KELOWNA, BC, Jan. 28 /CNW/ - Metalex Ventures Limited (MTX : TSX Venture
Exchange) is pleased to inform our shareholders that drilling is soon expected
to commence on its Angolan project.
Drilling was expected to commence late in 2007; however, this has been
delayed due to problems in clearing the drill through Angolan customs,
acquiring the necessary permissions to import and operate a helicopter in the
country, roads being washed out between Luanda and the field area and most
recently the transport truck breaking down while en route to our project site.
The Company is pleased to report that these obstacles have now been overcome
and the drill arrived on Sunday and drilling is expected to commence within
The drill program will initially focus on testing large, high priority
geophysical anomalies, as defined by the recent detailed helicopter magnetic
survey. This survey defined 32 priority one anomalies up to 24 hectares in
size, 16 priority two anomalies up to 15 hectares and 18 priority three
anomalies smaller than 2 hectares. These geophysical anomalies occur in the
headwaters of the Cuango River, one of the most diamondiferous rivers in the
world. Many of the priority anomalies are overlain by ten to twenty meters of
sand and thus have eluded historic explorers.
Heavy mineral sampling of the exploration license has shown that that
streams draining the area containing the geophysical anomalies host indicator
minerals with compositions similar to those found from diamond bearing
kimberlites world wide. Significantly, these indicator minerals are not found
upstream of the geophysical anomalies. These results suggest that some of the
geophysical anomalies represent diamondiferous kimberlites.
The Company also reports that at its Greenland project Cantex Mine
Development Corp elected not to exercise its option to acquire an interest in
the property. As such the Greenland project is now wholly owned by Metalex.
Certain Metalex exploration projects are managed by Kel-Ex Development
Ltd., a company owned by Dr. Charles Fipke an internationally recognized
diamond geologist. Dr. Fipke is the Chairman of Metalex. Kel-Ex provides
Metalex with access to advanced proprietary databases and interpretational
techniques. In return Kel-Ex receives a 10% administration fee on certain
projects to cover costs and, in the case of Canadian projects, a 10% interest
in certain projects carried to production. Dr. Fipke also owns the C.F.
Mineral Research laboratory where samples collected in the exploration
programs are analyzed.
Chad Ulansky, P. Geo is the Qualified Person responsible for the
technical contents of this press release.
President and CEO
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.ca,