DiamonEx Limited (ASX:DON), referred to here as the Company, suspended its shares from trading on the Australia Securities Exchange, the AIM Market on the London Stock Exchange and the Botswana Stock Exchange in mid-January 2009, following operational problems relating to its wholly owned subsidiary company, Diamonex Botswana Limited ("DBL"). At the time, DBL had commenced production of its pilot project, the Lerala Diamond Mine.

Some two years later, the shareholders of the Company approved a restructuring of the Company and DBL at an extra-ordinary meeting of the shareholders on 25 March 2011, where essentially the shareholders agreed for assets to be sold to settle certain creditors with the remaining creditors of the Company converting debts owing to them into shares in the Company.

For more detailed information on that restructuring, you are referred to the Notice of Meeting and Explanatory Statement sent to shareholders on 25 February 2011, a copy of which was lodged with the ASX and on the Company's website.

On 15 April 2011, the Company completed the sale of DBL to United Kingdom company Mantle Diamonds Limited, thus completing the restructuring of the Company and DBL. DBL owned the Lerala Diamond Mine along with prospecting licences for diamonds in Botswana.

The Company has however retained prospecting rights in relation to a diamond project in Northern Colorado in the United States, as well as base metals in Botswana.

The Directors are working to put those prospecting rights back into good standing, and will continue to evaluate those rights for future exploration and development.

The Directors are also looking to either acquire or invest in new projects in Botswana to complement its current Botswana portfolio and to capitalise on the presence that the Company has established in Botswana over the last 10 years.

Lastly, the Directors are in discussions with investors and broking firms primarily in Australia with a view to recapitalising the Company to enable the Company to recommence business and to ultimately apply to the ASX to have its shares re-quoted. At this stage the Directors are unlikely to seek to have the Company's shares re-listed on AIM once re-quoted on the ASX, although there it is probable that the Company will apply to the Botswana Stock Exchange for re-listing of its shares.

Directors

The current Board of Directors tasked with getting the Company requoted is set out below. It is intended that the size of the Board will be reduced to a more manageable number for a junior resource company once the Company's shares are re-quoted.

Chairman:	Mr Peter Mclean van Riet-Lowe Resident in Botswana
Managing Director:	Mr Mark Gray Resident between Australia and Botswana
Non-Executive Director	Mr Dan O'Neill Resident in Australia
Non-Executive Director	Mr Paul Crawford Resident in Australia
Non-Executive Director	Mr Leonard Siwawa Resident in Botswana
Non-Executive Director	Mr James Allan Resident in South Africa
Non-Executive Director	Mr Wayne Osterberg Resident in Botswana