Metalex Ventures Ltd. - Coloured diamonds predominate in Mori drill core

Wed. June 25, 2008; Posted: 07:57 PM

KELOWNA, BC, Jun 25, 2008 (Canada NewsWire via COMTEX) -- MTX | Quote | Chart | News | PowerRating -- Metalex Ventures Ltd. (MTX : TSX Venture Exchange) in conjunction with its joint venture partners Dianor Resources Inc. (DOR: TSX Venture Exchange) and Mori Diamonds Inc. is pleased to inform shareholders that we have received complete results for 13 drill holes drilled on the Mori joint venture properties located 3 kilometres north east and north west of the Leadbetter Diamond Property in the Wawa area of Ontario. (Refer to press release of January 14, 2008 for initial drill results). Greater than fifty percent (52.4%) of the 5,216 diamonds recovered were coloured diamonds. The coloured diamonds range from brown (26.8%), grey (14.0%), yellow (5.5%), green (5.1%), orange (0.8%), purple (0.1%), amber (0.1%) and black (0.1%). One pink diamond was also recovered. The ten largest diamonds recovered were commercial sized (+0.85mm) coloured stones (8 brown, 1 yellow and 1 grey) that range in weight from 1.0583 to 2.6327 milligrams. Natural fancy coloured diamonds are very rare and expensive with orange and purple amongst the rarest and most desirable colours. The main host rocks are conglomerates of Archean age, 2.697 billion years old (press release of April 4, 2007), unique and amongst the oldest diamond bearing occurrences in the world. The NQ drill cores were processed by autogenous (attrition) milling at the CF Minerals Research Limited laboratory in Kelowna, British Columbia to recover indicator minerals followed by caustic fusion to recover diamonds.

The coloured diamonds recovered ranged in size from 0.075 to 1.32mm and were present on all screen sieve sizes from +75 to +850 microns. The largest diamonds for each colour are outlined in the Table below:

<< Largest Individual Coloured Diamonds measured XYZ axes (microns*) ------------------ Sieve --------------------------- Colour Size (mm) x y z ----------------------------------------------- Brown 0.850 1122 1212 803 ----------------------------------------------- Grey 0.850 1013 886 815 ----------------------------------------------- Yellow 0.850 1323 1189 371 ----------------------------------------------- Green 0.600 840 1114 537 ----------------------------------------------- Orange 0.425 666 567 420 ----------------------------------------------- Purple 0.150 132 270 227 ----------------------------------------------- Amber 0.300 526 526 249 ----------------------------------------------- Black 0.425 510 428 463 ----------------------------------------------- Pink 0.300 425 441 407 ----------------------------------------------- *1000 microns = 1 millimetre; Furthermore, the colour characteristics of the diamonds recovered from the drill core on the Mori East block consist of 47.6% white stones and 52.4% coloured diamonds. The percentage of white to coloured diamonds was consistent in each of the drill holes with little variation between the holes. Minor variations occurred between the percentages of each colour in different drill holes but overall the following order of abundance was found brown greater than grey greater than yellow greater than green greater than other colours (orange, purple, amber, black, pink). (Photos available on Metalex website at www.metalexventures.com) Summary of Diamond Recoveries from Drill Core MORI EAST BLOCK. ------------------------------------------------------------------------- Drill_Hole From To Interval Weight Number metres Metres metres Kg Lithology ------------------------------------------------------------------------- MN* 07-01 14.50 41.00 26.50 128.06 MS ------------------------------------------------------------------------- 41.00 162.30 121.30 595.60 Congl ------------------------------------------------------------------------- 162.30 233.45 49.74 242.90 MS/Volc ------------------------------------------------------------------------- Total 966.56 ------------------------------------------------------------------------- ------------------------------------------------------------------------- MN 07-02 6.40 110.80 104.40 507.10 Congl ------------------------------------------------------------------------- 110.80 120.00 9.20 43.78 Volc ------------------------------------------------------------------------- 550.88 ------------------------------------------------------------------------- ------------------------------------------------------------------------- MN 07-03 28.50 41.95 13.45 65.18 MS/Volc ------------------------------------------------------------------------- 41.95 147.18 105.23 508.02 Congl ------------------------------------------------------------------------- 147.18 167.30 20.12 96.44 MS ------------------------------------------------------------------------- Total 669.64 ------------------------------------------------------------------------- ------------------------------------------------------------------------- MN 07-04 7.40 45.40 38.00 185.62 Congl ------------------------------------------------------------------------- 45.40 100.90 43.40 209.74 MS ------------------------------------------------------------------------- 395.36 ------------------------------------------------------------------------- ------------------------------------------------------------------------- MN 07-05 23.00 162.00 60.10 290.10 MS/Volc ------------------------------------------------------------------------- 162.00 196.50 34.50 169.19 Congl ------------------------------------------------------------------------- 240.00 249.00 9.00 43.40 MS ------------------------------------------------------------------------- Total 502.69 ------------------------------------------------------------------------- ------------------------------------------------------------------------- MN 07-06 12.00 120.00 29.80 144.76 MS/Volc ------------------------------------------------------------------------- 129.16 170.00 40.84 203.82 Congl ------------------------------------------------------------------------- 180.00 225.00 18.00 86.30 MS ------------------------------------------------------------------------- Total 434.88 ------------------------------------------------------------------------- ------------------------------------------------------------------------- MN 07-07 18.00 176.84 108.94 538.26 MS/Volc ------------------------------------------------------------------------- 176.84 264.00 87.16 436.26 Congl ------------------------------------------------------------------------- 264.00 310.10 46.10 228.72 Volc ------------------------------------------------------------------------- Total 1203.24 ------------------------------------------------------------------------- ------------------------------------------------------------------------- MN 07-08 6.80 22.31 15.51 74.70 MS ------------------------------------------------------------------------- 22.31 74.20 51.89 253.74 Congl ------------------------------------------------------------------------- 74.20 113.25 39.05 186.24 MS ------------------------------------------------------------------------- Total 514.68 ------------------------------------------------------------------------- ------------------------------------------------------------------------- MN 07-09 6.90 87.00 80.10 385.56 MS/Volc ------------------------------------------------------------------------- ------------------------------------------------------------------------- MN 07-10 22.50 123.50 33.00 161.18 MS/Volc ------------------------------------------------------------------------- 123.50 210.00 86.50 424.80 Congl ------------------------------------------------------------------------- Total 585.98 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Grand Total 6209.47 ------------------------------------------------------------------------- ------------------------------------------------------------------- Diamond Count per bottom sieve (aperture in microns*) Total Drill_Hole ----------------------------------------------- Dia- Number +75 +105 +150 +212 +300 +425 +600 +850 monds ------------------------------------------------------------------- MN* 07-01 5 2 1 1 0 0 0 0 9 ------------------------------------------------------------------- 406 251 257 203 93 27 6 1 1244 ------------------------------------------------------------------- 15 0 0 4 4 4 1 0 28 ------------------------------------------------------------------- 426 253 258 208 97 31 7 1 1,281 ------------------------------------------------------------------- ------------------------------------------------------------------- MN 07-02 223 100 105 121 61 23 5 3 641 ------------------------------------------------------------------- 1 2 0 1 0 0 0 0 4 ------------------------------------------------------------------- 224 102 105 122 61 23 5 3 645 ------------------------------------------------------------------- ------------------------------------------------------------------- MN 07-03 0 0 0 0 0 0 0 0 0 ------------------------------------------------------------------- 216 94 118 119 65 22 6 3 643 ------------------------------------------------------------------- 6 0 1 0 0 0 0 0 7 ------------------------------------------------------------------- 222 94 119 119 65 22 6 3 650 ------------------------------------------------------------------- ------------------------------------------------------------------- MN 07-04 122 15 19 27 14 7 3 0 207 ------------------------------------------------------------------- 13 0 0 0 0 0 0 0 13 ------------------------------------------------------------------- 135 15 19 27 14 7 3 0 220 ------------------------------------------------------------------- ------------------------------------------------------------------- MN 07-05 2 0 2 0 0 0 0 0 4 ------------------------------------------------------------------- 1 0 0 0 0 0 0 0 1 ------------------------------------------------------------------- 1 0 0 0 0 0 0 0 1 ------------------------------------------------------------------- 4 0 2 0 0 0 0 0 6 ------------------------------------------------------------------- ------------------------------------------------------------------- MN 07-06 11 3 1 0 0 0 0 0 15 ------------------------------------------------------------------- 9 0 0 1 0 0 0 0 10 ------------------------------------------------------------------- 2 1 0 1 0 0 0 0 4 ------------------------------------------------------------------- 22 4 1 2 0 0 0 0 29 ------------------------------------------------------------------- ------------------------------------------------------------------- MN 07-07 9 3 3 1 0 0 0 0 16 ------------------------------------------------------------------- 153 92 100 102 69 21 4 0 541 ------------------------------------------------------------------- 94 26 34 44 17 6 2 0 223 ------------------------------------------------------------------- 256 121 137 147 86 27 6 0 780 ------------------------------------------------------------------- ------------------------------------------------------------------- MN 07-08 7 1 0 0 0 0 0 0 8 ------------------------------------------------------------------- 127 66 76 77 47 21 5 2 421 ------------------------------------------------------------------- 3 1 2 0 0 0 0 0 6 ------------------------------------------------------------------- 137 68 78 77 47 21 5 2 435 ------------------------------------------------------------------- ------------------------------------------------------------------- MN 07-09 59 22 25 18 17 5 0 0 146 ------------------------------------------------------------------- ------------------------------------------------------------------- MN 07-10 11 0 0 0 1 0 0 0 12 ------------------------------------------------------------------- 244 174 182 148 88 32 6 1 875 ------------------------------------------------------------------- 255 174 182 148 89 32 6 1 887 ------------------------------------------------------------------- ------------------------------------------------------------------- 1740 853 926 868 476 168 38 10 5079 ------------------------------------------------------------------- *1000 microns = 1 millimetre; MN = Mori East block; MW = Mori West block; Congl = conglomerate, MS/Volc = mixed metasediments-volcanic strata, MS = metasediments, Volc = volcanics >>

The results, in general, demonstrate the persistence of the diamondiferous conglomerate in the area and more specifically indicate the highly diamondiferous nature of the conglomerate on the Mori East block of claims and suggests proximity to source for the 5,079 diamonds recovered from 6,209.47 kilograms of drill core generated by the drilling. The three (3) 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. Drilling results indicate that the true thickness of the diamond bearing conglomerate ranges from 87.6 to 121 metres.

Diamond indicator minerals were recovered through the autogenous (attrition) milling of the drill cores and outcrop samples of conglomerate at C.F. Minerals Research in Kelowna. The diamond indicator minerals are comparable to those recovered from the Leadbetter Conglomerate 3.5 kms to the south. They 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.

Results for further 3 drill holes drilled in the Mori East block by Mori Diamonds Inc. have not been received as of the date of this press release.

Processing of core from the three holes drilled on the Mori West Block recovered 137 diamonds from 975.41 kilograms of core, suggesting that conglomerate of the Mori West block is more distal to diamond source. The indicator mineral suite from this area also confirms the notion that the conglomerates were deposited farther from the diamond source rocks.

<< Summary of Diamond Recoveries from Drill Core MORI WEST BLOCK. ------------------------------------------------------------------------- Drill_Hole Weight Number From To Interval Kg Lithology ------------------------------------------------------------------------- MW 07-01 6.60 76.50 69.90 334.71 MS/Volc ------------------------------------------------------------------------- MW 07-02 8.00 135.15 127.15 407.26 MS/Volc ------------------------------------------------------------------------- MW 07-03 5.00 88.30 83.30 233.44 MS/Volc ------------------------------------------------------------------------- ------------------------------------------------------------------------- Grand Total 975.41 ------------------------------------------------------------------------- ------------------------------------------------------------------- Diamond Count per bottom sieve (aperture in microns*) Total Drill_Hole ----------------------------------------------- Dia- Number +75 +105 +150 +212 +300 +425 +600 +850 monds ------------------------------------------------------------------- MW 07-01 11 7 18 31 10 5 0 0 82 ------------------------------------------------------------------- MW 07-02 9 2 3 3 1 0 0 0 18 ------------------------------------------------------------------- MW 07-03 30 3 0 2 2 0 0 0 37 ------------------------------------------------------------------- ------------------------------------------------------------------- 50 12 21 36 13 5 0 0 137 ------------------------------------------------------------------- *1000 microns = 1 millimetre; MN = Mori East block; MW = Mori West block; Congl = conglomerate, MS/Volc = mixed metasediments-volcanic strata, MS = metasediments, Volc = volcanics >>

Management is very pleased and pleasantly surprised with the abundance of coloured stones, variety and size recovered from NQ drill cores. The drilling results to date are promising with diamond counts continuing to average a promising one diamond per kilogram in a continuous diamondiferous conglomerate. The presence of rare coloured diamonds is believed to be the first such occurrence in Ontario and in conjunction with our recent discovery of rare coloured diamonds in a similar geological setting in Quebec marks a new geological target for coloured diamonds.

Samples from the Mori joint venture have been processed at C.F. Mineral Research Ltd., a laboratory owned by Dr. Charles Fipke an internationally recognized diamond geologist. Dr. Fipke is the Chairman of Metalex.

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

Charles Fipke

(signed)

Charles Fipke

Chairman

The TSX Venture Exchange has not reviewed and does not accept

responsibility for the adequacy or accuracy of this press release.

%SEDAR: 00008159E

SOURCE: Metalex Ventures Ltd.

203-1634 Harvey Ave, Kelowna, B.C., Canada, V1Y 6G2, Tel (250) 860-8599, Fax (250) 860-1362, www.metalexventures.com, investorinfo@metalexventures.ca

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