Diamondex Resources Ltd.

Diamondex Resources Ltd.

March 23, 2005 17:39 ET

Diamondex Updates its Lena, Kingfish and Heeqou Properties


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: DIAMONDEX RESOURCES LTD.

TSX VENTURE SYMBOL: DSP

MARCH 23, 2005 - 17:39 ET

Diamondex Updates its Lena, Kingfish and Heeqou
Properties

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 23, 2005) - Diamondex
Resources Ltd. (TSX VENTURE:DSP) is pleased to provide updates on its
Lena West and Kingfish properties, located in the Northwest Territories
of Canada, and the Heeqou property in Nunavut (see www.diamondex.net for
project locations).

Lena West Project, Northwest Territories

A $4.2 million exploration budget has been proposed for the Lena West
project in 2005. Exploration initiatives for the year will include heavy
mineral concentrate (HMC) sampling, detailed airborne and ground
geophysical surveys, and diamond drilling.

Geophysical crews were recently mobilized to conduct detailed ground
surveys over previously-delineated, priority magnetic anomalies. This
work is in advance of a diamond drilling program scheduled for the month
of April.

A summer follow-up till and stream sampling program will commence in
early June. Approximately 2,000 HMC samples will be collected during the
second and third quarter to further delineate anomalous concentrations
of kimberlite indicator minerals (KIMs) recovered during 2003 and 2004,
with the objective of defining additional drill targets, both on the
Lena West project, as well as the 30,000 acres of permits and claims
acquired recently.

Since Diamondex commenced exploration on the Lena West area in 2002, a
total of $8.0 million has been expended on the project area, primarily
on airborne geophysics, stream and till sampling, land acquisition,
auger and diamond drilling.

The Lena West Project area, comprised of 139 prospecting permits and 33
mineral claims totaling 6,164,100 acres, is centred approximately 900
kilometres northwest of Yellowknife and 200 kilometres southeast of
Inuvik, Northwest Territories. The Lena West Project is 100% owned by
Diamondex.

Kingfish Property, Northwest Territories

A detailed mag/EM survey will commence shortly over the Kingfish
property. Fugro Airborne Surveys will conduct a 1,500 line-kilometre
RESOLVE helicopter-borne survey, flown at 100 metre line-spacings over a
30,000 acre claim block staked in 2004.

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. Under the scope of the 2005 exploration program, up
to 200 additional till samples will be collected from the property to
further define previously delineated anomalous KIM trends.

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

Heeqou Property, Nunavut

A 2005 budget of $530,000 has been proposed to further evaluate the
Heeqou property, with contingencies for diamond drilling. Reconnaissance
sampling during 2004 led to the staking of 25 additional claims on the
property. During the last week of March, Fugro Airborne Surveys will
commence a 3,033 line-kilometre RESOLVE mag/EM airborne survey, at 100
metre line spacings, over the newly staked ground. Previous till
sampling has revealed the presence of anomalous concentrations of high
chromium pyrope garnets, ilmenites and chromites. The 2005 exploration
program anticipates collecting 300 follow-up till samples during the
third quarter. A drill program is pending the identification of viable
targets. Since exploration began on the Heeqou property in 2002,
approximately $625,000 has been expended by Diamondex, primarily on land
acquisition, airborne geophysics and till sampling.

The Heeqou property is located in the Coronation Gulf diamond district
of the north Slave Craton region of Nunavut and is situated
approximately 40 kilometres southeast of the Anuri Pipes 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.

Miscellaneous

Diamondex announces that Mr. Peter Atkinson has tendered his resignation
from the Board of Directors. Diamondex would like to thank Mr. Atkinson
for his contribution since his appointment in November 2002.

Diamondex holds a large and prospective portfolio of diamond exploration
properties in the southern Slave Province and the lower Mackenzie River
Area of the Northwest Territories, the Coronation Gulf district of
Nunavut and northern Quebec. The company holds up to a 100% interest in
16 diamond properties, totaling approximately eight million acres.

David Clarke, P. Geol., M.Sc., Vice President of Exploration for
Diamondex Resources Ltd. is a Qualified Person as defined by Nation
Instrument 43-101 and is responsible for program design and quality
control of exploration undertaken by Diamondex Resources Ltd.

DIAMONDEX RESOURCES LTD.

James E. Eccott, Chairman

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Diamondex Resources Ltd.
    James E. Eccott
    Chairman
    (604) 687-6644
    diamonds@diamondex.net
    www.diamondex.net
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