Metalex Ventures Ltd. (TSXV : MTX) ("Metalex", the "Company") is pleased to report preliminary macro Diamond results from the third of 11 holes from the 9.3 hectare U2 kimberlite pipe on the Metalex (95%) - Arctic Star Diamond Corp. (5%) (TSXV : ADD) joint venture in the James Bay lowlands, Ontario.

 

A 0.72 carat white gem quality Diamond has been recovered from the third bulk sample hole from U2. A picture of this Diamond is presented below and additional pictures are contained on the Company's website (www.metalexventures.com).

 

Diamond" vspace=5 src="http://ih.constantcontact.com/fs041/1103452602772/img/16.jpg" width=396>Recovery of diamonds from the fourth hole has commenced and already another 0.72 carat Diamond has been recovered. Once recovery and characterization are complete of the fourth hole results will be reported. Therefore this release presents only the results of the first three holes.

The diamonds recovered to date in the third hole U2-RC-04 are as follows:

 

 

Audit sample results from the second and third holes have not yet been received and could further improve the above grades.

  

The size distribution of the diamonds is very coarse with a high proportion of the diamonds being in the larger size categories.  This is important for a high average carat value.  The following table contains the size distribution of the diamonds recovered to date:   

                        
Sieve Sizes (Through/On)

            0.6mm   0.85mm 1.18mm 1.7mm 2.36mm 3.35mm 4.75mm
            0.425mm 0.6mm 0.85mm 1.18mm 1.7mm 2.36mm 3.35mm
RC-02        61           81        56        24         4         3           -
RC-03        50         121        79        38        12         1           1
RC-04        29           96        68        21        10         2           1     
TOTAL      140         298      203        83        26         6           2

Characterization of the colour of all natural diamonds recovered and described to date from the first three holes are as follows:  

 

             White    Yellow   Green   Pink   Brown   Grey    Total 

                #          #          #        #        #         #         #  

RC-02      97        20          2         0       40        70      229

RC-03     121       26           1        2       84        68      302 

RC-04     134       14           0        3       20        56      227    

TOTAL    352       60           3        5      144      194      758   

 

To date, as presented in the above table ,46% are white; 26% are grey; 19% are brown; 8% are yellow; 1% are pink and 0.4% are green. The proportion of white diamonds continues to improve with increasing Diamond size. Of the 34 largest diamonds (greater than 1.7mm) 23 are white, 1 is yellow, 5 are grey and 5 are brown. By weight, white diamonds comprise 60.7% of the parcel and yellow, pink and green diamonds comprise 7.2%.

Metalex is most encouraged by the recovery of a white 0.72 carat Diamond from the third hole and a second 0.72 carat Diamond from the first of the samples from the fourth hole. As shown in photographs available on the Company's website, many of the large diamonds recovered to date from the very large 9.3 hectare U2 kimberlite are spectacular. Furthermore, the high proportion of white and coloured diamonds is exceptional.

The technical information and results reported here have been reviewed by Mr. Chad Ulansky P.Geol., a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.

 

 

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 nearly complete while processing of the U2 bulk sample is underway.
 
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 late summer  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.