Drilling Continues, Additional Field Evidence for Additional Kimberlites in Angola



    KELOWNA, BC, Feb. 26 /CNW/ - Metalex Ventures Limited (MTX : TSX Venture
Exchange) is pleased to report core drilling is continuing on its Angolan
project and additional field work has provided evidence for additional
kimberlites.
    The initial hole into magnetic anomaly MB-03, located in the Cuango River
valley (see news release dated Feb 7, 2008), was abandoned at 123 feet due to
technical difficulties. Core recovered from the hole contained diatreme
material and brecciated sediments which could be consistent with the anomaly
being a kimberlite. The drill was moved 67 meters away and this second hole
has been drilled to a depth of 503 feet. Detailed logging of this hole will
commence shortly.
    Anomaly MB-03 has been modelled by geophysicists Scott Hogg and
Associates of Toronto, Canada to be 112 hectares in size.
    Additional field work has been undertaken at the Angolan project. To date
16 magnetic targets have been pitted and sampled. Whilst many of the pits did
not reach bedrock the presence of kimberlite indicator minerals at the bottom
of these pits would suggest that the targets are in fact kimberlite. Six of
the 16 samples have been preliminarily examined by a geologist in the field.
Three of the six samples contained abundant kimberlite indicator minerals
(ilmenites +/- pyrope and eclogitic garnets). A fourth sample contained a
single ilmenite, while a visual inspection did not reveal any indicators in
the other two samples. These samples will be analyzed in detail at CF Minerals
laboratory. A further 28 priority geophysical anomalies are to be pitted.
    The next target to be drilled is M-007. A pit sample from over the target
yielded abundant ilmenites. Geophysical modelling suggests the target is 24
hectares in size.
    54 heavy mineral stream samples have also been collected downstream from
geophysical targets. During collection two of these samples were noted to
contain very abundant kimberlite indicator minerals strongly suggesting the
upstream geophysical anomalies are kimberlite. A further 77 samples are
planned.
    The drill core, pit samples and heavy mineral samples will be shipped to
CF Mineral Research Ltd. in Kelowna, Canada where they will be analyzed for
diamonds and diamond indicator minerals.
    Metalex is pleased with the progress of its Angolan project. Core from
the first target drilled, MB-03, is consistent with the 112 hectare anomaly
being a kimberlite. Preliminary field examination of a pit sample over the
next drill target, M-007, found abundant ilmenite suggestive of the 24 hectare
anomaly being a kimberlite. Additional pitting and heavy mineral sampling have
provided evidence for an additional four anomalies being kimberlite. Drill
testing and field work is continuing.
    Chad Ulansky, P. Geo is the Qualified Person responsible for the
technical contents of this press release.

    Charles Fipke

    Charles Fipke
    Chairman

    %SEDAR: 00008159E




For further information:

For further information: 2600B Enterprise Way, Kelowna, B.C, Canada, V1X
7Y5, Tel (250) 860-8599, Fax (250) 860-1362, www.metalexventures.com,
investorinfo@metalexventures.ca

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