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Diamondex and Shore Gold to Buy Interest in Buffalo Hills Project
for $17.5 Million
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Vancouver, B.C. - Diamondex Resources Ltd. (DSP-TSX.V) ("Diamondex")
and Shore Gold Inc. (SGF:TSX.V) ("Shore") are pleased to announce that
they have entered into an agreement with Ashton Mining of Canada Inc.
("Ashton") (a wholly owned subsidiary of Stornoway Diamond Corporation)
under which Diamondex and Shore have agreed to purchase Ashton's
interest in the Buffalo Hills property in north central Alberta for a
total consideration of $17.5 million. The agreement provides that
Diamondex and Shore will pay $6.25 million and $8.75 million
respectively in cash, and Diamondex will pay a further $2.5 million in
the form of common shares of Diamondex.

The Buffalo Hills Project is presently a joint venture with Ashton
Diamonds (Canada) Inc. (a wholly owned subsidiary of Ashton), EnCana
Corporation and Pure Diamonds Exploration Inc. To date, the joint
venture has spent in excess of $30 million on exploration including
geophysics, drilling and mini-bulk sampling. Under the terms of this
agreement, Diamondex and Shore have the right to acquire Ashton's
approximate 45 percent interest in the project on a 50/50 basis, and
have the option to increase their collective pro rata interest to 72.5
percent by funding the next $15 million of exploration expenditures
before April 30, 2010.

The closing of the sale is subject to a number of conditions,
including:

(a) satisfactory completion of due diligence by Diamondex and Shore;
(b) the execution of a formal purchase and sale agreement; and
(c) receipt of all necessary regulatory approvals and third party
consents.

The transaction is also subject to a 30-day right of first refusal
("ROFR") of the two other joint venture partners with Pure Diamonds
Exploration Inc. already having waived its ROFR. Upon closing,
Diamondex will assume operatorship of the project.

The Buffalo Hills Project area is the third largest known district of
significantly Diamond-bearing kimberlites in Canada after Lac de Gras
in the Northwest Territories and Fort � la Corne in Saskatchewan. To
date, a total of 38 kimberlites have been discovered in the region, 26
of which are diamondiferous. These known kimberlite pipes range up to
47 hectares in surface area. Samples larger than ten tonnes have been
collected from five of these bodies, three of which have returned a
Diamond content greater than 10 cpht. A 22.8 tonne sample collected
from K252 in 2001 returned a Diamond content of 55 cpht, the highest
for the district determined to date. Four of the kimberlites are
exposed in outcrop.

Diamondex and Shore believe the kimberlites in the Buffalo Hills region
show the characteristic large tonnage, low grade and attractive Diamond
populations found in other regions that have either delivered
significant economic rewards or are presently the subject of advanced
exploration. Diamondex's President & CEO, Mr. Randy Turner, "is excited
about the opportunity to continue advancing this project with Shore
Gold as a partner. We look forward to benefiting from Shore's technical
expertise in a very similar geological environment at Fort � la Corne".
Shore's President & CEO, Mr. Kenneth MacNeill stated, "We are pleased
to participate with Diamondex in this early stage project. From the
information reviewed, the similarities to our more advanced projects in
central Saskatchewan are evident. While Shore's primary focus will
continue to be the Fort � la Corne region in Saskatchewan, we see an
opportunity to benefit from our association with Diamondex and their
operatorship of Buffalo Hills".

Certain of the statements made and information contained herein is
"forward-looking information" within the meaning of the Ontario
Securities Act. This includes statements concerning the Company's plans
at its mineral properties, which involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking information.
Forward-looking information is subject to a variety of risks and
uncertainties which could cause actual events or results to differ from
those reflected in the forward-looking information, including, without
limitation, the ability of the Company to continue to be able to access
the capital markets for the funding necessary to acquire and maintain
exploration properties and to carry out its desired exploration
programs; inability to fund the Company's share of costs incurred under
joint venture agreements to which it is a party, and reduction or
elimination of its joint venture interest as a result; competition
within the minerals industry to acquire properties of merit, and
competition from other companies possessing greater technical and
financial resources; difficulties in executing exploration programs on
the Company's proposed schedules and within its cost estimates, whether
due to weather conditions in the areas where it operates, increasingly
stringent environmental regulations and other permitting restrictions,
or other factors related to exploring in the north, such as the
availability of essential supplies and services; factors beyond the
capacity of the Company to anticipate and control, such as the
marketability of diamonds, government regulations relating to health,
safety and the environment, the scale and scope of royalties and taxes
on production, and demands for "value added" processing of rough
diamonds in northern Canada; unusually mild winter conditions affecting
or delaying the opening of the winter roads and resulting difficulties
in transporting materials needed to support various exploration
projects and resulting increased costs of transport by air; the
availability of experienced contractors and professional staff to
perform work in a competitive environment and the resulting adverse
impact on costs and performance and other risks and uncertainties,
including those described in each management discussion and analysis.
In addition, forward-looking information is based on various
assumptions including, without limitation, assumptions associated with
exploration results and costs and the availability of materials and
skilled labour. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those described in forward-looking
statements. Accordingly, readers are advised not to place undue
reliance on forward-looking information. Except as required under
applicable securities legislation, the Company undertakes no obligation
to publicly update or revise forward-looking information, whether as a
result of new information, future events or otherwise.

DIAMONDEX RESOURCES LTD.

Randy C. Turner"

Randy C. Turner
President and CEO
Diamondex Resources Ltd.

For further information, please contact:
Diamondex Resources Ltd.
Phone: (604) 687-6644
Email : diamonds@diamondex.net
Website : www.diamondex.net

SHORE GOLD INC.

"Harvey J. Bay"

Harvey J. Bay
CFO and COO
Shore Gold Inc

For further information, please contact:
Shore Gold Inc.
Phone: (306) 664-2202
Email : shoregold@shoregold.com
Website : www.shoregold.com

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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