Diamondex Resources Ltd.
TSX VENTURE : DSP

Diamondex Resources Ltd.

June 01, 2005 17:15 ET

Diamondex Resources Ltd.: Financings Arranged

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 1, 2005) - DIAMONDEX RESOURCES LTD. (TSX VENTURE:DSP) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

DIAMONDEX RESOURCES LTD. (TSX VENTURE:DSP) ("Diamondex") is pleased to announce that, subject to regulatory acceptance, the Company has arranged a non-brokered private placement of up to 3,000,000 flow-through common shares at a price of $1.05 per flow-through share for aggregate gross proceeds of up to $3,150,000.

Diamondex will pay a cash finder's fee equal to 5% of the proceeds received by Diamondex from the sale of the flow-through shares in connection with the private placement.

In addition, the Company announces that, further to its news release dated May 27, 2005, an investor has agreed to subscribe for up to 1,150,000 units not being subscribed by Tell Investments LLP on the same terms as previously announced, being $0.90 per unit, each unit consisting of one share and a warrant to purchase an additional share for 24 months at a price of $1.25.

The gross proceeds from the offering of flow-through shares and the additional offering of units will be used for further exploration of Diamondex's Canadian diamond projects and in respect to the non-flow through proceeds, for general corporate purposes.

Diamondex is a well-financed exploration company that holds a very large and prospective portfolio of diamond properties in the lower Mackenzie River area and the southern Slave Province of the Northwest Territories, the Melville and Brodeur Peninsula areas, as well as the Coronation Gulf district of Nunavut and northern Quebec. Diamondex holds up to a 100% interest in 18 diamond properties totaling approximately 8.5 million acres.

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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