First hole intersects a diatreme in Angola



    KELOWNA, BC, Feb. 7 /CNW/ - Metalex Ventures Limited (MTX : TSX Venture
Exchange) is pleased to report core drilling is underway on its Angolan
project. A diatreme and associated crater infill sediments, consistent with a
kimberlite have been intersected on the first hole.
    Drilling commenced on a large magnetic target in the Cuango River valley
on its concession in northern Angola. A field examination of core recovered to
date from the first hole confirmed the following:

    
    0 to 25 feet       Overburden
    25 to 48 feet      Finely bedded sediment
    48 to 62.5 feet    Locally brecciated diatreme with abundant small -
                       medium sized rounded autoliths
    62.5 to 90 feet    Finely bedded sediment with local breccia
    90 to 120 feet     Locally brecciated diatreme with abundant altered
                       coarse rounded autholiths and local basement (granite)
                       xenoliths
    

    Drilling is continuing on this hole.
    Metalex geologists are most encouraged as the foregoing sedimentary drill
intersections appear to be similar to crater infill sediments that occur
overlying kimberlite diatremes such as at the Mwadui Diamond Mine in Tanzania.
Additional petrography and processing for diamonds and diamond indicators are
needed for confirmation that the sediments are kimberlitic and that the
diatreme is a phase of kimberlite.
    Along with the drilling, pitting is being carried out on 34 magnetic
anomalies which represent kimberlite targets. About 65 magnetic anomalies in
areas covered by alluvium are being evaluated by detailed heavy mineral
sampling, ground geophysics and core drilling. The results of Metalex's heavy
mineral sampling indicate that the source kimberlites of the abundant alluvial
diamonds presently being mined downstream should be found within its license
area.
    Dr. Charles Fipke, P. Geo is the Qualified Person responsible for the
technical contents of this press release.

    Chad Ulansky

    Chad Ulansky
    President and CEO

    %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.ca,
investorinfo@metalexventures.ca

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