Metalex announce discovery of large kimberlite pipe in Angola and recovery of large diamonds in Ontario



    KELOWNA, BC, April 1 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("The
Company"), is pleased to announce that an exceptionally large kimberlite pipe,
modeled by geophysical consultant Scott Hogg at 500 x 600 meters (+/- 24
hectares), has been intersected by our core drilling project in Angola. This
is the most recent of 29 newly discovered kimberlite pipes on the Company's
concession at the headwaters of the Quango River. Core drilling, auger
drilling and pitting are presently being used to evaluate over 100 geophysical
anomalies on the concession. The heavy mineral sampling results indicate this
area to contain diamond bearing kimberlite pipes. The Company believes that
these pipes have been partially eroded, producing the large quantities of
alluvial diamonds presently being mined in the river downstream.
    To date, 38 geophysical anomalies have been tested of which 29 have been
field and/or laboratory identified as kimberlite. Of the 29 targets sampled,
19 have recently been received by the C.F. Minerals Laboratory in Kelowna, BC.
Of those samples received, three have now been completely tested for diamonds.
The results indicate one kimberlite pipe tested to be barren of diamonds and
two others to be weakly diamondiferous. The lab is currently analyzing
kimberlite samples from 16 more targets and results will be reported when
received.
    The large pipe was intersected at 198.5 meters depth and the drill is
still in primary kimberlite at 224 meters depth. This was the second vertical
core hole drilled into the pipe. The first hole was only drilled to 154.6
meters and failed to penetrate completely through the kimberlite crater infill
into primary kimberlite. Kimberlite crater infill from both holes as well as
primary kimberlite from the second hole will be shipped to the C.F. Minerals
lab as soon as possible and analyzed for diamonds.

    
    T1 and U2 Kimberlite, James Bay Lowlands, Ontario
    -------------------------------------------------
    

    Results to date, from the T1 and U2 diamond bearing kimberlites
respectively 78 and 62 kilometers west of the Victor Mine, have recently been
presented to three of the world's largest mining companies. We are encouraged
from the meetings that a possible joint venture may result.
    4,201 kg of drill core previously processed from T1 yielded 1,768
diamonds - of which 59.3% are clear (white). The 300 tonne mini bulk sample
needed to evaluate economic potential is still incomplete - about 190 tonnes
has been recovered utilizing a 22 cm diameter reverse circulation drill
presently on site. Recently, the Company received from C.F. Mineral Laboratory
the results of analyzing a single 134.6 kg sample of 5.6cm diameter core from
drill hole P07-02 (178-206)m on T1. The Company is happy to report 102
(+0.106mm) diamonds were recovered. This is over 2 times as abundant as the T1
average (356/1000 kg) and over 7 times as abundant as at the Victor Mine. The
sieve size distribution supplied by C.F. Minerals Laboratory are as follows:

    
    -------------------------------------------------------------------------
    Endecott Sieve Size          Number of          Weight of Diamonds
     (mm square mesh)             Diamonds                (carats)
    -------------------------------------------------------------------------
    1.70 to 2.36                      1                    .124422
    -------------------------------------------------------------------------
    1.18 to 1.70                      2                    .052599
    -------------------------------------------------------------------------
    0.85 to 1.18                      1                    .006715
    -------------------------------------------------------------------------
    0.600 to 0.85                     4                    .013185
    -------------------------------------------------------------------------
    0.425 to 0.600                   11                    .023442
    -------------------------------------------------------------------------
    0.300 to 0.425                   15                    .008423
    -------------------------------------------------------------------------
    0.212 to 0.300                   15                    .002388
    -------------------------------------------------------------------------
    0.150 to 0.212                   27                    .001713
    -------------------------------------------------------------------------
    0.106 to 0.150                   26                    .000678
    -------------------------------------------------------------------------
    Total                           102                    .233564
    -------------------------------------------------------------------------
    

    The two largest diamonds above, of 0.124 and 0.0382 carats, both classify
as white octahedrons of gem quality. Sixty one (60%) of the 102 recovered
classify as white. The T1 pipe is modeled at 180 x 200 meters at surface,
about the size of the Panda pipe at the Ekati Mine.
    Core drilling and geophysical modeling indicate that the U2 pipe is about
10 hectares in size. This currently indicates U2 to be the second largest pipe
found to date in the James Bay Lowlands. Five core holes have so far been
drilled into U2. Diamond contents, diamond qualities, diamond indicator
results and age of emplacement all appear similar to DeBeers' Victor Diamond
mine that commenced production in June 2008.

    
    Summary
    -------
    

    The Company is encouraged with its discovery of very large kimberlite
pipes in the area of Angola thought to be the source area of diamond bearing
kimberlite pipes that have been partially eroded into the Quango River
producing diamond bearing alluvial gravels currently being mined downstream.
    Our famous colleague, the late Hugo Dummett, who explored on behalf of
Anglo American for diamonds in Angola for six years used to say: "Obtain
samples from the largest pipes, for the large pipes will not only have the
largest tonnage, the largest pipes will also have the highest diamond grades."
    T1 in Northern Ontario is confirmed to contain commercially sized macro
diamonds of gem quality. U2 contains potential for large tonnages of
kimberlite with potential to contain high quality diamonds similar to the
Victor diamond mine of DeBeers.

    Dr. Charles Fipke, a qualified person, is responsible for the technical
content of this release

    
    "Chad Ulansky"

    Chad Ulansky, President & CEO
    (250) 860 - 8599
    investorinfo@metalexventures.ca

    Neither TSX Venture Exchange nor its Regulation Services Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.
    

    %SEDAR: 00008159E




For further information:

For further information: Chad Ulansky, President & CEO, (250) 860 -
8599, investorinfo@metalexventures.ca

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