Diamondex Resources Ltd. (TSX VENTURE:DSP) ("Diamondex") and Canada Nickel Corp.
("CNC") are pleased to announce that, after evaluating approximately 30% of the
data from the recently completed 7,786 line kilometre, high resolution VTEM
(Versatile Time-Domain Electromagnetic) survey, the companies have identified 27
new strong Precambrian basement conductors on their James Bay Lowlands Property
(the "Property").


A total of 12,891 line kilometres of high resolution, B-field VTEM has been
flown by Geotech Ltd. over the 407,000 acre Property at a maximum line spacing
of 200 metres.


All 27 additional late time basement conductors have modeled values greater than
100 siemens (siemens is a unit measurement of electrical conductance). Of
particular interest, 8 of these conductors have values greater than 500 siemens,
with 1 high priority conductor with a modeled conductance value of 3,000
siemens. These 27 conductors are in addition to 35 conductors previously
identified in other areas of the Property (see News Release May 6, 2008)
bringing the total number of strong conductors identified on the property, to
date, to 62. VTEM data from 161,000 acres has yet to be evaluated.


All the conductors identified from the VTEM surveys completed in 2008 are
interpreted to be hosted within volcano-sedimentary stratigraphy similar to that
containing Noront's Eagle One nickel deposit and Spider-KWG's McFauld's Lake VMS
deposits. The priority conductors occur as discrete bodies of short strike
length (less than 1 kilometre), most of them with directly coincident magnetic
conductors, which increases the likelihood that these conductors are related to
volcanogenic massive sulphides or Ni-rich magmatic sulphides, rather than
formational conductors or graphitic horizons. Many of the conductors have a high
likelihood of being accurately collared for drill testing directly from the VTEM
survey data. At least 30 of the conductors will be followed-up with detailed
ground geophysical surveys before drill testing, in order to better define the
target's characteristics and location.


In preparation for the upcoming 7,500 metre drill testing program scheduled for
this winter, Diamondex will focus on completing the evaluation of the remaining
VTEM data, modeling the highest priority conductors, and evaluating those
targets which will require detailed follow-up ground geophysical surveying. It
is expected that at least 16 of the highest priority conductors will be drill
tested by the end of the first quarter of 2009.


Virtually no previous exploration has been carried out over the interpreted
200-plus kilometre long Greenstone Belt that the Property covers. The
significant number of highly conductive responses in this proven fertile
environment (Eagle One nickel deposit, McFauld's VMS deposit) indicates an
encouraging scenario for the discovery of new economic deposits.


Diamondex Resources Ltd. is the project Operator. The current field program is
being managed by Raymond Ashley, P.Geo., Vice President, Exploration of
Diamondex. Mr. Ashley is a Qualified Person in accordance with National
Instrument 43-101, and has reviewed and approved the content of this press
release.


DIAMONDEX RESOURCES LTD.

Randy C. Turner, President