Business at McMaster University and holds the designation of Chartered Director (C.Dir.).

Bruce Durham

Mr. Durham is currently Executive Chairman of Temex Resources Corp. Prior to joining Temex, Mr. Durham served as Vice President Exploration (2001 to 2007) and Vice President Business Development for Canadian Royalties Inc. (2006-2007); he was also President of Canadian Royalties from 2003-2006. He continues to serve as a Director of Canadian Royalties, a position he has held since 1998, and is also a Director of East West Corporation.

A graduate of the University of Western Ontario, Mr. Durham has worked in mineral exploration for more than 30 years in various positions with junior mining companies exploring primarily for precious and base metal deposits in Ontario and Quebec, but also with companies exploring across Canada, in the USA, and in Africa. Mr. Durham has been an integral member or leader of various exploration teams credited with the discovery or definition of several significant mineral deposits including: the David Bell Mine (Hemlo), the Golden Giant Mine (Hemlo), the Redstone Nickel Mine (Timmins), the Bell Creek Mine (Timmins) and several nickel-copper deposits on the Raglan South Project of Canadian Royalties that are being evaluated for their economic viability.

Peter Snucins

Mr. Snucins is the Chairman and Founder of Fallingbrook Management Inc., a private investment company engaged in the business of investing in significant minority or controlling positions in both public and private companies. Mr. Snucins began his business career in 1978 at which time he helped create Canadian Corporate Funding Limited ("CCFL") as a founding shareholder and Director. From 1988 to 1993, Mr. Snucins was President, Chief Operating Officer and Director of Clairvest Group Inc., a Canadian merchant bank listed on the Toronto Stock Exchange. Mr. Snucins was formerly: the President and a Director of Atlas Cromwell Ltd. (May 1998 to October 2003); Chief Financial Officer and Director of Binscarth PVC Ventures Inc. (March 2004 to June 2005), both TSX Venture Exchange companies; Director of NHC Communications Inc. (August 1998 to December 2003), a Toronto Stock Exchange company; and President and Director of Avanti Mining Inc. (February 2006 to June 2007), a CNQ company. Mr. Snucins has been involved in the management and direction of numerous public and private companies, including Masonite (formerly Premdor Inc.), ANZ Bank Canada, Prestolite Batteries Inc., Unitron Industries Inc. and IBEX Technologies Inc.

Joseph Giuffre

Mr. Giuffre, B.A. (Economics/Business), LLB., has over twenty five years of combined experience in business and legal matters, and has a transaction-based practice in the areas of corporate finance, securities and corporate and commercial, project finance, and mergers and acquisitions. He acts for a wide range of Canadian and foreign corporations, public and private, and those who finance them such as underwriters, investment dealers, financial institutions and venture capitalists.

Mr. Giuffre has extensive experience acting for Canadian public companies, many of which have progressed from private start-up companies to publicly-listed emerging companies trading on the TSX Venture Exchange, The Toronto Stock Exchange, American Stock Exchange or NASDAQ. Mr. Giuffre advises on securities and stock exchange regulatory matters, public offerings, joint venture transactions, debt and equity financing structures and agreements, mergers and corporate reorganizations, purchase and sale arrangements, corporate governance matters, licence agreements, and various other commercial agreements. Mr. Giuffre has also acted for various clients involved in cross-border transactions which involve complex commercial structures and Canadian and U.S. securities law issues. Mr. Giuffre also conducts seminars on securities law and regulatory matters, corporate governance and commercial transactions.

On Behalf of the Board of Southern Arc Minerals Inc.

John Proust, President and CEO

Feb 03, 2009 18:25 ET

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.

DIAMONDEX RESOURCES LTD.

Dec 19, 2008 15:46 ET

Diamondex Announces Canada Nickel Litigation

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.

DIAMONDEX RESOURCES LTD.

Randy C. Turner, President and Chief Executive Officer

Dec 19, 2008 08:30 ET

Southern Arc Minerals Inc.: Canada Nickel Commences Legal Action Against Diamondex Resources Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2008) - Southern Arc Minerals Inc. ("Southern Arc" or the "Company") (TSX VENTURE:SA) provides the following update regarding Canada Nickel Corp. ("Canada Nickel"), a private company of which Southern Arc owns 43.6% (15.3 million shares).

On December 16, 2008 Canada Nickel commenced a legal action against Diamondex Resources Ltd. ("Diamondex") in connection with its option agreement (the "Option Agreement") on the James Bay Lowlands Nickel Project (the "Property").

Canada Nickel alleges that it entered into the Option Agreement and made a $5 million option payment to Diamondex on the basis of representations that Diamondex had incurred $5 million dollars in historical exploration expenditures on the Property and that the $5 million payment was to reimburse Diamondex for those expenditures. Canada Nickel alleges that Diamondex's historical expenditures on the Property including acquisition costs were actually $3,538,768 and not $5 million as represented to Canada Nickel. Canada Nickel states that it has given notice of rescission of the Option Agreement and seeks the return of the $5 million option payment, together with $1.1 million in exploration expenditures paid under the Option Agreement.

On December 16, 2008 Diamondex provided notice to Canada Nickel that the failure to remit $2 million of further exploration expenditures previously requested by Diamondex within 30 days would result in the termination of the Option Agreement.

On Behalf of the Board of Southern Arc Minerals Inc.

David Stone, Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Oct 01, 2008 08:30 ET

Southern Arc Minerals Inc. Receives Shareholder Approval for Its Strategic Investment in Canada Nickel Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 1, 2008) - Southern Arc Minerals Inc. ("Southern Arc" or the "Company) (TSX VENTURE:SA) is pleased to announce that the Company's shareholders have overwhelmingly voted in favour of a resolution ratifying Southern Arc's investment in Canada Nickel Corp. ("Canada Nickel").

As previously announced (July 8, September 9) the Company purchased 15.3 million common shares of Canada Nickel for proceeds of $5.355 million (the "Transaction"). The Transaction was approved by 96.74% of the votes cast by shareholders including votes cast by John G. Proust. Without including Mr. Proust's shares, the transaction was approved by 93.36% of the votes cast by shareholders at today's meeting.

Canada Nickel has completed a non-brokered private placement at $0.35 per share, including the Southern Arc Investment, for gross proceeds of approximately $9.0 million. Southern Arc owns 43.6% of Canada Nickel's 35,129,542 issued and outstanding common shares.

Canada Nickel has paid $5 million to Diamondex Resources Ltd. and earned a 10% interest in the James Bay Lowlands Nickel Project (the "Property"). Canada Nickel can earn a total of 51% interest in the Property by:

(a) making $5 million in exploration expenditures in year 1 (which earns Canada Nickel a further 12% interest in the Property). Canada Nickel has used a portion of the proceeds of the private placement to fund $1.1 million of the year 1 exploration budget on the Property;

(b) making a further $7 million in exploration expenditures in year 2 (which earns Canada Nickel a further 14% interest in the Property); and

(c) making a further $8 million in exploration expenditures in year 3 (which earns Canada Nickel a further 15% interest, for a total interest of 51%).

On Behalf of the Board of Southern Arc Minerals Inc.

John Proust, President and CEO

Mar 11, 2009 16:31 ET

Diamondex Starts 2,000 Metre Drilling Program on James Bay Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2009) - Diamondex Resources Ltd. (TSX VENTURE:DSP) (the "Company") is pleased to announce that the Company has commenced drilling on its nickel property (the "James Bay Property") in the James Bay area of northern Ontario.

The 2,000 metre program will focus on priority geophysical anomalies in Area 1, a subset of the three roughly contiguous claim blocks of the 414,000 acre property (see www.diamondex.net for project location and description). Cyr Drilling Ontario Inc. has been contracted to provide the diamond drilling expertise that will see up to 10 priority targets tested before the middle of April.

During 2008 approximately 13,000 line-kilometres of versatile time domain electromagnetic ("VTEM") surveys were flown over the James Bay Property. To date, 78 strong conductors with minimum conductance values greater than 100 siemens have been identified over the breadth of the Property. The resulting targets, up to ten of which will be tested during the current program, are interpreted to be underlain by similar volcano-sedimentary stratigraphy to that which hosts Noront's Double Eagle nickel deposit and Spider-KWG's McFauld's Lake VMS deposits.

The Company owns 90% of the James Bay Property and Canada Nickel Corp. retains an undivided 10% interest.

The Company is one of the largest property holders 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.

David Clarke, P.Geol., MSc., Senior Vice President of Exploration for Diamondex Resources Ltd. is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Diamondex Resources Ltd.

Diamondex Management team - directors

James Eccott, B.Comm.
Position: Chairman & Director

Mr. Eccott had been a member of the Board of Directors of Dia Met Minerals Ltd. since 1986 and in 1992 he was appointed its President and Chief Executive Officer, until his retirement in December 2000. During his executive role at Dia Met Minerals Ltd., Mr. Eccott was involved in the discovery of Canada's first diamond mine, Ekati, in the Northwest Territories

Randy Turner, B.Sc., P.Geo.
Position: President, CEO and Director

Mr. Turner has been President of Diamondex Resources Ltd. since 1999, when the Company first traded as a "spin-off" from Winspear Diamonds Inc. As former President of Winspear for nine and a half years, Mr. Turner guided the Company from the discovery of the Snap Lake diamond deposit through to the sale of it to De Beers Mining of Canada for C$305 million

John McDonald, Ph.D., P.Geo.
Position: Director and Technical Consultant

Dr. McDonald was the V.P. Exploration for both Diamondex and Winspear Diamonds Inc., designing and developing their exploration focus. He and his technical team were directly responsible for the discovery and development of the Snap Lake diamond deposit, acquired by De Beers for $305 million in 2000. His field success is complemented by an academic career including 5 years mineral deposit research with CSIRO, Australia and a 13-year tenure as a university professor at the University of Saskatchewan, Saskatoon and Australian National University, Canberra, Australia. He has also served as Interim Director for the Mineral Deposit Research Unit (MDRU) at the University of British Columbia during its formative stage. Prior to Dr. McDonald joining the Winspear team, he worked 10 years for Esso Minerals Canada as Chief Geologist and Exploration Manager, Western Canada.

James D. Excell
Position: Director

Mr. Excell brings to the Board more than 30 years of operating and major project management experience in the mining industry. He has managed and developed some of the world's premier mining projects in Canada, the United States and Australia, including most recently the Ekati Diamond Mine in the Northwest Territories. Mr. Excell led the construction, commissioning and subsequent operation of the $700 million development of the Ekati Mine, Canada's first diamond mine.

Alexander J. Davidson, B.Sc., M.Sc.
Position: Director

Alex Davidson is the Executive Vice President of Exploration and Corporate Development at Barrick Gold. He has responsibility for Barrick Gold's International Exploration programs and Corporate Development activities. Prior to joining Barrick, Mr. Davidson was Vice President, Exploration for Metall Mining Corporation. Mr. Davidson has over 25 years experience in designing, implementing and managing gold and base metal exploration and acquisition programs throughout the world.

Sep 30, 2008 09:00 ET

Diamondex Resources Ltd.: 62 Strong Conductors Now Identified by VTEM Airborne Geophysical Surveys at the James Bay Lowlands Property With 161,000 Acres yet to Be Evaluated

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 30, 2008) - Diamondex Resources Ltd. (TSX VENTURE:DSP) ("Diamondex") and Canada Nickel Corp. ("CNC") are pleased to announce that, after evaluating approximately 30% of the data from the recently completed 7,786 line kilometre, high resolution VTEM (Versatile Time-Domain Electromagnetic) survey, the companies have identified 27 new strong Precambrian basement conductors on their James Bay Lowlands Property (the "Property").

A total of 12,891 line kilometres of high resolution, B-field VTEM has been flown by Geotech Ltd. over the 407,000 acre Property at a maximum line spacing of 200 metres.

All 27 additional late time basement conductors have modeled values greater than 100 siemens (siemens is a unit measurement of electrical conductance). Of particular interest, 8 of these conductors have values greater than 500 siemens, with 1 high priority conductor with a modeled conductance value of 3,000 siemens. These 27 conductors are in addition to 35 conductors previously identified in other areas of the Property (see News Release May 6, 2008) bringing the total number of strong conductors identified on the property, to date, to 62. VTEM data from 161,000 acres has yet to be evaluated.

All the conductors identified from the VTEM surveys completed in 2008 are interpreted to be hosted within volcano-sedimentary stratigraphy similar to that containing Noront's Eagle One nickel deposit and Spider-KWG's McFauld's Lake VMS deposits. The priority conductors occur as discrete bodies of short strike length (less than 1 kilometre), most of them with directly coincident magnetic conductors, which increases the likelihood that these conductors are related to volcanogenic massive sulphides or Ni-rich magmatic sulphides, rather than formational conductors or graphitic horizons. Many of the conductors have a high likelihood of being accurately collared for drill testing directly from the VTEM survey data. At least 30 of the conductors will be followed-up with detailed ground geophysical surveys before drill testing, in order to better define the target's characteristics and location.

In preparation for the upcoming 7,500 metre drill testing program scheduled for this winter, Diamondex will focus on completing the evaluation of the remaining VTEM data, modeling the highest priority conductors, and evaluating those targets which will require detailed follow-up ground geophysical surveying. It is expected that at least 16 of the highest priority conductors will be drill tested by the end of the first quarter of 2009.

Virtually no previous exploration has been carried out over the interpreted 200-plus kilometre long Greenstone Belt that the Property covers. The significant number of highly conductive responses in this proven fertile environment (Eagle One nickel deposit, McFauld's VMS deposit) indicates an encouraging scenario for the discovery of new economic deposits.

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

DIAMONDEX RESOURCES LTD.

Randy C. Turner, President

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.

DIAMONDEX RESOURCES LTD.

Randy C. Turner, President

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