Metalex Ventures Ltd. (TSXV : MTX) (the "Company") is pleased to announce, further to its news release of March 11, 2011, the closing of its brokered private placement (the "Offering") by a syndicate of agents led by GMP Securities L.P. and including Pope & Company Ltd. (collectively, the "Agents"). The Company raised approximately C$10,000,000 through the issuance of 5,000,000 flow-through shares (the "Flow-Through Shares") at a price of C$1.00 per Flow-Through Share and 5,882,353 units (the "Units") at a price of C$0.85 per Unit.  Each Unit consists of one common share and one half of one common share purchase warrant, with each whole warrant entitling the holder thereof to acquire one additional common share of the Company at the exercise price of C$1.00 for a period of 24 months following the closing of the Offering. 

In connection with the Offering, the Agents received a cash commission equal to 7% of the gross proceeds of the Offering and also received compensation options exercisable by the Agents to acquire 761,765 Units at a price of $0.85 per Unit for a period of 24 months following the closing of the Offering.

The Company is also pleased to announce, further to its news release of March 21, 2011, the closing of its non-brokered private placement with Dr. Charles Fipke, Chairman of the Company. The Company raised approximately C$1,200,000 through the issuance of 600,000 Flow-Through Shares and 705,882 Units.

All securities issued pursuant to the offerings, together with any underlying securities, are subject to a four month hold period expiring August 14, 2011.

The proceeds from the issuance of the Flow-Through Shares shall be used to finance exploration expenditures at the Company's Canadian mineral projects, in particular, the Company's kimberlite properties in Ontario and Quebec, and will qualify as Canadian exploration expenses (as defined in the Income Tax Act) that will be renounced to the investors. The proceeds received from the issuance of the Units shall be used for further exploration and development of the Company's diamond, gold, base metal and uranium projects in Morocco 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 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.