Diamondex Completes Drill Program on James Bay Lowlands-Nickel Bay Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 29, 2009) - Diamondex Resources Ltd. (TSX VENTURE:DSP) (the "Company") is pleased to announce that it has recently completed the first phase drilling of eight priority geophysical targets on its 90% owned nickel property in the James Bay Lowlands area of northern Ontario. The targets are located inside Area 1, a subset of roughly three contiguous claim blocks, within the 414,385 acre property. See www.diamondex.net for project location and description.

During 2008 approximately 13,000 line-kilometres of versatile time domain electromagnetic ("VTEM") surveys were flown over the entire property identifying 78 priority conductors with minimum conductance values greater than 100 siemens. The resulting targets are characterized as strong conductors hosted within volcano-sedimentary stratigraphy similar to that which hosts Noront's Double Eagle nickel deposit and Spider-KWG's McFauld's Lake VMS deposits.

Just prior to drilling, several of the VTEM anomalies within Area 1 were surveyed with surface Pulse EM. Approximately 1,800 metres were successfully drilled on the original eight targets with drill collars separated by an average distance of 12 kilometres. Seven of the completed drill tests were further investigated with three component Borehole Pulse EM. These down-hole geophysical surveys aided in determining the relative quality and orientation of the targets and presence of off-hole conductors. All core samples for assay have been delivered to Accurassay Laboratories in Thunder Bay, Ontario.

Additional drilling to test several of the remaining priority targets will be undertaken during the 2009 exploration year.

The Company is 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.

David Clarke, P.Geol., MSc., Senior 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