DSP Diamondex Resources Ltd. (Tier1)

Diamondex Resources Ltd. (TSX VENTURE:DSP) (the "Company") is pleased to
announce that it has recently completed the first phase drilling of eight
priority geophysical targets on its 90% owned nickel 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.


During 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.


Just prior to drilling, several of the VTEM anomalies within Area 1 were
surveyed with surface Pulse EM. Approximately 1,800 metres were successfully
drilled on the original eight targets with drill collars separated by an average
distance of 12 kilometres. Seven of the completed drill tests were further
investigated with three component Borehole Pulse EM. These down-hole geophysical
surveys aided in determining the relative quality and orientation of the targets
and presence of off-hole conductors. All core samples for assay have been
delivered to Accurassay Laboratories in Thunder Bay, Ontario.


Additional drilling to test several of the remaining priority targets will be
undertaken during the 2009 exploration year.


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 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.

Diamondex Resources Ltd. (Tier1) (TSXV:DSP)
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