Business
Metalex announces termination of current agreement with Dundee
KELOWNA, BC, July 11, 2014 /CNW/ - Metalex Ventures Ltd . (TSXV : MTX) ("Metalex"...
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n\nKELOWNA, BC, July 11, 2014 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) (\"Metalex\", the \"Company\") announces that Dundee Corporation (\"Dundee\") has decided to terminate their interest in the current earn-in agreement for the U2 and T1 kimberlite pipes. Dundee states the reason behind the termination is due to the continued delay in receiving permits and the execution of an exploration agreement with the First Nations Communities of Attawapiskat and Marten Falls.  As a result, Metalex has contacted alternate groups with both the interest and financial capabilities of conducting the previously announced bulk sample of U2 and, if positive, mine development.\n\nU2 Profile\n\nThe U2 kimberlite pipe is a highly prospective diamond development project located in the James Bay Lowlands of Ontario, near De Beers' Victor Mine.  Diamonds recovered from the U2 pipe are of exceptional quality – with 88.8% by weight of the +1.7mm diamonds being white and 1.1% being colored.  The large (9-10 hectares) size of the U2 pipe shows the potential to host a substantial tonnage.\n\nCurrently the Project is awaiting two key permits which will allow the construction of 60 kilometers of winter road from the Victor Mine site across to the U2 project.  The applications were submitted to the Ministry of Natural Resources in Cochrane for these permits early in January 2014.  Metalex was advised by the Ontario Ministry of Natural Resources in February 2014 that an environmental group provided comments including a request that the government conduct a regional environmental assessment that would include our project area.  The Ontario Ministry of the Environment continues to consider whether this request has merit and has not issued the requested permits.\n\nMetalex continues to work with the Attawapiskat and Marten Falls First Nations to complete an exploration agreement for the proposed bulk sample.\n\nThe 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.\n\nSigned,\n\nCharles Fipke\n\nCharles FipkeChairman\n\nForward Looking Statements\n\nSome of the statements contained herein may be forward-looking statements which involve known and unknown ri...