Diamondex Resources Ltd.

Diamondex Resources Ltd.

December 13, 2007 09:30 ET

Diamondex Acquires Ranulf Property, James Bay Lowlands, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2007) - Diamondex Resources Ltd. (TSX VENTURE:DSP) ("Diamondex") is pleased to announce that it has entered into a Joint Venture Agreement with Special Projects Inc. ("SPI"), a Calgary based geophysical company, on the Ranulf Property located in the James Bay Lowlands area of Northern Ontario (See www.diamondex.net for project location and description).

The Ranulf Property is adjacent to the Weiland Property (Diamondex/DeBeers Canada Inc., see November 8, 2007 press release) and is located east of the Kyle Lake kimberlite cluster area in the James Bay Lowlands, approximately 60 kilometres west of De Beers' Victor diamond mine which is currently slated for production in early 2008. The Ranulf property is also situated in the area surrounding the T1, U1 and U2 kimberlite pipes recently discovered by Metalex Ventures Ltd.

The interpretation of 28,170 line kilometres of low-level high-resolution airborne magnetic surveys flown on 100 metre-spaced lines resulted in the recent staking of 26 claims on the Ranulf Property. Following completion of the Weiland drill program, two proprietary light-weight reverse circulation drills will be moved onto the Ranulf property to undertake a winter drill program testing 15 high priority magnetic targets. Diamondex acquired its 80% interest from SPI for approximately $445,000 and is the Operator of the Project.

Mr. Raymond Ashley, P.Geoph. Vice President of Exploration for Diamondex is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the content of this press release.


Randy C. Turner, President

Caution Regarding Forward-Looking Statements

Certain of the statements made and information contained herein is "forward-looking information" within the meaning of the Ontario 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 diamonds, government regulations relating to health, safety and the environment, the scale and scope of royalties and taxes on production, and demands for "value added" processing of rough diamonds in northern Canada; 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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