Kelowna, Canada - December 2, 2010 -

Metalex Ventures Ltd. (TSXV : MTX) (the "Company") is pleased to announce that it has entered into an agreement with a syndicate of agents led by GMP Securities L.P. and including Pope & Company Ltd.. (collectively, the "Agents") in connection with a "best efforts" private placement (the "Offering") of up to C$7,080,000 of Metalex securities consisting of a combination of (i) "flow-through" common shares ("Flow-Through Shares") at an issue price of C$0.90 per Flow-Through Share, up to a maximum of 6,700,000 Flow-Through Shares, and (ii) units of Metalex (the "Units") at an issue price of C$0.70 per Unit, up to a maximum of 1,500,000 Units.

Each Unit will consist of one common share (a "Common Share") of the Company and one half of one common share purchase warrant (each whole warrant, a "Warrant") with each Warrant entitling the holder thereof to purchase one Common Share of the Company at the exercise price of C$0.90 per Common Share for a period of 24 months following the closing of the Offering.

The Company expects to close the Offering on or about December 21st, 2010, subject to applicable regulatory approvals. Dr. Charles Fipke, the Company's Executive Chairman, intends to purchase securities under the Offering.

The Company has agreed to pay the Agents a cash commission equal to 6.0% of the gross proceeds of the Offering payable on the closing of the Offering.

The Agents will also be granted compensation options (the "Compensation Options") entitling the Agents to subscribe for that number of Units of the Company as is equal to 10.0% of the total number of securities sold pursuant to the Offering. Subject to regulatory approval, each Compensation Option will be exercisable to acquire one Unit of the Company for a period of 24 months following the Closing Date at an exercise price equal to the issue price of the Units.

The proceeds from the issuance of the Flow-Through Shares shall be used to fund exploration expenditures at the Company's Canadian mineral projects and will qualify as Canadian exploration expenses (as defined in the Income Tax Act)that will be renounced to the investors. The proceeds received by the Company under the Offering shall be used for further exploration and development of the Company's kimberlite-hosted diamond deposits and other prospective mineral projects as well as for general and administrative and working capital purposes.

For Further Information Please Contact:

Chad Ulansky

Chad Ulansky, President & CEO
(250) 860-8599
investorinfo@metalexventures.ca

Metalex is a Canadian based exploration company with strategic Canadian and international projects.

The Company has recently completed two 400 tonne bulk samples on two large kimberlite pipes located within 70 kilometers west of DeBeers' Victor Diamond Mine in the James Bay lowlands of Ontario. Processing of the T1 bulk sample is currently underway with the T1 complete results expected in fall 2010.
 
In Metalex's Attawapiskat Joint Venture, white microdiamonds have been recovered from a newly discovered kimberlite pipe located 7 kilometers south of the Victor Diamond Mine. Follow up drilling was completed during July-August 2010 and are awaiting lab analysis of the samples.
 
Near Wawa, Ontario the Company has a joint venture focused on discovering economic quantities of diamonds in conglomerates and also to locate their primary kimberlite sources. Drill results to-date have discovered the presence of coloured stones within the conglomerate.
 
In northern Quebec the Company has two joint ventures.  The first is for base and precious metals while the second is focused on diamonds.  The diamond joint venture has claims over 395 square kilometers where significant diamond quantities have been found in preliminary outcrop samples from conglomeratic rocks. Of significance is the presence of coloured stones including a purple macrodiamond in these samples. 

Internationally, the Company is exploring the headwaters of the highly diamondiferous Cuango River and has discovered 50 kimberlites.In Morocco, Metalex has an exploration license covering 25,000 km² over one of the few unexplored cratons in the world.  High quality G10 garnets recovered from sediment samples suggest that the source kimberlites could be high grade.  In southwestern Greenland, abundant G10 garnets have been found in glacio-fluvial sediments around Smile Lake and work has focused on finding the kimberlite source of these high quality diamond indicators.. The Company also has exploration licenses in northern Mali where anomalous gold and base metals have been found in stream and soil samples.