Diamondex Resources Ltd.
TSX VENTURE : DSP

Diamondex Resources Ltd.

August 16, 2005 17:31 ET

Diamondex Acquires Alberta Property

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 16, 2005) - Diamondex Resources Ltd. ("Diamondex") (TSX VENTURE:DSP) is pleased to announce a significant land acquisition in central Alberta for diamond exploration. The acquisition, referred to as the Pegasus project, is comprised of 120 metallic mineral permits and totaling approximately 2.5 million acres, is centred approximately 185 kilometres northeast of Edmonton (see www.diamondex.net for property location) and was acquired on the basis of kimberlite indicator minerals (including significant concentrations of G10 pyrope garnets, chromite diopsides and ilmenites), as well as interpreted geophysical targets. A major technical review of all existing geophysical information, including aeromagnetic and seismic data, is currently being undertaken and further detailed sampling will commence immediately. A budget of $500,000 has been allocated for this initial program including a limited drill program.

David Clarke, P.Geol., M.Sc., 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


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