CORPORATE UPDATE
U2 Diamond Project
Preparatory work continues for the upcoming 10,000 ton bulk sample of the U2 kimberlite. The Advanced Exploration Closure Plan for the bulk sample has now been submitted to the Ministry of Northern Development and Mines. In parallel with the permitting process Metalex continues to progress its discussions with the Attawapiskat and Marten Falls First Nations towards the signing of an Exploration Agreement encompassing the project.
Wawa Diamond Project
Metalex has elected to withdraw from its joint venture with Mori Diamonds in Wawa, Ontario. The project had lost priority in recent years with the emergence of the U2 and the annual cost to maintain its interest in the claims can be better utilized on other projects.
Investor Relations
The Company has amended its investor relations agreement with Uptick Communications Inc., subject to regulatory acceptance. The term of the original agreement has been extended for a period of 12 months through to June 30, 2013 at a reduced fee of $1,500 per month. Expiry of the 40,000 stock options granted under the original agreement has also been extended to June 30, 2013.
Signed,
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. The Company is now undertaking a 10,000+ ton bulk sample on the U2 kimberlite pipe. 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. 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.