Metalex Exploration Update



    KELOWNA, BC, Sept. 12 /CNW/ - Metalex Ventures Limited (MTX: TSX -
Venture Exchange) is pleased to provide an exploration update on the Company's
projects.

    T1 Project

    At the Company's 91.5% owned T1 project core samples have been processed
from both U2 and U2 NW and delineation drilling is continuing. Favourable
meetings have been held with the affected First Nations and there is support
to commence negotiating a Memorandum of Understanding. These activities are
detailed below.

    1. U2 Kimberlite Pipe

    Delineation drilling is now complete on the U2 kimberlite. In addition to
the vertical discovery hole (hole U2-1), inclined holes were undertaken from
near the center of the kimberlite dipping at -55 degrees. These holes were
designed to test the pipe for different kimberlite phases as other large pipes
in the region (for example DeBeers' Victor Mine 60 km to the east) contain
multiple phases with diamond contents varying from barren to economic. 5.61 cm
diameter core holes have intersected kimberlite to an inclined depth of
337.72 meters to the north (U2-2), 238.35 meters to the south (U2-3), 269.75
meters to the west (U2-4) and 233.00 meters to the east (U2-5). Drill logs for
the holes to the north, south and west were presented in the release dated
July 5th, 2007 and the log for the recently completed east hole is presented
in the following table.

    
    Delineation Hole U2-5 Drill Log

    -------------------------------------------------------------------------
                                   From (m)         To (m)       Description
    -------------------------------------------------------------------------
    U2-5 (-55 degrees east)              0          12.80         Overburden
    -------------------------------------------------------------------------
                                     12.80         233.00         Kimberlite
    -------------------------------------------------------------------------
                                    233.00         246.27            Granite
    -------------------------------------------------------------------------
    

    Using the logs of the four angled delineation holes and assuming that the
pipe is an ellipse with walls that dip at an angle of 86 degrees the pipe has
an area of 9 hectares. Metalex is encouraged by the large size of the pipe.
    The core is processed for indicator minerals in addition to
microdiamonds. The following table summarizes the diamond indicator minerals
recovered with compositions equivalent to compositions of diamond indicator
minerals that form with diamonds worldwide.

    
    Diamond Inclusion Indicator Results from U2

    -------------------------------------------------------------------------
                                                               Eclo- Perido-
                   Hole    From     To  Chro-  Oli-            gitic   titic
    Sample          No.     (m)     (m)  mite  vine  OPX  CPX Garnet  Garnet
    -------------------------------------------------------------------------
    U2-1-35-305    U2-1   10.67   92.96     4    12    2   10     19       0
    -------------------------------------------------------------------------
    U2-1-132-140A  U2-1   40.23   42.67     1     4    7   11     51       3
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    U2-2-180-205   U2-2   54.86   62.48     3     9   19    8      8       0
    -------------------------------------------------------------------------
    U2-2-234-325   U2-2   71.32   99.06     2     4    3   11     45       2
    -------------------------------------------------------------------------
    U2-2-325-397   U2-2   99.06  121.01     1    10    0    5     12       0
    -------------------------------------------------------------------------
    U2-2-513-906   U2-2  156.36  276.15     1    16    4   13     38       1
    -------------------------------------------------------------------------
    U2-2-937-1108  U2-2  285.60  337.72     4     5   17    4     39       0
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    U2-3-198-300   U2-3   60.35   91.44     0     0    5    6     26       0
    -------------------------------------------------------------------------
    

    The foregoing diamond inclusion composition indicators of dominantly
eclogitic and lherzolitic character is similar to the Victor Diamond Mine
located 60 kilometers east.
    A total of 994.90 meters of kimberlite core from U2 has been shipped to
CF Mineral Research Ltd for diamond indicator analysis and diamond recovery.
To date 403.56 meters of core have been processed for microdiamonds and all of
the results completed are presented below.

    
    Diamond Results from Delineation Drilling on Kimberlite U2

    -------------------------------------------------------------------------
                                                         Bottom Sieve
                                                     Aperature in Microns
    Sample         Hole    From      To  Weight (less than)
    No.             No.       m       m      kg      0.106  106  150 212 300
    -------------------------------------------------------------------------
    U2-1-35-305    U2-1   10.67   92.96   87.88          2
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    U2-2-180-205   U2-2   54.86   62.48   41.16          1             1
    -------------------------------------------------------------------------
    U2-2-234-325   U2-2   71.32   99.06  142.82          1    3    4   2   3
    -------------------------------------------------------------------------
    U2-2-325-397   U2-2   99.06  121.01   72.26          3
    -------------------------------------------------------------------------
    U2-2-513-906   U2-2  156.36  276.15   646.5          4    2    1   1
    -------------------------------------------------------------------------
    U2-2-937-1108  U2-2  285.60  337.72   194.5          3    1        1
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    U2-3-198-300   U2-3   60.35   91.44  170.88          1    2    2   1   1
    -------------------------------------------------------------------------
    U2-3-400-500   U2-3  121.92  152.40   172.7               1
    -------------------------------------------------------------------------
    U2-3-500-600   U2-3  152.40  182.88   171.9          3    1    2
    -------------------------------------------------------------------------


    ------------------------------------------------------
                             Bottom Sieve
    Sample         Hole  Aperature in Microns       Total
    No.             No.     425   600   850      Diamonds
    ------------------------------------------------------
    U2-1-35-305    U2-1                                 2
    ------------------------------------------------------

    ------------------------------------------------------
    U2-2-180-205   U2-2                                 2
    ------------------------------------------------------
    U2-2-234-325   U2-2       2     2                  17
    ------------------------------------------------------
    U2-2-325-397   U2-2                                 3
    ------------------------------------------------------
    U2-2-513-906   U2-2                                 8
    ------------------------------------------------------
    U2-2-937-1108  U2-2                                 5
    ------------------------------------------------------

    ------------------------------------------------------
    U2-3-198-300   U2-3       1     1                  10
    ------------------------------------------------------
    U2-3-400-500   U2-3                                 1
    ------------------------------------------------------
    U2-3-500-600   U2-3                                 6
    ------------------------------------------------------
    

    Drilling has shown that, like Victor, U2 contains varying diamond
contents. Diamond contents range from nearly barren to values approaching
those expected from Victor. Combining samples U2-2-234-325 and U2-3-198-300
yields 77 diamonds greater than 106 microns per 1000 kilograms. The percentage
of gem quality diamonds greater than 106 microns for the two aforementioned
samples is 78% while the average for all of the samples from U2 is 74%. The
presence of high grade regions with a high proportion of gem quality diamonds,
as evidenced by the current results, supports the continued processing of the
delineation drill core. This processing is currently underway.

    2. U2 NW Kimberlite Pipe

    Core from the discovery hole has been processed for diamond indicator
minerals. These results are summarized in the following table.

    
    Summary of the Diamond Inclusion Indicator Minerals from U2-NW-1

    -------------------------------------------------------------------------
                                                               Eclo- Perido-
                      Hole   From     To  Chro-  Oli-          gitic   titic
    Sample             No.    (m)     (m)  mite  vine OPX CPX Garnet  Garnet
    -------------------------------------------------------------------------
    U2-NW-195-379  U2-NW-1  59.44  115.52     3     4  22   3     30       2
    -------------------------------------------------------------------------


    These compositions are consistent with those from U2 and the Victor
Diamond Mine and indicate that the pipe is diamondiferous as is borne out by
the diamond results presented below. 39.02 kilograms of core from the
discovery hole were processed for microdiamonds and 5 diamonds were recovered.

    -------------------------------------------------------------------------
                                                         Bottom Sieve
                                                     Aperature in Microns
    Sample            Hole   From      To  Weight (less than)
    No.                No.      m       m      kg     0.106  106 150 212 300
    -------------------------------------------------------------------------
    U2-NW-195-379  U2-NW-1  59.44  115.52   39.02         4    1
    -------------------------------------------------------------------------


    ---------------------------------------------------------
                                Bottom Sieve
    Sample            Hole  Aperature in Microns       Total
    No.                No.     425   600   850      Diamonds
    ---------------------------------------------------------
    U2-NW-195-379  U2-NW-1                                 5
    ---------------------------------------------------------
    

    The small sample of U2-NW processed does not allow an accurate estimation
of the diamond count of the pipe. However, the diamond indicator minerals and
microdiamonds recovered from the discovery hole indicate that the U2 NW
kimberlite warrants additional testing. Delineation drilling (5.61cm core) is
now in progress with a hole being drilled at -45 degrees at a bearing of
115 degrees.

    3. Discussions with First Nations

    A visit to the T1 site by the chief and one elder from each of the
Attawapiskat and Marten Falls First Nations was hosted by representatives of
the Company on September 4th 2007. The chiefs and elders complimented Metalex
on the well kept site and indicated that they wanted to progress negotiations
on a Memorandum of Understanding.

    Angola

    The Company has now completed an airborne (helicopter) magnetic survey
over a portion of its Chitamba exploration license in the Republic of Angola.
This survey has provided detailed resolution of 127 targets previously
identified by a low resolution survey. The level of detail of the new survey
is sufficient to spot drill holes. Final interpretation of the new geophysical
data is currently underway to prioritize the drill targets.
    A drill designed to suit the conditions in Angola has been specially
constructed, tested and is presently in transit by air cargo to Angola. Drill
testing will commence as soon as the drill is on site.
    The Company's dredge designed to test for and recover alluvial diamonds
from the Cuango and Cucumbi Rivers has been modified to extend its depth
capability. It is hoped that the increased capabilities will allow the dredge
to test the large potholes overlying magnetic anomalies that the Company was
unable to get to the bottom of last year. Dredging operations are currently
underway.

    Brazil

    Metalex has agreed, subject to shareholder and regulatory approvals, to
purchase claims located near Paranatinga, Mato Grosso. An airborne survey has
recently been completed over a portion of these claims.
    The claims area contains at least eight untested kimberlite pipes of
which three have been recently sampled with results pending as well as
numerous high quality diamond indicator mineral anomalies from alluvial heavy
mineral samples derived from as of yet undiscovered source kimberlites.
    The completed airborne survey covers the most significant diamond
indicator anomalies received from bulk (~10kg of material smaller than 1 mm)
stream sediment samples sieved from alluvial gravels that have contained many
large diamonds reportedly up to 300 carats in size recovered by garimpeiros
mining the gravels. These samples contained not only Group I eclogitic garnets
but also diamond inclusion composition chrome diopsides with angular near
source textures. Chrome diopside is a soft mineral that normally does not
survive alluvial transport in tropical conditions more than 2 to 3 kilometers
from source. Several of the near source chrome diopsides have compositions
equivalent to those from large (50+ carat) diamonds from Ekati and from chrome
diopsides from kimberlites which contain large diamonds such as Premier and
Jagersfontein.
    An airborne magnetic and electromagnetic geophysical survey has been
completed using a helicopter over the postulated (3.4 by 3.7km) source area of
these high quality indicator minerals. Interpretation of the magnetic portion
of the survey is now complete and 5 targets potentially reflecting kimberlites
have been modelled to have widths of up to 300 meters. These targets have been
identified in areas upstream of the aforementioned diamond inclusion
indicators.
    Interpretation of the electromagnetic results of the survey is currently
underway. Upon completion of this geophysical interpretation a drill program
will be undertaken to test the anomalies.
    The transaction whereby Metalex would acquire these claims will be
presented for shareholder approval within sixty days.

    Summary

    One drill is presently testing the newly discovered U2 NW kimberlite
located 60 km west of the new Victor Diamond Mine in northern Ontario whilst
another drill is now testing high priority geophysical targets in the same
area. Negotiations with the Attawapiskat and Marten Falls First Nations have
recommenced and all parties have expressed a commitment to negotiating a
Memorandum of Understanding. Once the MOU is agreed upon Metalex will complete
the bulk sample of T1 and will possibly bulk sample the newly discovered U1,
U2 and U2 NW kimberlites.
    Helicopter geophysical surveys have recently been completed in Brazil and
Angola. Both of these surveys have been flown upstream of areas that have
produced significant alluvial diamonds in an effort to locate drill targets
for the kimberlite sources of the diamonds. In Brazil five magnetic targets
have been identified in the vicinity of both abundant high quality diamond
indicators and alluvial diamonds up to 300 carats in size. The Angolan project
contains 127 magnetic anomalies located in the headwaters of the Cuango River.
The Cuango River is one of the most productive rivers for alluvial diamonds in
the world. Downstream from the magnetic anomalies contained within Metalex's
project area a company named SDM mined US$106 million of alluvial diamonds in
2005 and at the downstream boundary of Metalex's license a 216 carat stone was
recovered by garimpeiros. Metalex hopes to soon discover the source
kimberlites of the large alluvial diamonds in Brazil and Angola by core
drilling the magnetic anomalies identified upstream.
    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.
    Dr. Charles Fipke, P.Geo is the Qualified Person responsible for the
technical contents of this press 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 Limited, 2600B Enterprise Way,
Kelowna, BC, Canada, V1X 7Y5, Tel (250) 860-8599, Fax (250) 860-1362,
www.metalexventures.ca, investorinfo@metalexventures.ca

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