DSP Diamondex Resources Ltd. (Tier1)

Diamondex Resources Ltd. (TSX VENTURE:DSP) (the "Company") announces results
from diamond drilling of eight priority geophysical targets on its 90% owned
Nickel Bay Property in the James Bay Lowlands area of northern Ontario. The
targets are located inside Area 1, a subset of roughly three contiguous claim
blocks, within the 414,385 acre property. See www.diamondex.net for project
location and description.


All of the tests, which were collared at an average of 12 kilometres apart,
intercepted sulphide mineralization, primarily comprised of pyrrohotite and
pyrite as well as visible chalcopyrite and sphalerite. Individual drill
intercept widths of massive and semi-massive sulphide mineralization ranged from
approximately 2 to 50 metres. Analytical results from 139 samples from these
zones were submitted to Accurassay Laboratories of Thunder Bay, Ontario.
Strongly anomalous copper (0.14%) and zinc (0.32%) assays were returned. No
significant nickel values were reported.


Several of the tests intersected intervals of well developed hydrothermal
alteration, over widths of up to 40 metres, which contained varying amounts of
sericite, carbonate, and silica alteration along with quartz veins and
brecciation developed within the altered sections. Whole rock geochemistry from
cores collected above and below the altered zones indicates that the tested
areas are dominated by volcanics of tholeiitic and calc alkaline basalt
affinity. These suites of rock types can be associated with the upper (younger)
successions of the Archean greenstone belts of the Superior craton (and cratons
throughout the world) and can host volcanogenic massive sulphide (VMS) deposits
as well as lode gold mineralization.


This initial drill program within a relatively unexplored greenstone belt
successfully demonstrated Area 1's potential to host VMS and lode gold deposits.
The discovery of well developed hydrothermally altered zones within a package of
prospective volcanic rocks that returned anomalous copper and zinc values as
well as gold assays up to 0.6 grams/tonne is highly encouraging. In light of
consistently anomalous gold values within some of these intervals, the Company
is currently sampling additional cores from within the hydrothermal zones and
the assay results will be reported as they are received. The Company is
confident that follow-up drilling of off-hole conductors located by subsequent
Borehole Pulse electromagnetic surveys as well as the testing of the remaining
priority geophysical anomalies within Area 1 is warranted. A follow-up drill
program is currently being planned to further test additional geophysical
targets on the property.


Area 1 represents less than 20% of the Nickel Bay property. In 2008
approximately 13,000 line-kilometres of versatile time domain electromagnetic
("VTEM") surveys were flown over the entire property identifying 78 priority
conductors with minimum conductance values greater than 100 siemens. The
resulting targets are characterized as strong conductors hosted within
volcano-sedimentary stratigraphy similar to that which hosts Noront's Double
Eagle nickel deposit and Spider-KWG's McFauld's Lake VMS deposits.


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., M.Sc., 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 RESOURCES LTD.

Randy C. Turner, President

Certain of the statements made and information contained herein is
"forward-looking information" within the meaning of the British Columbia
Securities Act. This includes statements concerning the Company's plans at its
mineral properties, which involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or achievements of
the Company, or industry results, to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking information. Forward-looking information is subject to a variety
of risks and uncertainties which could cause actual events or results to differ
from those reflected in the forward-looking information, including, without
limitation, the ability of the Company to continue to be able to access the
capital markets for the funding necessary to acquire and maintain exploration
properties and to carry out its desired exploration programs; inability to fund
the Company's share of costs incurred under joint venture agreements to which it
is a party, and reduction or elimination of its joint venture interest as a
result; competition within the minerals industry to acquire properties of merit,
and competition from other companies possessing greater technical and financial
resources; difficulties in executing exploration programs on the Company's
proposed schedules and within its cost estimates, whether due to weather
conditions in the areas where it operates, increasingly stringent environmental
regulations and other permitting restrictions, or other factors related to
exploring in the north, such as the availability of essential supplies and
services; factors beyond the capacity of the Company to anticipate and control,
such as the marketability of minerals, government regulations relating to
health, safety and the environment, the scale and scope of royalties and taxes
on production; unusually mild winter conditions affecting or delaying the
opening of the winter roads and resulting difficulties in transporting materials
needed to support various exploration projects and resulting increased costs of
transport by air; the availability of experienced contractors and professional
staff to perform work in a competitive environment and the resulting adverse
impact on costs and performance and other risks and uncertainties, including
those described in each management discussion and analysis. 

In addition, forward-looking information is based on various assumptions
including, without limitation, assumptions associated with exploration results
and costs and the availability of materials and skilled labour. Should one or
more of these risks and uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially from those
described in forward-looking statements. Accordingly, readers are advised not to
place undue reliance on forward-looking information. Except as required under
applicable securities legislation, the Company undertakes no obligation to
publicly update or revise forward-looking information, whether as a result of
new information, future events or otherwise.

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