Diamondex's Subsidiary Nickel Bay Stakes 394,000 Acres in the James Bay Lowlands of Ontario for Nickel Exploration

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 11, 2008) - Diamondex Resources Ltd. (TSX VENTURE:DSP) (the "Company") is pleased to announce that its wholly-owned subsidiary, Nickel Bay Resources Inc., has staked 394,000 acres in the James Bay Lowlands of Northern Ontario, for nickel exploration (See www.diamondex.net for the "Nickel Bay Resources" property location).

Diamondex has been conducting diamond exploration in the James Bay area over the past several years. The Company has successfully parlayed its presence and extensive library of proprietary data (which includes high resolution magnetic surveys) into a dominant ground position that is highly prospective for the discovery of nickel mineralization.

Prospective targets were chosen by focusing on favourable Sachigo Superterrane volcano-sedimentary stratigraphy, which hosts Noront's Double Eagle nickel deposit and Spider-KWG's McFauld's Lake VMS deposits. A key result of the data review effort is the interpretation that such stratigraphy, illustrated by a distinctive magnetic signature, extends broadly east and southward under Paleozoic cover from the stratigraphic package that hosts the Double Eagle nickel deposit. An arcuate volcano-sedimentary belt appears to extend along at least 250 kilometres of strike length, analogous in shape and size to the "Ring of Fire", to eventually join the volcano-sedimentary belt hosting the historic Norton Lake nickel-copper deposit.

Nickel Bay's 394,000 acre land position in this new volcano-sedimentary belt covers key positive magnetic anomalies along its entire length, typical of mafic and ultramafic lithologies with which nickel mineralization is associated. The claims staked by Nickel Bay are principally located in 3 key areas:

- Proximal to the Double Eagle and McFauld's deposits in the Ring of Fire area;

- At the apex of the arcuate newly-interpreted volcano-sedimentary belt;

- In the southwest extension of the favourable stratigraphy, located south of the Double Eagle deposit, and directly on strike from the Norton Lake deposit.

Nickel Bay is now one of the largest property holders in the area, and has established a leading position in what could be one of Canada's last unexplored volcanic belts with demonstrated economic potential.

A 5,000 line-km VTEM survey is scheduled to be flown over the property in February and March, followed at a later date by the drill-testing of high-ranking anomalies.

The current field program is being managed by Raymond Ashley, P.Geo., Vice President of Exploration for Diamondex Resources Ltd., and Mr. Jean-Denis Fournier, B.Sc. Geol., an international consultant (formerly with Falconbridge Limited) with over 20 years experience in base metals exploration.

Katherine Smuk, P.Geo., a Qualified Person in accordance with National Instrument 43-101, has reviewed and approved the content of this press release.