Metalex Ventures Ltd - U1 and U2 Results



    KELOWNA, BC, March 15 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange) ("Metalex" or the "Company").

    T1 Project
    ----------

    The Company is pleased to announce results from two recently discovered
kimberlites at its T1 project in northern Ontario. While these kimberlites
appear to be part of a new kimberlite cluster they do have several
similarities to the kimberlites in the vicinity of the Victor Mine
40 kilometers away. These similarities include the pipes being relatively
young as they penetrate the limestone cover, containing dominantly eclogitic
and lherzolitic diamond indicator minerals and having low micro-diamond
contents.
    Metalex has additional geophysical targets in the vicinity of U1 and U2
which are presently being drill tested.

    U1 Kimberlite

    As predicted by the mineral chemistry of the previously recovered
indicator minerals the U1 kimberlite pipe is diamondiferous. The processing of
108.42 kilograms of kimberlite returned 3 micro-diamonds.

    U2 Kimberlite

    87.88 kilograms of kimberlite from a single drill hole in the seven
hectare U2 pipe was processed for indicator minerals and diamond by attrition
milling. Two micro-diamonds were recovered.
    Within this sample 67 Group I eclogitic garnets, 20 clinopyroxenes, 16
olivines, 9 orthopyroxenes, 5 chromites and 3 peridotitic G10 garnets were
recovered with compositions analogous to those that have grown with diamond in
the earth's mantle. According to the proprietary classification system of C.F.
Mineral Research Ltd. these indicators all classified as "diamond indicator"
minerals.
    Data from public sources show that De Beers' Victor pipe contains
multiple kimberlite phases with low micro-diamond contents. The diamond
content varies from phases containing almost no diamonds to phases containing
low micro-diamond contents but large high quality stones. A total of 40.14
kilograms of kimberlite from Victor processed by CF Minerals (see press
release dated November 3, 2005) only contained six micro-diamonds (0
micro-diamonds in 21.82 kg of one phase, 6 micro-diamonds in 18.32 kg of
another phase).
    The similar indicator mineral results and micro-diamond contents of the
U2 pipe and the Victor Mine indicates that U2 warrants additional testing to
determine whether U2 contains commercial sized stones. To this end Metalex has
commenced NQ (4.76 cm diameter) delineation drilling of the pipe. Four holes
are initially planned to test the northern, southern, western and eastern
parts of the pipe and to intersect additional kimberlite phases that occur as
breccia clasts in the discovery core hole.
    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.
    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 the 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 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., Canada, V1X 7Y5, Tel (250) 860-8599, Fax (250) 860-1362,
www.metalexventures.ca, investorinfo@metalexventures.ca

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Metalex Ventures Ltd.

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