Kimberlite U1 Indicator Mineral Results



    KELOWNA, BC, March 1 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange) ("Metalex" or the "Company").

    T1 Project
    ----------

    U1 Kimberlite

    Metalex has now received the indicator mineral results from the U1
kimberlite in its T1 project in northern Ontario.
    108.42 kilograms of kimberlite was processed for indicator minerals and
diamond by attrition milling. The diamond results are awaited. Within this
sample 59 Group I eclogitic garnets, 17 olivines, 6 clinopyroxenes, 3
chromites and 1 peridotitic G10 garnet were recovered with compositions
analogous to those that have grown with diamond in the earth's mantle.
According to the proprietary classification system of C.F. Mineral Research
Ltd. these indicators all classified as "diamond indicator" minerals, thereby
indicating that the U1 kimberlite is diamondiferous. Diamond results are
expected shortly.
    Detailed aeromagnetic surveys conducted over U1 indicate that it is a
small pipe with a diameter of 65 meters.

    U2 Kimberlite

    Kimberlite from the recently discovered seven hectare U2 pipe is
currently being processed for indicator minerals and diamonds at C.F. Mineral
Research Ltd. Results from U2 are expected next week.
    Drill testing of the remaining priority one targets is continuing.
    The Attawapiskat First Nation has recently made several public statements
concerning Metalex's T1 project. Metalex is committed to continued dialogue
with affected First Nations and looks forward to productive future
negotiations.
    The T1 project is a joint venture between Metalex (91.5%) and Arctic Star
Diamond Corp. (8.5%). The joint venture has also discovered the promising T1
kimberlite from which the collection of a 200 ton bulk sample is partially
complete.

    New Liskeard Project Relinquished
    ---------------------------------

    Metalex has withdrawn from its New Liskeard project in north eastern
Ontario. The claims were evaluated using an airborne geophysical survey and
the best targets were drill tested. Results were not of sufficient interest
for Metalex to continue investing funds.

    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 the 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 CF Mineral
Research laboratory where samples collected in the exploration programs are
analyzed.

    Dr. Charles Fipke, a Qualified Person, is responsible for the technical
content of this release.

    "Chad Ulansky"

    Chad Ulansky
    President.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.

    %SEDAR: 00008159E




For further information:

For further information: METALEX VENTURES LTD, 2600B ENTERPRISE WAY,
KELOWNA, B.C., V1X 7Y5, Tel (250) 860-8599

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Metalex Ventures Ltd.

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