Diamondex Resources Ltd.
TSX VENTURE : DSP

Diamondex Resources Ltd.

June 05, 2007 18:00 ET

Diamondex Updates Lena West

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 5, 2007) - Diamondex Resources Ltd. (TSX VENTURE:DSP) ("Diamondex") is pleased to provide an exploration update on its Lena West project in the Northwest Territories (See www.diamondex.net for project location and description).

Lena West Project, Northwest Territories

Diamondex commenced exploration in the Lena West area in 2002 and since that time, a total of $13.2 million has been expended over the project area on exploration initiatives that have included land acquisition, airborne geophysics, stream sediment and till sampling, detailed ground geophysical surveys, as well as auger and diamond drill testing. Seven prospective districts within the Lena West area have now been identified based on the presence of pristine (local) pyrope garnet grains of lherzolitic and harzburgitic provenance as well as the recovery of a total of 15 diamonds indicating the project area's potential to host diamond bearing kimberlites.

2006 Exploration Program

During the 2006 field season, the Company undertook a $5.35 million exploration program on the Lena West property that included the collection of 1,478 heavy mineral concentrate (HMC) samples which have been processed and analyzed for kimberlite indicator minerals (KIMs). The recovered grains have been shipped to the Diamond Research Institute at Novosibirsk, Siberia. Under the direction of the Company's principal consultant, Dr. Nikolai Pokhilenko, the morphological characteristics of the individual grains are currently being observed and subsequently submitted for microprobe analysis. These studies will assist the Company in determining the relative proximity of the KIM source(s) and the diamond potential these sources may hold. In conjunction with the stream sediment surveys, 11,000 line-kilometres of airborne magnetics (MIDAS) were carried out to further define target areas. From late August until the middle of October 2006, a helicopter portable auger drill was used to test several anomalies selected using the project's KIM and geophysical database. Over the course of this $1 million program, 310 samples were collected. It is expected that the analysis of the samples collected during this drill program will be completed during the third quarter of 2007.

In addition to these exploration endeavours, late in 2006, the Company made a new discovery of coarse grained KIMs (pyropes and ilmenites), which led to the staking of 135,000 acres of new claims in order to protect this most prospective ground within the project area.

2007 Exploration Program

Diamondex is currently outlining a 2007 exploration plan on the Lena West property which will require a budget of up to $4 million. It is anticipated this exploration program for the 2007 Lena West exploration program will include the collection of up to 700 follow-up HMC samples for recently discovered anomalous concentrations of KIMs in the project area, approximately 10,000 line-kilometres of detailed airborne EM surveying, and 1,500 - 2,000 metres of diamond drill testing over priority targets this fall. This program is expected to commence in July and continue through until October.

The Lena West Project is comprised of 34 prospecting permits and 425 staked mineral claims, totaling 3.35 million acres, centred approximately 900 kilometres northwest of Yellowknife and 200 kilometres southeast of Inuvik, Northwest Territories. The Lena West Project is 100% owned by Diamondex.

David Clarke, P.Geol., MSc., 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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