BULK SAMPLE DIAMOND RESULTS FROM T1 KIMBERLITE

KELOWNA, BC, Sept. 30 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex") is pleased to report macro diamond results from the first twelve holes from the T1 bulk sample on the Metalex - Arctic Star Diamond Corp (TSXV : ADD) joint venture.

In April 2010, the Company completed a bulk sampling program on its T1 and U2 diamondiferous kimberlite pipes located 70 and 60 kilometers respectively west of the Victor Diamond Mine in the James Bay lowlands, Ontario. Twenty reverse circulation holes were drilled into the three hectare T1 kimberlite yielding approximately 447 tons of kimberlite.

Initial processing of samples from the first twelve of twenty drill holes at T1 is now complete with 7,748 commercial sized (larger than 0.425mm) diamonds having been recovered from 262 tons of kimberlite.

Size distribution information for the 7,748 diamonds recovered to date from the first twelve holes is presented in the following table:

    
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                        Sieve Sizes (Through / On)                     Total
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      0.6mm  0.85mm    1.18mm     1.7mm    2.36mm    3.35mm    4.75mm
    0.425mm   0.6mm    0.85mm    1.18mm     1.7mm    2.36mm    3.35mm
    -------------------------------------------------------------------------
      3,074   3,065     1,189       327        77        14         2  7,748
    -------------------------------------------------------------------------
    

Characterization of 7,748 diamonds recovered to date from the first twelve holes is now complete. 2,930 diamonds (37.8%) are white; 110 (1.4%) are green; 5 (0.06%) are blue; 3 (0.04%) are pink; 2,131 (27.5%) are grey and 2,566 (33.1%) are brown and 3 yellow diamonds (0.04%) were recovered.

To date, 15 of the 20 holes from T1 have been processed through the dense media separator at the Stornoway Diamond Corp. laboratory in North Vancouver, B.C. Diamond recovery from three of these holes is currently underway at both the Stornoway facility and CF Mineral Research Ltd laboratory in Kelowna, B.C. These results, as well as size and colour distribution data will be released as soon as received.

Because at depth the kimberlite in the T1 pipe is hard and dense the drill samples at deep levels produce unusually large DMS concentrates. Consequently our consulting mineral process engineer Mike Rylatt indicates coarse fragments of this DMS concentrate could contain diamonds that were not liberated during the initial processing regime and has recommended that the coarse (+2mm) DMS concentrate be re-crushed to improve diamond liberation.

The number of diamonds currently reported are the minimum number of diamonds contained as it is likely that additional diamonds will be recovered from reprocessing.

Metalex is pleased with the numbers, colours and size distribution of the diamonds characterized to date. The 37.8% white commercial sized diamonds recovered to date is most encouraging as the average for producing diamond mines worldwide is only about 20% white, gem quality diamonds. The 1.4% green, 0.06% blue, 0.04% pink and 0.04% yellow diamonds recovered to date is also in particular most encouraging.

The technical information and results reported here have been reviewed by Mr. Chad Ulansky P.Geol., a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.

    
    Signed,

    Charles Fipke

    Charles Fipke
    Chairman
    

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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For further information: Chad Ulansky, President & CEO, (250) 860 - 8599, [email protected]