METALEX ANNOUNCES PURCHASE OF ARCTIC STAR'S INTERESTS IN THE COMPANY'S PROJECTS
As consideration for the transfer of Arctic Star's interests in the Projects, the Company is to pay Arctic Star the sum of C$264,861.63. Also pursuant to the agreement, the Company will pay Arctic Star a further C$2,000,000 in circumstances where a mine is put into production on the claims comprising the Kyle Lake project. Such payment is to be made over time from one half of the profits received by the Company from such production.
For Further Information Please Contact Chad Ulansky, President & CEO(250) 860 - 8599investorinfo@metalexventures.ca
Metalex is a Canadian based exploration company with strategic Canadian and international projects.
The Company has recently completed two 400 tonne bulk samples on two large kimberlite pipes located within 70 kilometers west of DeBeers' Victor Diamond Mine in the James Bay lowlands of Ontario. Processing of both bulk samples is now complete. In Metalex's Attawapiskat Joint Venture, white microdiamonds have been recovered from a newly discovered kimberlite pipe located 7 kilometers south of the Victor Diamond Mine. Near Wawa, Ontario the Company has a joint venture focused on discovering economic quantities of diamonds in conglomerates and also to locate their primary kimberlite sources. Drill results to-date have discovered the presence of coloured stones within the conglomerate. In northern Quebec the Company has two joint ventures. The first is for base and precious metals while the second is focused on diamonds. The diamond joint venture has claims over 395 square kilometers where significant diamond quantities have been found in preliminary outcrop samples from conglomeratic rocks. Of significance is the presence of coloured stones including a purple macrodiamond in these samples.
Internationally, the Company is exploring the headwaters of the highly diamondiferous Cuango River and has discovered 50 kimberlites. In Morocco, Metalex has an exploration license covering 17,100 km2 over one of the few unexplored cratons in the world. High quality G10 garnets recovered from sediment samples suggest that the source kimberlites could be high grade. In southwestern Greenland, abundant G10 garnets have been found in glacio-fluvial sediments around Smile Lake and work has focused on finding the kimberlite source of these high quality diamond indicators..The Company also has exploration licenses in northern Mali where anomalous gold and base metals have been found in stream and soil samples.
Forward Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Metalex undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither the 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.
Metalex Ventures est une société d’exploration minière basée au Canada.
Metalex Ventures détient divers projets d'exploration au Canada, au Groenland et en Angola.
Ses principaux projets en exploration sont ATTAWAPISKAT, T1 (KYLE LAKE) et RING OF FIRE au Canada, UMIIVIIT/ SW GREENLAND au Groenland et ANGOLAN en Angola.