A 0.52 carat white diamond has been recovered from the second bulk sample hole from U2.  The diamond passes through a 4.75mm sieve and rests on a 3.35mm sieve.  The stone has been broken and it is not possible to estimate how large it was originally.  Photos of the diamond are presented on the Company's website (www.metalexventures.com).

To date, 302 commercial sized (+0.425mm) diamonds have been recovered from the second hole at U2.  This hole intersected crater infill at a depth of nine meters until a depth of 85 meters.  From 85 meters kimberlite with 5 to 10 percent limestone xenoliths was intersected until the end of the hole at 349.5 meters.  A total of 10.3 tons of crater infill were sampled and 41.6 tons of kimberlite was sampled. 

Audit samples from the first hole are now finished and eight additional diamonds have been recovered.  These diamonds have been included in the results.  Audit samples have yet to be processed for the second hole.

To date the following diamonds have been recovered in hole U2-RC-03:

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:   

Characterization of all the natural diamonds recovered and described to date from the first two holes are as follows: 218 diamonds (41%) are white; 138 (26%) are grey; 124 (23%) are brown; 46 (9%) are yellow; three (1%) are green and two are pink.  Significantly, the proportion of white diamonds increases as diamond size increases; of the 21 largest diamonds (greater than 1.7mm) 13 are white, 1 is yellow, 3 are grey and 4 are brown.  By weight, white diamonds comprise 54% of the parcel and yellow diamonds comprise 8%. 

Metalex is most encouraged by the recovery of a white 0.52 carat diamond.  The fact that it is broken provides further evidence for the coarse diamond size distribution at U2.  In addition the proportion of white and yellow diamonds continues to be promising.

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.