Metalex Ventures Ltd. Bulk Sample Diamond Results From T1 Kimberlite

KELOWNA, BC, Nov. 1 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex") is pleased to report macro diamond results from the first fourteen holes from the T1 bulk sample on the Metalex - Arctic Star Diamond Corp (TSXV : ADD) joint venture in the James Bay lowlands, Ontario.

Initial processing of samples from the first fourteen of twenty reverse circulation drill holes at the three hectare T1 kimberlite is now complete. To date 8,523 commercial sized (larger than 0.425mm) diamonds have been recovered from 289 tons of kimberlite from these fourteen holes.

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. Mike Rylatt has also recommended obtaining an additional grease table to improve diamond recovery and this has recently been ordered. This recrush regime has been completed for holes K06-11, K06-13, K06-14, PCR-15, PCR-19 and PT1-22. 4,618 diamonds totaling 30.12 carats have to date been recovered from 147 tons of kimberlite from these six holes.

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

Size distribution information for the 8,523 diamonds recovered to date from the first fourteen holes is presented in the following table:

Sieve Sizes (Through / On) 	Total
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 	  	 
3,412   3,317   1,313   371    92     16       2      8,523

Characterization of 8,523 diamonds recovered to date from the first fourteen holes is now complete. 3,030 diamonds (35.6%) are white; 117 (1.4%) are green; 5 (0.06%) are blue; 4 (0.05%) are pink; 2,435 (28.6%) are grey and 2,926 (34.3%) are brown and 6 yellow diamonds (0.07%) were recovered.

All twenty 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 six 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. Upon completion of the entire T1 bulk sample the diamonds are to be valued in Canada and Antwerp.

The bulk sample from the U2 kimberlite commenced processing today at the Stornoway laboratory. The 9.3 hectare U2 kimberlite is the second largest kimberlite in the James Bay Lowlands after DeBeers' Victor Diamond Mine. Beyond being a large pipe U2 has many similar characteristics to the Victor Mine. As both pipes are younger than the limestone bedrock they come to surface; U2 is covered only by a thin layer of glacial till and a variable layer of crater infill (mixed kimberlite and country rock that fell back into the pipe immediately after it exploded to the surface) which is between 15 and 50 meters thick. U2 appears to have a similar diamond population to Victor with 72% of diamonds recovered from core drilling being white and a further 6% being coloured (Victor is reported to have 80% white diamonds). In addition the size distribution curve of diamonds recovered from U2 core is very flat, indicating that a significant proportion of the diamonds contained within U2 should be large.

The U2 bulk sample comprises 11 holes containing approximately 390 tons of kimberlite and 70 tons of crater infill. Results from U2 will be released on a hole by hole basis when available.

Metalex is pleased with the numbers, colours and size distribution of the diamonds characterized to date from the T1 kimberlite. The 35.6% white commercial sized diamonds so far recovered is encouraging as most commercial diamond mines worldwide (other than the Victor Mine in Ontario) have substantially less than 30% white, gem quality diamonds. The 1.4% green, 0.06% blue, 0.05% pink and 0.07% yellow diamonds recovered to date is particularly 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:

Please Contact Chad Ulansky, President & CEO
(250) 860 - 8599
investorinfo@metalexventures.ca
www.metalexventures.com