Metalex Ventures Ltd. - 106 purple diamonds in Quebec rock samples



    KELOWNA, BC, Aug. 7 /CNW/ - Metalex Ventures Limited (MTX:TSX - Venture
Exchange) in conjunction with its joint venture partners Dianor Resources Inc.
(DOR: TSX Venture Exchange) and Wemindji Exploration Inc. (Wemex) are pleased
to announce receipt of final diamond results for one hundred and eleven (111)
reconnaissance surface rock samples taken on the Joint Venture's Ekomiak II;
IV; V; VI; and VII properties in the James Bay region of Quebec. Diamonds were
recovered from all of the five sampled properties spread over a large
geographical area of James Bay that is easily accessible by road. A review of
the diamonds recovered to date by CF Minerals of Kelowna, B.C. confirmed the
presence of 106 purple coloured diamonds in five samples from two properties
(Ekomiak V and VII).
    A single surface rock sample from the Ekomiak V property weighing
36.66 kilograms (approximately 81 lbs) contained 94 purple diamonds in
addition to numerous other coloured diamonds. The Ekomiak V samples also
returned an average coloured diamond content of brown (30%), purple (22%),
grey (15%), yellow (9%), green (5%), and amber (2%). Eighty three percent
(83%) of the diamonds recovered and described from the properties were
coloured diamonds. Natural fancy coloured diamonds are very rare and expensive
with purple as one of the rarest and most desirable colours. The main host
rocks are conglomerates of Archean age, between 2.716 and 2.733 billion years
old, thus making these Quebec diamond discoveries both unique and amongst the
oldest diamond bearing occurrence in the world (press release of March 3,
2007).
    Fifty four of the one hundred and eleven reconnaissance surface rock
samples were diamond bearing and a total of 1,717 diamonds were recovered. The
results show that on average, forty nine (49%) percent of the rock samples
from all the sampled properties were diamond bearing while eighty two (82%)
percent of the rock samples from the Ekomiak V property were diamondiferous.
    Cumulative results for all diamond bearing surface conglomerate samples
from the five sampled properties are outlined in the table below:

    
                 Summary of Diamonds recovered by sieve size

    -------------------------------------------------------------------------
                                                   Bottom Sieve aperture
                                  Weight                in microns(*)
    Location                         Kgs      +75     +106     +150     +212
    -------------------------------------------------------------------------
    Ekomiak II                    106.55        4        0        1        0
    -------------------------------------------------------------------------
    Ekomiak IV                    252.36       13        6        3        2
    -------------------------------------------------------------------------
    Ekomiak V                     922.54      654      557      257      143
    -------------------------------------------------------------------------
    Ekomiak VI                     55.28        2        0        1        1
    -------------------------------------------------------------------------
    Ekomiak VII                   278.90        8        3        1        0
    -------------------------------------------------------------------------
    TOTAL                       1,615.63      681      566      263      146
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
                                 Bottom Sieve aperture
                                      in microns(*)                    Total
    Location               +300     +425     +600     +850    +1180 Diamonds
    -------------------------------------------------------------------------
    Ekomiak II                0        0        0        0        0        5
    -------------------------------------------------------------------------
    Ekomiak IV                0        0        0        0        0       24
    -------------------------------------------------------------------------
    Ekomiak V                42       14        4        1        0    1,672
    -------------------------------------------------------------------------
    Ekomiak VI                0        0        0        0        0        4
    -------------------------------------------------------------------------
    Ekomiak VII               0        0        0        0        0       12
    -------------------------------------------------------------------------
    TOTAL                    42       14        4        1        0    1,717
    -------------------------------------------------------------------------
    (*)1000 microns = 1 millimetre

    The coloured diamonds recovered ranged in size from 0.075 to 1.06mm and
were present on all screen sieve sizes from +75 to +850 microns. The largest
coloured diamonds recovered from the Ekomiak V property are outlined in
Table I below:

                                   Table I:
       Largest Individual Coloured Diamonds from Ekomiak V properties
                       Measured XYZ axes (microns(*))

    -------------------------------------------------------------------------
    Ekomiak V                              Sieve
    Property                             Size (mm)       X        Y        Z
    -------------------------------------------------------------------------
    Brown                                   0.850      988      728      768
    -------------------------------------------------------------------------
    Yellow                                  0.600      940      920      740
    -------------------------------------------------------------------------
    Green                                   0.425      780      560      500
    -------------------------------------------------------------------------
    Gray                                    0.300      402      711       75
    -------------------------------------------------------------------------
    Purple                                    425      512      646      517
    -------------------------------------------------------------------------
    Amber                                     600     1060      700      520
    -------------------------------------------------------------------------
    (*)1000 microns = 1 millimetre;
    

    The majority (90) of the surface rock samples were processed by
autogenous (attrition) milling at the CF Minerals Research Limited laboratory
in Kelowna, British Columbia to recover indicator minerals followed by caustic
fusion to recover diamonds. The remaining 21 rock samples were caustically
fused for diamonds only at the SRC diamond laboratory in Saskatoon,
Saskatchewan (press releases March 3rd, April 10th and May 13th 2008). The
Ekomiak IV; V; and VII properties are located between seventy (70) and ninety
(90) kilometres south of Radisson while the Ekomiak VI property is located
approximately two hundred (200) kilometres directly south of Radisson, Quebec.
All the properties sampled are readily accessible by road.
    Indicator minerals (approx. 15,000) were recovered through the autogenous
(attrition) milling of the outcrop samples of conglomerate and microprobe
analyses of approximately one thousand five hundred grains identified
kimberlite and diamond indicator minerals (DIM's) including Olivine, Pyrope
(G9 and G10) and Eclogitic (G1) garnets; Chromites; Clinopyroxenes and
Picroilmenite. Plotting and evaluation of the data shows that approximately
75% of Olivines and 25% of chromites plot in the diamond stability field with
the picroilmenites plotting in the compositional range normally associated
with North American kimberlite. Microprobe analyses and interpretation by CF
Minerals also indicated that certain minerals grew in a diamond environment
with large diamonds. The indicator mineral assemblages suggest a proximal
diamondiferous primary source rocks for the diamonds in the conglomerates. A
pyrope G10-10 garnet was identified in one of the four samples taken from
Ekomiak VI where geological mapping by the Quebec Government delineated an
area of twenty to thirty square kilometres of conglomerate.
    Management is encouraged with the sample results especially the
percentage content of the rare purple diamonds and size of the coloured stones
from "small" 30 kilogram (70lb) rock samples taken from the surface of large
outcrops on the Ekomiak V property and the confirmation that the purple
diamonds occur in five samples. The high percentage of coloured diamonds
indicates that the James Bay area of Quebec has the potential to be a premier
area for coloured diamonds in North America if not the world apart from the
Australian Argyle mine where coloured diamonds are mined and marketed by Rio
Tinto. Management is also encouraged that the reconnaissance sampling
programme of 2007 proved the presence of diamondiferous conglomerates on all
of the five properties. Also, in the current era of high energy prices, all of
the five properties are close to and cut by highways and as the diamond
bearing rocks are exposed on surface, current and future activities fits a low
cost exploration model for diamond exploration and exploitation compared to
other diamond exploration areas of Canada.
    Mr. John Ryder, P.Geo is the Qualified Person responsible for the
technical contents of this press release.

    About Metalex
    -------------
    Metalex is a Canadian based exploration company with strategic Canadian
and international projects.
    In the vicinity of the "Ring of Fire" in northern Ontario the Company has
joint ventured claims totaling 214.4 square kilometers to WSR Gold Inc. WSR
can earn a 50% interest by funding $20 million of exploration work over
4 years. The project has discovered significant (95 and 131 meter drill
intercepts) semi massive to near massive sulphide mineralization at anomaly
"5.01". Samples from these intercepts are currently being assayed. The project
is aggressively delineating this anomaly while continuing to test the other
39 geophysical anomalies identified on the claims.
    Also in the James Bay region the Company has discovered and completed
delineation drilling of four kimberlites. Diamond results of pipe T1 are
sufficiently positive to justify bulk sampling the pipe and a 200 to 300 tonne
sample is partially complete at the present time.
    Near Wawa, Ontario the Company has a joint venture with Dianor Resources
focused on discovering economic quantities of diamonds in conglomerates and
also to locate their primary kimberlite sources. The release dated June 26,
2008 announced the presence of coloured stones within the conglomerate.
Pictures of selected stones are displayed on Metalex's website.
    In addition to the diamond joint venture discussed in this release the
Company has a joint venture with Dianor exploring for base and precious
metals.
    In Greenland the Company is exploring for diamonds in the vicinity of
Smile Lake. Abundant G10 garnets have been found in glacial sediments around
Smile Lake and work has focused on finding the kimberlite source of these
diamond indicators.
    In Morocco Metalex has a 25,000 km(2) exploration license covering
Archean rocks. Extensive sampling has shown the area to be prospective for
diamonds, base and precious metals.
    The Company has exploration licenses in northern Mali where anomalous
gold has been found in stream and soil samples.
    In Brazil the Company has exploration licenses in the state of Mato
Grosso. Numerous large diamonds have been found in the streams within the
licenses. Sampling and geophysics has been conducted to track the kimberlite
sources of the large diamonds and associated abundant diamond indicator
minerals.
    In Angola the Company has an exploration license covering 3,000 km(2) of
the headwaters of the highly diamondiferous Cuango River. Two airborne
geophysical surveys have generated in excess of one hundred anomalies which
have been prioritized for drill testing. Drilling is currently underway and
13 kimberlites have been found to date.

    
    Chad Ulansky

    Chad Ulansky
    President and CEO

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

    %SEDAR: 00008159E




For further information:

For further information: 203-1634 Harvey Ave Kelowna, B.C, Canada, V1Y
6G2, Tel (250) 860-8599, Fax (250) 860-1362, www.metalexventures.com,
investorinfo@metalexventures.ca

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