Diamondex Resources Ltd.
TSX VENTURE : DSP

Diamondex Resources Ltd.

June 14, 2005 17:25 ET

Diamondex Resources Ltd.: Financings Closed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 14, 2005) -

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 it has closed the non-brokered private placements previously announced on June 1, 2005 of 3,000,000 flow-through common shares at a price of $1.05 per flow-through share and 1,150,000 units at a price of $0.90 per unit for total gross proceeds to Diamondex of $4,185,000. Each unit is comprised of one common share of Diamondex and one common share purchase warrant; each whole warrant exercisable until June 14, 2007, into an additional common share of Diamondex at a price of $1.25 per common share.

All securities issued pursuant to the private placements bear a four month hold period expiring on October 15, 2005.

In connection with the flow-through financing Diamondex paid a cash finder's fee of $157,500 to an arm's length third party, representing 5% of the gross proceeds received from the sale of the flow-through shares.

Diamondex will use the proceeds from the flow-through and unit private placements for further exploration of Diamondex's Canadian diamond projects and, in respect of the unit placement, for general working capital.

Diamondex holds a very large and prospective portfolio of diamond exploration 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 totalling 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.

Contact Information