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Diamondex and Loon River First Nation reach Agreement to explore
Reserve Lands for Diamonds
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Vancouver, B.C. -- Diamondex Resources Ltd. (DSP-TSX.V) ("Diamondex")
is pleased to announce it has concluded an agreement with the Loon
River First Nation to explore for diamonds on Loon River First Nation
Reserve Lands. The agreement, supported by the Chief and Council, has
been formalized with the issuance of an Indian and Northern Affairs
Exploration Permit pursuant to the Indian Mining Regulations.

"As far as we are aware this is the first Indian Mining Regulation
Exploration Permit issued since the regulations came into effect in the
1950's. We are pleased to conclude a mutually beneficial agreement with
the Band Council and excited at the exploration opportunities present
on Loon River First Nation Reserve Lands," says Randy Turner, President
and CEO of Diamondex Resources Ltd.

Chief of the Loon River First Nation, Arthur Noskey says, "We are
excited about the potential of this project for the Loon River First
Nation and are looking forward to working with Diamondex. At the same
time we are proud of having played a key part in developing a modern
mineral exploration permit that will be beneficial to all First
Nations."

The reserve lands constitute approximately 17,000 hectares and occupy a
significant unexplored area within the Buffalo Head Hills kimberlite
field. To date 38 kimberlites have been discovered in the region of
which 26 are Diamond bearing.

The Loon River First Nation Reserve Lands lie within the Buffalo Head
Hills Joint Venture Area of Interest and will constitute a new project
known as the Loon River Property.

Diamondex Resources Ltd. is the operator of the Buffalo Hills Joint
Venture on behalf of joint venture partners Shore Gold Inc., EnCana
Corporation and Pure Gold Minerals (Alberta) Inc.

DIAMONDEX RESOURCES LTD.

"Randy C. Turner"

Randy C. Turner, President

P.O. Box 11584, 1410 - 650 West Georgia Street, Vancouver, British
Columbia V6B 4N8 Telephone: 604-687-6644 Facsimile: 604-687-1448
E-Mail: diamonds@diamondex.net

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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Copyright (c) 2007 DIAMONDEX RESOURCES LTD. (DSP) All rights reserved.
For more information visit our website at http://www.diamondex.net/ or
send mailto:diamonds@diamondex.net
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