ELEVRA LITHIUM LIMITED — Capital/Financing Update 2008

May 28, 2008

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DiamonEx Limited

ABN 26 091 951 978

Level 1 349 Coronation Drive Milton Qld 4064 Australia Telephone: +61 7 3720-8944 Facsimile: +61 7 3720-8988 e-mail : diamonex@diamonex.com Postal Address: PO Box 1357 Milton Qld 4064

ASX ANNOUNCEMENT AUSTRALIAN SECURITIES EXCHANGE

29 May 2008

LERALA DIAMOND MINE COMMISSIONING UPDATE

(‘DiamonEx’ or the ‘Company’)

• Commissioning of the Processing Plant has commenced

• First recovery of diamonds in line to commence June 2008

• First diamond sale expected in July 2008

• Full production in line to commence July 2008

• Around 200,000 tonnes of ore currently stockpiled for processing

DiamonEx Ltd (ASX/AIM/BSE ‘DON’), the near term diamond producer, announces that all major civil works relating to the Processing Plant (“Plant”) at its 100% owned Lerala Diamond mine in Botswana are complete. Work is continuing on electrical and piping installation and ancillary plant items, and the Plant remains on target to be in production by the end of June 2008.

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The secondary crusher, scrubber and DMS featured with the water dam in the background

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Plant commissioning commenced on 23 April 2008, will run for two months concluding on 26 June 2008, and comprises four critical phases:

1. Pre-commissioning - initial Plant start up;

2. Dry-commissioning - operating and running every aspect of the Plant;

3. Wet-commissioning - introducing water to the Plant while operating;

4. Hot-commissioning - introducing ore to the Plant and processing.

During the commissioning period, approximately 30,000 tonnes of ore will be processed liberating diamonds for sale in July. Full ramp up of production and Plant optimisation will commence in July.

DiamonEx is nearing completion of dry-commissioning and plans to commence wetcommissioning early June, with hot-commissioning to follow soon after. At present the Company has stockpiled some 200,000 tonnes of ore ready for hot-commissioning and processing. Monthly throughput is around 100,000 tonnes of ore in full production.

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The stock piling of ore for hot-commissioning and commencement of production

Managing Director of DiamonEx, Dan O’Neill, said, “We are extremely pleased to announce that commissioning at Lerala is running smoothly with only a few delays arising from the late arrival of ancillary Plant items to the site. We are on track to complete commissioning next month with first diamond sales expected in July 2008 from product liberated in the hot commissioning phase, and thereafter ramping to full production. The Board together with the site staff, and the local and wider Botswana community, wait in eager anticipation for the commencement of full production.”

For and on behalf of the Board

Paul Crawford Company Secretary

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For further information contact:

Dan O’Neill	Tel:	+ 61 7 37208944
Managing Director	Fax:	+ 61 7 37208988
Email:doneill@diamonex.com.au	Mob:	+ 61 4 07596942
Mark Gray	Tel:	+ 61 7 37208944
Corporate Development	Fax:	+ 61 7 37208988
Email:mgray@diamonex.com.au	Mob:	+ 61 4 12899979
Jos Simson/Leesa Peters	Tel:	+ 44 2074296603
Conduit PR – Investor Relations	Tel:	+ 44 7899870450
Email:jos@conduitpr.com

About DiamonEx:

DiamonEx is an emerging diamond producer developing a 330,000 carat per year diamond mine at Lerala, in eastern Botswana. The mine has an established 3.7 million carat resource and is located in an area that produces up to 30% of the worlds diamonds by value. The company also owns 15,000 sq km of mineral rights in Botswana which it is actively exploring for diamonds, as well as a 9.3 hectare diamondiferous kimberlitic pipe in northern Colorado, USA, which it is currently evaluating for grade and value. DiamonEx is listed on the Australian Stock Exchange (ASX), the Alternative Investment Market in London (AIM), and the Botswana Stock Exchange (BSE).

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