Metalex Ventures Ltd. - Second new kimberlite discovered on the T1 project



    KELOWNA, BC, Jan. 30 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange) ("Metalex" or the "Company").
    Metalex is pleased to announce the drill intersection of a new kimberlite
on its T1 project. The new kimberlite, named U2, is located near the recently
discovered U1 kimberlite in between the soon to be Victor Diamond Mine and the
Company's prospective T1 diamond project.
    Drilling intersected kimberlite at a depth of approximately 17 metres. A
100 kilogram sample will be air freighted to the CF Mineral Research
laboratory for extraction of contained diamonds and analysis of indicator
minerals. Visual inspection of the core reveals kelyphite rimmed red and
purple pyrope garnets, eclogitic garnets, jadeitic diopsides, chrome
diopsides, olivines and other kimberlite indicator minerals as well as
eclogitic nodules.
    Geophysical surveys over the pipe suggest that it has a surface area of
7 hectares.
    The U2 kimberlite was discovered by drilling a target generated from a
recently flown 28,620 line kilometer airborne geophysical survey. Two of 34
targets generated by this survey have now been tested resulting in the
discovery of the U1 and U2 kimberlites. The U1 core is being processed by CF
Mineral Research Ltd. and the indicator mineral results are expected in 3
weeks.
    Drill testing of the remaining priority one targets is continuing.
    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.
    Metalex's 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 to cover costs and, in the
case of some Canadian projects, a 10% interest in the project 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
    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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