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Diamondex Acquires Ranulf Property, James Bay Lowlands, Ontario
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Vancouver, B.C. -- Diamondex Resources Ltd. (DSP-TSX.V) ("Diamondex")
is pleased to announce that it has entered into a Joint Venture
Agreement with Special Projects Inc. ("SPI"), a Calgary based
geophysical company, on the Ranulf Property located in the James Bay
Lowlands area of Northern Ontario. (See www.diamondex.net for project
location and description.)

The Ranulf Property is adjacent to the Weiland Property
(Diamondex/DeBeers Canada Inc., see November 8, 2007 press release) and
is located east of the Kyle Lake kimberlite cluster area in the James
Bay Lowlands, approximately 60 kilometres west of De Beers' Victor
diamond mine which is currently slated for production in early 2008.
The Ranulf property is also situated in the area surrounding the T1, U1
and U2 kimberlite pipes recently discovered by Metalex Ventures Ltd.

The interpretation of 28,170 line kilometres of low-level
high-resolution airborne magnetic surveys flown on 100 metre-spaced
lines resulted in the recent staking of 26 claims on the Ranulf
Property. Following completion of the Weiland drill program, two
proprietary light-weight reverse circulation drills will be moved onto
the Ranulf property to undertake a winter drill program testing 15 high
priority magnetic targets. Diamondex acquired its 80% interest from
SPI for approximately $445,000 and is the Operator of the Project.

Mr. Raymond Ashley, P.Geoph. Vice President of Exploration for
Diamondex is a Qualified Person as defined by National Instrument
43-101 and has reviewed and approved the content of this press release.


DIAMONDEX RESOURCES LTD.

"Randy C. Turner"

Randy C. Turner, President

For further information please contact Salimah Lalli at 604-687-6644 or
at 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.

Caution Regarding Forward-Looking Statements

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.

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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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