Diamondex Resources Ltd.
TSX VENTURE : DSP

Diamondex Resources Ltd.

May 31, 2005 19:01 ET

Diamondex Updates Brodeur, Heeqou, Kingfish and Carat Properties

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 31, 2005) - Diamondex Resources Ltd. (TSX VENTURE:DSP) ("Diamondex") is pleased to provide updates on its Brodeur and Heeqou Projects, both located in Nunavut and its Kingfish and Carat Projects, located in the Northwest Territories (see http://www.diamondex.net for property locations).

Brodeur Property , Nunavut

A 19,000 line-kilometre fixed wing McPhar magnetic survey has commenced over the recently acquired Brodeur Property, which was optioned from Kennecott Canada Exploration Inc. (see NR dated May 9, 2005). This survey, to be flown at 100 metre line-spacing, is expected to be completed within 3-4 weeks. In addition to this survey, a 3,000 line-kilometre Fugro RESOLVE airborne mag/EM survey will be flown at 100 metre line-spacings over an area which includes kimberlite intrusions previously defined by Kennecott. This survey is expected to begin during the first week of July when the summer exploration program commences.

Diamondex intends to conduct an aggressive $2 million exploration program during 2005 with the objective of outlining the size potential of the diamond-bearing Tuwawi pipe as well as investigating several other previously defined magnetic targets through a combination of detailed airborne and ground geophysical surveys, till and stream sampling, surface prospecting and diamond drilling.

The Brodeur property is centred on the northern half of the Brodeur Peninsula of Baffin Island. Diamondex has the exclusive option to earn up to 100% on the property, subject to an underlying Property Acquisition Agreement with Kennecott Canada Inc. The property comprises a number of claims and Prospecting Permits totaling 403,580 acres and hosts 3 known diamond-bearing kimberlite bodies: Tuwawi, Nanuk and Kuuriaq.

Heeqou Property , Nunavut

A 3,317 line-kilometre RESOLVE helicopter-borne mag/EM survey has recently been completed over the Heeqou Property. This survey, flown at 100-metre line-spacings, has defined several geophysical targets which will be followed-up with ground investigations. A recently staked area of the Heeqou Property, comprising 25 claims and totaling 58,106 acres, has now been completely flown by airborne mag/EM. In addition to the airborne geophysics, detailed sampling has also been conducted over the property and several well-defined kimberlite indicator mineral (KIM) trains have been located. A further follow-up program of approximately 300 till samples and ground geophysics is expected to commence shortly, with a diamond drill program designed to test several of these targets during the third quarter of this year. To date, a total of $207,000 has been expended on the Heeqou Property which includes 3,033 line-kilometres airborne mag/EM and approximately 300 till samples. The estimated 2005 budget for the Heeqou property is $530,000.

The Heeqou property is located in the Coronation Gulf diamond district of the north Slave Craton region of Nunavut. Centred approximately 40 kilometres southeast of the Anuri Pipe and 30 kilometres west of the Rockinghorse kimberlite cluster, the property is comprised of 56 mineral claims covering 126, 385 acres. The Heeqou property is 100% owned by Diamondex and was initially staked in 2003.

Kingfish Property, Northwest Territories

A detailed 1,592 line kilometers RESOLVE helicopter-borne mag/EM survey, conducted by Fugro Airborne Surveys, has recently been completed over the Kingfish property. To date, a total of 7,604 line-kilometres of airborne mag/EM has been carried out over the property area at 100 metre line spacings.

A total of 665 till samples have been collected to date from the Kingfish property. Analysis of the 374 samples collected in 2004 is currently underway with several anomalous concentrations of kimberlite indicator minerals outlined. During the 2005 exploration program, an additional 200 till samples will be collected from the property to further define previously delineated anomalous KIM trains.

To date, ten (10) detailed ground geophysical grids have been evaluated over high priority airborne anomalies. A minimum 1,000 metre diamond drill program is planned for the Kingfish property during the fall of 2005 to evaluate several high priority targets.

Total expenditures to date on the Kingfish property are approximately $1.4 million. A 2005 budget of $850,000, including drilling, has been proposed for the Kingfish property.

The Kingfish property is located approximately 260 kilometres northeast of Yellowknife, Northwest Territories. This property is comprised of 70 mineral claims totaling 167,660 acres and is situated immediately east of the Camsell Lake Property, which hosts the Snap Lake diamond deposit. The Kingfish Property is 100% owned by Diamondex.

Carat Property, Northwest Territories

A $660,000 exploration program has been approved by the Carat joint venture partners (Diamondex - 70.9%, Majescor Resources - 29.1%). Exploration activities during the third quarter will include diamond drill testing of 3 priority kimberlite targets that have been selected based on their geophysical and geochemical characteristics. In addition, it is anticipated that several mineral claims will be surveyed and application made to take them lease.

In May 2004, 10 priority airborne anomalies were investigated with detailed ground geophysical surveys. These targets were selected from previous exploration programs conducted over the Carat Property, which included airborne mag/EM, extensive till sampling and diamond drilling. During the summer of that same year, detailed till and geochemical sampling were carried out over the property in order to follow up 23 geophysical anomalies identified during previous programs. A total of 68 till samples and 74 soil gas samples were collected during this program. In addition, 519 enzyme leach samples were recovered in the area surrounding CT-55, as well as 10 other prospective geophysical anomalies.

In 2001, a kimberlite (CT-55) was discovered on the Carat property. However, no exploration had been conducted on the property since then, until the 2004 spring and summer programs. A total of $3.2 million has been expended on the Carat Property to date.

The Carat Property, comprised of 46 claim blocks encompassing 94,363 acres, is located 350 kilometres north east of Yellowknife, Northwest Territories and borders the northeast corner of the BHP Billiton property that hosts the Ekati Diamond Mine.

Summary

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.

David Clarke, P.Geol., M.Sc., 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


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