DSP Diamondex Resources Ltd. (Tier1)

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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