Metalex Ventures Ltd. - Coloured diamonds predominate in Mori drill core



    KELOWNA, BC, June 25 /CNW/ - Metalex Ventures Ltd. (MTX : TSX Venture
Exchange) in conjunction with its joint venture partners Dianor Resources Inc.
(DOR: TSX Venture Exchange) and Mori Diamonds Inc. is pleased to inform
shareholders that we have received complete results for 13 drill holes drilled
on the Mori joint venture properties located 3 kilometres north east and north
west of the Leadbetter Diamond Property in the Wawa area of Ontario. (Refer to
press release of January 14, 2008 for initial drill results). Greater than
fifty percent (52.4%) of the 5,216 diamonds recovered were coloured diamonds.
The coloured diamonds range from brown (26.8%), grey (14.0%), yellow (5.5%),
green (5.1%), orange (0.8%), purple (0.1%), amber (0.1%) and black (0.1%). One
pink diamond was also recovered. The ten largest diamonds recovered were
commercial sized (+0.85mm) coloured stones (8 brown, 1 yellow and 1 grey) that
range in weight from 1.0583 to 2.6327 milligrams. Natural fancy coloured
diamonds are very rare and expensive with orange and purple amongst the rarest
and most desirable colours. The main host rocks are conglomerates of Archean
age, 2.697 billion years old (press release of April 4, 2007), unique and
amongst the oldest diamond bearing occurrences in the world. The NQ drill
cores 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 coloured diamonds recovered ranged in size from 0.075 to 1.32mm and
were present on all screen sieve sizes from +75 to +850 microns. The largest
diamonds for each colour are outlined in the Table below:

    
                     Largest Individual Coloured Diamonds
                       measured XYZ axes (microns(*))

                 ------------------
                            Sieve    ---------------------------
                 Colour   Size (mm)     x         y         z
                 -----------------------------------------------
                 Brown      0.850      1122      1212       803
                 -----------------------------------------------
                 Grey       0.850      1013       886       815
                 -----------------------------------------------
                 Yellow     0.850      1323      1189       371
                 -----------------------------------------------
                 Green      0.600       840      1114       537
                 -----------------------------------------------
                 Orange     0.425       666       567       420
                 -----------------------------------------------
                 Purple     0.150       132       270       227
                 -----------------------------------------------
                 Amber      0.300       526       526       249
                 -----------------------------------------------
                 Black      0.425       510       428       463
                 -----------------------------------------------
                 Pink       0.300       425       441       407
                 -----------------------------------------------
                 (*)1000 microns = 1 millimetre;

    Furthermore, the colour characteristics of the diamonds recovered from the
drill core on the Mori East block consist of 47.6% white stones and 52.4%
coloured diamonds. The percentage of white to coloured diamonds was consistent
in each of the drill holes with little variation between the holes. Minor
variations occurred between the percentages of each colour in different drill
holes but overall the following order of abundance was found brown greater
than grey greater than yellow greater than green greater than other colours
(orange, purple, amber, black, pink). (Photos available on Metalex website at
www.metalexventures.com)

       Summary of Diamond Recoveries from Drill Core MORI EAST BLOCK.

    -------------------------------------------------------------------------

    Drill_Hole        From        To      Interval    Weight
    Number           metres     Metres     metres       Kg     Lithology
    -------------------------------------------------------------------------
    MN(*) 07-01       14.50      41.00      26.50     128.06      MS
    -------------------------------------------------------------------------
                      41.00     162.30     121.30     595.60     Congl
    -------------------------------------------------------------------------
                     162.30     233.45      49.74     242.90    MS/Volc
    -------------------------------------------------------------------------
                                            Total     966.56
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    MN 07-02           6.40     110.80     104.40     507.10     Congl
    -------------------------------------------------------------------------
                     110.80     120.00       9.20      43.78     Volc
    -------------------------------------------------------------------------
                                                      550.88
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    MN 07-03          28.50      41.95      13.45      65.18    MS/Volc
    -------------------------------------------------------------------------
                      41.95     147.18     105.23     508.02     Congl
    -------------------------------------------------------------------------
                     147.18     167.30      20.12      96.44      MS
    -------------------------------------------------------------------------
                                            Total     669.64
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    MN 07-04           7.40      45.40      38.00     185.62     Congl
    -------------------------------------------------------------------------
                      45.40     100.90      43.40     209.74      MS
    -------------------------------------------------------------------------
                                                      395.36
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    MN 07-05          23.00     162.00      60.10     290.10    MS/Volc
    -------------------------------------------------------------------------
                     162.00     196.50      34.50     169.19     Congl
    -------------------------------------------------------------------------
                     240.00     249.00       9.00      43.40      MS
    -------------------------------------------------------------------------
                                            Total     502.69
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    MN 07-06          12.00     120.00      29.80     144.76    MS/Volc
    -------------------------------------------------------------------------
                     129.16     170.00      40.84     203.82     Congl
    -------------------------------------------------------------------------
                     180.00     225.00      18.00      86.30      MS
    -------------------------------------------------------------------------
                                            Total     434.88
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    MN 07-07          18.00     176.84     108.94     538.26    MS/Volc
    -------------------------------------------------------------------------
                     176.84     264.00      87.16     436.26     Congl
    -------------------------------------------------------------------------
                     264.00     310.10      46.10     228.72     Volc
    -------------------------------------------------------------------------
                                            Total    1203.24
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    MN 07-08          6.80       22.31      15.51      74.70      MS
    -------------------------------------------------------------------------
                     22.31       74.20      51.89     253.74    Congl
    -------------------------------------------------------------------------
                     74.20      113.25      39.05     186.24      MS
    -------------------------------------------------------------------------
                                            Total     514.68
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    MN 07-09          6.90       87.00      80.10     385.56    MS/Volc
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    MN 07-10         22.50      123.50      33.00     161.18    MS/Volc
    -------------------------------------------------------------------------
                    123.50      210.00      86.50     424.80    Congl
    -------------------------------------------------------------------------
                                            Total     585.98
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                      Grand Total    6209.47
    -------------------------------------------------------------------------


    -------------------------------------------------------------------
                             Diamond Count per bottom sieve
                                (aperture in microns(*))         Total
    Drill_Hole    ----------------------------------------------- Dia-
    Number         +75  +105  +150  +212  +300  +425  +600  +850 monds
    -------------------------------------------------------------------
    MN(*) 07-01      5     2     1     1     0     0     0     0     9
    -------------------------------------------------------------------
                   406   251   257   203    93    27     6     1  1244
    -------------------------------------------------------------------
                    15     0     0     4     4     4     1     0    28
    -------------------------------------------------------------------
                   426   253   258   208    97    31     7     1  1,281
    -------------------------------------------------------------------
    -------------------------------------------------------------------
    MN 07-02       223   100   105   121   61    23     5      3   641
    -------------------------------------------------------------------
                     1     2     0     1    0     0     0      0     4
    -------------------------------------------------------------------
                   224   102   105   122   61    23     5      3   645
    -------------------------------------------------------------------
    -------------------------------------------------------------------
    MN 07-03         0     0     0     0     0     0     0     0     0
    -------------------------------------------------------------------
                   216    94   118   119    65    22     6     3   643
    -------------------------------------------------------------------
                     6     0     1     0     0     0     0     0     7
    -------------------------------------------------------------------
                   222    94   119   119    65    22     6     3   650
    -------------------------------------------------------------------
    -------------------------------------------------------------------
    MN 07-04       122    15    19    27    14     7     3     0   207
    -------------------------------------------------------------------
                    13     0     0     0    0      0     0     0    13
    -------------------------------------------------------------------
                   135    15    19    27   14      7     3     0   220
    -------------------------------------------------------------------
    -------------------------------------------------------------------
    MN 07-05         2     0     2     0    0      0     0     0     4
    -------------------------------------------------------------------
                     1     0     0     0    0      0     0     0     1
    -------------------------------------------------------------------
                     1     0     0     0    0      0     0     0     1
    -------------------------------------------------------------------
                     4     0     2     0    0      0     0     0     6
    -------------------------------------------------------------------
    -------------------------------------------------------------------
    MN 07-06        11     3     1     0    0      0     0     0    15
    -------------------------------------------------------------------
                     9     0     0     1    0      0     0     0    10
    -------------------------------------------------------------------
                     2     1     0     1    0      0     0     0     4
    -------------------------------------------------------------------
                    22     4     1     2    0      0     0     0    29
    -------------------------------------------------------------------
    -------------------------------------------------------------------
    MN 07-07         9      3     3     1    0     0     0     0    16
    -------------------------------------------------------------------
                   153     92   100   102   69    21     4     0   541
    -------------------------------------------------------------------
                    94     26    34    44   17     6     2     0   223
    -------------------------------------------------------------------
                   256    121   137   147   86    27     6     0   780
    -------------------------------------------------------------------
    -------------------------------------------------------------------
    MN 07-08         7      1     0     0    0     0     0     0     8
    -------------------------------------------------------------------
                   127     66    76    77   47    21     5     2   421
    -------------------------------------------------------------------
                     3      1     2     0    0     0     0     0     6
    -------------------------------------------------------------------
                   137     68    78    77   47    21     5     2   435
    -------------------------------------------------------------------
    -------------------------------------------------------------------
    MN 07-09        59     22    25    18   17     5     0     0   146
    -------------------------------------------------------------------
    -------------------------------------------------------------------
    MN 07-10        11      0     0     0    1     0     0     0    12
    -------------------------------------------------------------------
                   244    174   182   148   88    32     6     1   875
    -------------------------------------------------------------------
                   255    174   182   148   89    32     6     1   887
    -------------------------------------------------------------------
    -------------------------------------------------------------------
                  1740    853   926   868  476   168    38    10  5079
    -------------------------------------------------------------------
    (*)1000 microns = 1 millimetre; MN = Mori East
    block; MW = Mori West block; Congl = conglomerate,
    MS/Volc = mixed metasediments-volcanic strata, MS =
    metasediments, Volc = volcanics
    

    The results, in general, demonstrate the persistence of the
diamondiferous conglomerate in the area and more specifically indicate the
highly diamondiferous nature of the conglomerate on the Mori East block of
claims and suggests proximity to source for the 5,079 diamonds recovered from
6,209.47 kilograms of drill core generated by the drilling. The three (3)
kilometre long diamond bearing conglomerate band on the Mori East block is
situated on the east side of the Mildred Lake Fault and is the faulted eastern
continuation of the main diamond bearing Leadbetter Conglomerate located
approximately 3.5 kilometres to the south. Exposures of the conglomerate
attain thicknesses on surface of up to 180 metres and dips steeply to the
north- northwest. Drilling results indicate that the true thickness of the
diamond bearing conglomerate ranges from 87.6 to 121 metres.
    Diamond indicator minerals were recovered through the autogenous
(attrition) milling of the drill cores and outcrop samples of conglomerate at
C.F. Minerals Research in Kelowna. The diamond indicator minerals are
comparable to those recovered from the Leadbetter Conglomerate 3.5 kms to the
south. They include group I eclogitic garnets, chromites, chrome diopsides and
olivines with compositions similar to those minerals found associated with
diamond bearing kimberlites. The abundance of olivines and diopsides suggests
a proximal source for these minerals.
    Results for further 3 drill holes drilled in the Mori East block by Mori
Diamonds Inc. have not been received as of the date of this press release.
    Processing of core from the three holes drilled on the Mori West Block
recovered 137 diamonds from 975.41 kilograms of core, suggesting that
conglomerate of the Mori West block is more distal to diamond source. The
indicator mineral suite from this area also confirms the notion that the
conglomerates were deposited farther from the diamond source rocks.

    
       Summary of Diamond Recoveries from Drill Core MORI WEST BLOCK.

    -------------------------------------------------------------------------

    Drill_Hole                                        Weight
    Number            From       To       Interval      Kg     Lithology
    -------------------------------------------------------------------------
    MW 07-01           6.60      76.50      69.90     334.71    MS/Volc
    -------------------------------------------------------------------------
    MW 07-02           8.00     135.15     127.15     407.26    MS/Volc
    -------------------------------------------------------------------------
    MW 07-03           5.00      88.30      83.30     233.44    MS/Volc
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                      Grand Total     975.41
    -------------------------------------------------------------------------


    -------------------------------------------------------------------
                             Diamond Count per bottom sieve
                                (aperture in microns(*))         Total
    Drill_Hole    ----------------------------------------------- Dia-
    Number         +75  +105  +150  +212  +300  +425  +600  +850 monds
    -------------------------------------------------------------------
    MW 07-01        11     7    18    31    10     5     0     0    82
    -------------------------------------------------------------------
    MW 07-02         9     2     3     3     1     0     0     0    18
    -------------------------------------------------------------------
    MW 07-03        30     3     0     2     2     0     0     0    37
    -------------------------------------------------------------------
    -------------------------------------------------------------------
                    50    12    21    36    13     5     0     0   137
    -------------------------------------------------------------------
    (*)1000 microns = 1 millimetre; MN = Mori East
    block; MW = Mori West block; Congl = conglomerate,
    MS/Volc =   mixed metasediments-volcanic strata, MS
    = metasediments, Volc = volcanics
    

    Management is very pleased and pleasantly surprised with the abundance of
coloured stones, variety and size recovered from NQ drill cores. The drilling
results to date are promising with diamond counts continuing to average a
promising one diamond per kilogram in a continuous diamondiferous
conglomerate. The presence of rare coloured diamonds is believed to be the
first such occurrence in Ontario and in conjunction with our recent discovery
of rare coloured diamonds in a similar geological setting in Quebec marks a
new geological target for coloured diamonds.
    Samples from the Mori joint venture have been processed at C.F. Mineral
Research Ltd., a laboratory owned by Dr. Charles Fipke an internationally
recognized diamond geologist. Dr. Fipke is the Chairman of Metalex.
    Mr. Chad Ulansky, P.Geo is the Qualified Person responsible for the
technical contents of this press release.

    Charles Fipke
    (signed)

    Charles Fipke
    Chairman

    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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