Metalex-Arctic Star Poised to Drill 30 Noront Style Sulfide and Kimberlite Targets

    KELOWNA, BC, Nov. 2 /CNW/ - Metalex Ventures Limited (MTX: TSX - Venture
Exchange) (the "Company")
    The Noront nickel-copper-platinum massive sulfide discovery in James Bay
Lowlands, northeastern Ontario is reported to have been made inadvertently by
drill testing a magnetic anomaly for kimberlite. The 91.5% Metalex-8.5% Arctic
Star joint venture had previously flown an airborne magnetic geophysical
survey over a 20,000 survey in the vicinity of the Noront discovery.
Consequently, the Metalex-Arctic Star joint venture has recently staked 41
claims in the vicinity and along the projected strike of the Noront discovery.
These claims cover 30 magnetic anomalies. According to our consultant
geophysicist, 7 of these anomalies have magnetic susceptibilities analogous to
kimberlite and 23 with magnetic susceptibilities analogous to the massive
sulfide at the Noront discovery.
    The Metalex-Arctic Star geologists are most encouraged by the potential
of this new development. The joint venture has already been approached by well
capitalized potential joint venture partners. The Metalex-Arctic Star joint
venture is eager to drill all potential targets in a timely manner.
    Dr. Charles Fipke, P.Geo is the Qualified Person responsible for the
technical contents of this press release.


    "Charles Fipke"
    Charles Fipke, Chairman

    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 Limited, 2600B Enterprise Way,
Kelowna, B.C., Canada, V1X 7Y5, Tel (250) 860-8599, Fax (250) 860-1362,,

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