Mori drilling results confirm similarities to the Leadbetter Diamondiferous Conglomerate



    KELOWNA, BC, Jan. 17 /CNW/ - Metalex Ventures Limited (MTX: TSX Venture
Exchange) in conjunction with its joint venture partners Dianor Resources Inc.
(DOR: TSX Venture Exchange) and Mori Diamonds Inc. are pleased to inform our
shareholders that partial results have been received for drill core samples
from the Mori joint venture properties located three kilometres northeast and
northwest of Dianor's Leadbetter Diamond Property in the Wawa area of Ontario.
The drill cores were processed by attrition milling at the CF Minerals
Research Limited laboratory in Kelowna, British Columbia to recover both
diamonds and indicator minerals. In addition, all results of surface sampling
conducted in 2006 and submitted to SGS and CF Minerals for processing have
been received for the Mori East and West claim blocks (refer to press release
of April 27, 2007 for preliminary surface sample results).
    Selected intervals of drill core were processed at CF Minerals in order
to confirm surface sample results and get an initial appraisal of the diamond
potential of the Mori properties.
    The results, in general, indicate that the conglomerate on the Mori East
block has similarities to Dianor's Leadbetter Conglomerate in terms of diamond
content and indicator minerals. Dianor has completed extensive work on the
Leadbetter conglomerate and is about to undertake a 6,000 meter drill program
and conduct a 34,000 tonne bulk sampling program.
    The three 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. Preliminary drilling results support these
findings.
    Of the 13 holes drilled on the eastern Mori claim block, results have
been received for a selection of 70 samples totalling 1,800.25 kilograms of
conglomerate from 10 of the drill holes. Only a sufficient number of results
were received for three holes and these are reported below. Results for a
further 174 samples are awaited. A total of 788 diamonds were recovered from
the 625.23 kg of conglomerate drill core with diamond counts up to 17 stones
per 10 kilograms of core in a number of the intervals sampled. The two largest
diamonds were from samples taken from drill hole MN-07-02. These diamonds were
recovered on the 0.85 millimetre square aperture sieve and weighed 1.4966 and
1.7332 milligrams respectively and were reported as brown macles or crystal
aggregates. The two largest diamonds measured 1.122mm x 1.212mm x 0.83mm and
0.919mm x 0.85mm x 0.93mm.

    
    Summary of Preliminary Drill Core Diamond Recoveries from the MORI Joint
    Venture Properties.

    -------------------------------------------------------------------------
                              Diamond Count per bottom sieve
                                  (aperture in microns(*))
    Drill_Hole  Weight  --------------------------------------------    Total
      Number      Kg     +75  +105  +150  +212  +300 +425 +600  850  Diamonds
    -------------------------------------------------------------------------
    MN+ 07-01   372.40   267   112   114   104    36    9    2    0      644
    -------------------------------------------------------------------------
    MN+ 07-02   167.88    63    21    17    26     8    1    2    2      140
    -------------------------------------------------------------------------
    MWx 07-02    85.35     2     1     1     0     0    0    0    0        4
    -------------------------------------------------------------------------
    (*)1000 microns = 1 millimetre; MN+ = Mori East
    block; MWx = Mori West block
    

    All results of surface sampling conducted in 2006 on the Mori East block
and submitted to SGS and CF Minerals for processing have been received. The
21 surface samples taken across the exposures of the eastern extension of the
Leadbetter Conglomerate weighed a total of 367.33 kilograms. A total of
382 diamonds ranging in size up to an 18.635 milligram stone of dimensions
2.869 x 2.508 x 1.850 millimetres were recovered. These results continue to
demonstrate the continuity of the Leadbetter conglomerate and its
diamondiferous character along its three kilometre strike length.
    Diamond indicator minerals were recovered through the attrition milling
of core and surface samples at C.F. Minerals Research in Kelowna. These
diamond indicators are comparable to those recovered from Dianor's Leadbetter
conglomerate and 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.
    Processing of the remaining conglomerate intervals intersected in drill
core will proceed in order to assess the overall diamond content of the
conglomerate in the areas drilled on the JV property.
    Metalex is pleased with the results from the Mori joint venture to date.
The results of the conglomerate samples processed to date from the joint
venture ground are similar to Dianor's Leadbetter conglomerate both in terms
of indicator mineral and diamond content. The joint venture looks forward to
the results of the remaining conglomerate drill core samples.

    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.
    Chad Ulansky, P. Geo is the Qualified Person responsible for the
technical contents of this press release.


    "Chad Ulansky"
    ------------------

    Chad Ulansky, President and CEO
    Metalex Ventures Ltd.


    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release

    %SEDAR: 00008159E




For further information:

For further information: 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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