New Quebec Diamond Discovery Contains Rare Purple Diamonds.

    KELOWNA, BC, March 3 /CNW/ - Metalex Ventures Limited (MTX : TSX Venture
Exchange) in conjunction with its joint venture partners Dianor Resources Inc.
(DOR: TSX- Venture Exchange) and Wemindji Exploration Inc. are pleased to
announce a new diamond discovery in Quebec.
    Diamonds have been recovered from surface rock samples on the Joint
Venture's Ekomiak V property in the James Bay region of Quebec. Six hundred
and forty nine (649) diamonds including nine rare purple diamonds were
recovered from eighteen surface rock samples of conglomerates aged between
2.716 and 2.733 billion years. Natural fancy coloured diamonds are very rare
and expensive. Purple is one of the rarest and most desirable colours. This
makes the Quebec diamond discovery both unique and amongst the oldest diamond
bearing occurrence in the world.
    Results from twenty of the forty four outcrop samples from the Ekomiak V
properties have been received and eighteen of the conglomerate samples
contained diamonds. The Table below shows the composited results of eighteen
samples from Ekomiak V. Three of the samples contained a total of nine purple
micro diamonds with the largest sitting on a 212 micron screen with dimensions
of 335 x 379 x 225 microns. Three of the purple diamond samples were collected
on the Ekomiak V property. All the purple diamond samples are associated with
samples having high diamond counts (39 to 224 diamonds per sample).

                 Summary of Diamonds recovered by sieve size
    Sample  Weight         Bottom Sieve aperture in microns(*)          Dia-
    No.       Kgs  +75 +106 +150 +212 +300 +425 +600 +850 +1180 +1700  monds
    V       480.60 135  298  115   75   20    4    1    1     0     0    649
    (*)1000 microns = 1 millimetre

      The largest diamond was a colorless fragment measuring 1.06mm x 0.98mm
      x 0.56 mm.

    During 2006, the Joint Venture identified a number of areas of Quebec
having similar geology as Dianor's advanced exploration diamond property, the
Leadbetter Diamond Bearing Conglomerate, near Wawa, Ontario. Eight different
geographic areas of Quebec were map staked during late 2006 and early 2007
with the last map staking completed in February 2008. Seven hundred and
seventy two (772) claims totaling 39,542 hectares were staked on behalf of the
Joint Venture. During the summer of 2007, a reconnaissance surface rock
sampling programme was undertaken on five of the eight JV Ekomiak properties,
accessible by road. A total of one hundred and twenty eight (128) surface
bedrock samples of conglomerate, averaging 30 kilos each, were collected from
sixty eight (68) sample sites on the five properties. At most sites two
samples were taken; one sample for attrition milling to recover indicator
minerals plus diamonds and the second sample for caustic fusion to recover
only diamonds. Attrition milling samples were sent to the CF Minerals
laboratory in Kelowna, British Columbia while the samples for caustic fusion
were sent to the Saskatchewan Research Council (SRC) laboratory in Saskatoon,
Saskatchewan. Results for the remainder of the samples from the five JV
properties are awaited and will be released when received from the
    Attrition milling of twenty rock samples resulted in the identification
(picking) of nine thousand seven hundred and eighty (9780) indicator minerals
and of these, three hundred and fifty four (354) mineral grains were sent for
microprobe analyses. The analyses showed that numerous kimberlite and diamond
indicator minerals (DIM's) were present including olivine, pyrope and
eclogitic (G1) garnets; chromites; clinopyroxenes and picroilmenites. Results
show that 86% of olivines and 27% of chromites plot in the diamond stability
field with the picroilmenites plotting in the compositional range normally
associated with North American kimberlite ilmenites. Microprobe analyses and
interpretation by CF Minerals also indicate that certain minerals grew in an
environment conduscive to the formation of large diamonds. The indicator
mineral assemblages suggest a diamondiferous primary source and that these
source rocks were proximal.
    Geological mapping and prospecting indicates that the diamond bearing
Ekomiak Conglomerate extends for four kilometres along strike and is up to
500 metres in width with individual outcrops measuring 500 metres by
400 metres in size.
    Management are very pleased with these initial results as they confirm a
new diamond discovery within a large area of Quebec.
    Mr. Chad Ulansky, P.Geo is the Qualified Person responsible for the
technical content of this press release.
    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.

    Charles Fipke

    Dr. Charles Fipke

    %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,,

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