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Diamondex Announces $5.0 Million Financing
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Vancouver, BC - Diamondex Resources Ltd. ("Diamondex") (DSP-TSX.V) is
pleased to announce that the Company, subject to regulatory approval,
has arranged a private placement of up to 9,360,000 flow-through common
shares ("Flow-Through Shares") at $0.25 per Flow-Through Share for
gross proceeds of up to $2,340,000 and up to 13,300,000 units ("Units")
at $0.20 per Unit for gross proceeds of up to $2,660,000 (the "Private
Placement"). Each Unit will consist of one common share and one-half of
one common share purchase warrant (each whole warrant a "Warrant").
Each Warrant will be exercisable for an additional common share
("Warrant Share") of the Company for a period of 12 months from the
date of closing ("Closing Date") at a price of $0.25 per Warrant Share.

In the event that Diamondex's Common Shares trade at a closing price on
the TSX Venture Exchange of greater than $0.50 per share for a period
of 20 consecutive trading days at any time after four months and one
day after the Closing Date, Diamondex may accelerate the expiry date of
the Warrants by giving notice to the holders thereof and in such case
the Warrants will expire on the 30th day after the date on which such
notice is given by Diamondex.

Diamondex will ensure that gross proceeds from the sale of the
Flow-Through Shares will be used to incur Canadian Exploration Expenses
for the purposes of the Income Tax Act (Canada) and such Canadian
Exploration Expenses will be renounced with an effective date of no
later than December 31, 2007. The net proceeds from the sale of the
Units will be used for working capital purposes. All securities issued
in connection with the Private Placement will be subject to a four
month hold period. The Private Placement is scheduled to close on or
about December 20, 2007 and is subject to regulatory approval.

Diamondex will pay a cash Finders' fee equal to 7% of the total gross
proceeds on the sale of certain Flow-Through Shares and Units. In
addition, the Finders' will receive compensation warrants
("Compensation Warrants") exercisable for non-flow-through common
shares equal to 7% of the total number of those certain Flow-Through
Shares and Units sold. The Compensation Warrants will be exercisable at
a price of $0.25 per share for a period of 12 months after the Closing
Date.

The securities being offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States in the absence of registration or an applicable
exemption from the registration requirements. This press release does
not constitute an offer to sell or the solicitation of an offer to
purchase securities in the United States.

DIAMONDEX RESOURCES LTD.
"Randy Turner"
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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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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