Diamondex Announces Settlement of Litigation with Canada Nickel

Diamondex Resources Ltd. (TSX VENTURE:DSP) ("Diamondex" or the "Company") is
pleased to report settlement of the Action brought in the Supreme Court of
British Columbia by Canada Nickel Corp. against Diamondex, its wholly owned
subsidiary, Nickel Bay Resources Inc. and Randy C. Turner, President and CEO of
Diamondex and the Counterclaim against Canada Nickel by Diamondex and Nickel Bay
(see Press Releases dated December 19, 2008 and July 8, 2008). 


The parties to the Action have reached a resolution of the issues raised in the
Action and Counterclaim, and Canada Nickel has agreed with Diamondex and Nickel
Bay to sell all of its right, title and interest in the 740 mineral claims (the
"Property") comprising the James Bay Lowlands project near Ogoki, Ontario
acquired pursuant to a June 6, 2008 Option Agreement (the "Canada Nickel
Interest"), on terms which are summarized as follows:


i. Diamondex and Nickel Bay have paid Canada Nickel Corp. $250,000;

ii. Canada Nickel has transferred the Canada Nickel Interest to Diamondex and
Nickel Bay;


iii. Diamondex, Nickel Bay and Canada Nickel have agreed that the Option
Agreement has no further force and effect and no party has any rights or
obligations remaining under it;


iv. Diamondex and Canada Nickel have entered into a royalty agreement providing
for the grant of a 1.5% net smelter return ("NSR") royalty to Canada Nickel;


v. Diamondex has an option to repurchase a cumulative two-thirds of the NSR
royalty in three instalments totalling $2,500,000 payable as follows:


a. $833,333 payable at any time on or before November 26, 2014, to acquire 22%
of the NSR royalty;


b. $833,333 payable at any time on or before November 26, 2019 to acquire 22% of
the NSR royalty; and


c. $833,334 payable at any time on or before the date which is the second
anniversary of the commencement of commercial production from the Property to
acquire 23% of the NSR royalty;


vi. The Action and Counterclaim have been dismissed without costs;

vii. All claims arising out of or related to the Action and Counterclaim have
been released. 


Diamondex also wishes to advise that Triex has advanced a further $550,000 to
the Company for working capital purposes, pursuant to the terms of their amended
and restated loan agreement.


DIAMONDEX RESOURCES LTD.

John A. McDonald, Director

Diamondex Resources Ltd. (Tier1) (TSXV:DSP)
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