Diamondex Resources Ltd.
TSX VENTURE : DSP

Diamondex Resources Ltd.

October 15, 2008 17:19 ET

Diamondex Resources Ltd.: Buffalo Hills Property Drilling Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2008) - Diamondex Resources Ltd. (TSX VENTURE:DSP) ("Diamondex") and Shore Gold Inc. (TSX VENTURE:SGF) ("Shore") are pleased to provide an update of the drill program on the Buffalo Hills Project located in north central Alberta (see www.diamondex.net for property details and location).

The primary goal of the program was to drill test the best kimberlite pipes (discovered to date) with sufficient density to allow for the identification of distinct kimberlite phases and key characteristics, which will permit the construction of more accurate geological models. This exploration program will provide vital information to determine which pipes, discovered to date on the Buffalo Hills Property, will warrant bulk sampling during follow-up campaigns. The program commenced in the first quarter of 2008 and is on-going.

To date, a total of 41 drill holes have been completed on the K14, K252 and K6 kimberlite for a combined total of 6,818 metres. All drill core has been transferred to the Shore logging facility in Fort a la Corne, Saskatchewan, where it was subject to quantitative geological analysis.

K14 Kimberlite

During the Winter 2008 drill campaign 22 vertical PQ size (85 mm core diameter) drill holes were completed on the K14 kimberlite for a total of 3,442 metres. Drilling was conducted on a grid pattern with drill holes located at 100 metre intervals. The drill grid covers an area of 16 hectares and kimberlite was intersected in all holes except two. Core logging and analysis was completed by the end of the third quarter 2008.

The breadth and consistency of the grid drilling, in combination with detailed core logging, has allowed the partners to identify six distinctive eruptive phases within the K14 Kimberlite and develop a preliminary three dimensional model. Internal studies anticipate each eruptive phase will have its own characteristic diamond grade. This modeling has already indicated that an additional east-west row of drill holes is required along the southern edge of the K14 grid to further delineate the kimberlite body. These additional holes will be completed during the next phase of drilling and will be among the most southerly holes drilled at K14.

K252 Kimberlite

Six vertical PQ size drill holes were completed at the K252 kimberlite for a total of 1,203 metres. Drilling was conducted at intervals of 50 and 25 metres across the main body of the kimberlite. Analysis is ongoing and results will be combined to revise the K252 geological model.

K6 Kimberlite

A total of 13 vertical PQ size drill holes were completed at the K6 kimberlite for a total of 2,173 metres. Drilling was conducted on a 100 metre grid pattern that conforms to the shape of the 700 metre long geophysical anomaly. The longest intersection of kimberlite was from surface to 253 metres at drill hole K6-08-05. Twenty-two holes were proposed however the entire grid was not completed due to poor ground conditions. Grid drilling is expected to resume after winter freeze-up.

2007 Bulk Sample Results

In 2007, Diamondex and Shore acquired Stornoway Diamonds Corporation's share of the Buffalo Hills Project. Diamondex is the Operator of the Buffalo Hills Joint Venture with Diamondex and Shore each contributing 50% of the exploration expenditures.

Along with the transfer of technical information and mineral rights was the transfer of bulk samples taken from the K14 and K6 kimberlites. This kimberlitic material was processed at the Shore processing facility where it underwent Dense Media Separation. The recovered X-Ray Flowsort and grease table concentrates were delivered to an independent sorting laboratory for diamond recovery.

Results of the bulk samples are as follows:



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Dry Metric Largest
Batch Tonnes Total Stones Total Carats CPHT Stone (ct)
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BHH-K14-Pit 1 43.56 45 3.20885 7.37 0.9
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BHH-K14-Pit 2 45.22 70 3.9746 8.79 0.38
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BHH-K14-Pit 3 48.22 24 3.94695 8.18 0.71
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BHH-K6-Pit 1 231.89 85 16.2853 7.02 1.07
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368.89 224 27.416
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The results of the bulk sample program need to be viewed in context of the K14 geological model. All three sample pits were taken from one near surface phase of a six phase kimberlite and the results are not applicable to the entire kimberlite body.

Similarly, the results from the K6 bulk sample need to be placed in the context of the forthcoming geological model.

Future Work

Further grid drilling is planned for the winter 2008/2009 season. New drilling will be carried out on the K91, BH225 and K5 kimberlites. The drill grid at K6 will be completed and additional holes will be added to the south end of the K14 grid.

The Buffalo Hills Project is the third largest known district of significantly diamond bearing kimberlites in Canada after Lac De Gras in the Northwest Territories and Fort a la Corne in Saskatchewan. Previous exploration on this project by Ashton Diamonds (Canada) Inc., Encana Corporation and Pure Diamonds Exploration Inc. from 1997-2006 resulted in the discovery of 38 kimberlites, 26 of which are diamondiferous.

Corporate

Diamondex wishes to announce that John Greig has resigned for the Board to pursue other interests. We thank him for his time and dedication to Diamondex and wish him the very best in all his present and future endeavors.

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

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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