Diamondex Resources Ltd.
TSX VENTURE : DSP

Diamondex Resources Ltd.

September 18, 2007 12:47 ET

Diamondex and Loon River First Nation Reach Agreement to Explore Reserve Lands for Diamonds

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 18, 2007) - Diamondex Resources Ltd. (TSX VENTURE:DSP) ("Diamondex") is pleased to announce it has concluded an agreement with the Loon River First Nation to explore for diamonds on Loon River First Nation Reserve Lands. The agreement, supported by the Chief and Council, has been formalized with the issuance of an Indian and Northern Affairs Exploration Permit pursuant to the Indian Mining Regulations.

"As far as we are aware this is the first Indian Mining Regulation Exploration Permit issued since the regulations came into effect in the 1950's. We are pleased to conclude a mutually beneficial agreement with the Band Council and excited at the exploration opportunities present on Loon River First Nation Reserve Lands," says Randy Turner, President and CEO of Diamondex Resources Ltd.

Chief of the Loon River First Nation, Arthur Noskey says, "We are excited about the potential of this project for the Loon River First Nation and are looking forward to working with Diamondex. At the same time we are proud of having played a key part in developing a modern mineral exploration permit that will be beneficial to all First Nations."

The reserve lands constitute approximately 17,000 hectares and occupy a significant unexplored area within the Buffalo Head Hills kimberlite field. To date 38 kimberlites have been discovered in the region of which 26 are diamond bearing.

The Loon River First Nation Reserve Lands lie within the Buffalo Head Hills Joint Venture Area of Interest and will constitute a new project known as the Loon River Property.

Diamondex Resources Ltd. is the operator of the Buffalo Hills Joint Venture on behalf of joint venture partners Shore Gold Inc., EnCana Corporation and Pure Gold Minerals (Alberta) Inc.

DIAMONDEX RESOURCES LTD.

Randy C. Turner, President

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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