Business
Metalex Brazil acquisition and option agreement update
Metalex Brazil acquisition and option agreement update
About this update from Metalex Ventures Ltd.
[{"type":"text","content":"\n\n\n\n May 14, 2010 (Canada NewsWire Group) -- Metalex Ventures Ltd. (TSXV: MTX) (the "Company" or "Metalex") announces that it will not be proceeding with the acquisition of certain mineral claims in the state of Mato Grosso, Brazil as reported on March 16, 2010.\nThe Company had entered into a renegotiated agreement with Kel-Ex Development Ltd. ("Kel-Ex") to acquire certain mineral claims in the state of Mato Grosso, Brazil and had subsequently entered into an option agreement with Iciena Ventures Inc. ("Iciena") whereby Iciena would have earned an interest in the claims by funding certain exploration expenditures.\nIciena has been unsuccessful in raising the required capital pursuant to the terms of the agreement and therefore the agreement has been terminated accordingly. The closing of all agreements was contingent upon Iciena funding an initial $1,000,000 in expenditures and issuing a convertible debenture to Kel-Ex to reimburse certain prior exploration expenditures. Consequently, the renegotiated agreement between Metalex and Kel-Ex has also been terminated thereby eliminating Metalex's obligation to issue shares to Kel-Ex or reimburse prior exploration expenditures. Kel-Ex will retain its 100% interest in the claims and will be responsible for any future costs associated with the claims.\nThe Company has no plans at the current time to pursue any further arrangements to acquire the Brazilian claims.\n\nAbout Metalex\n\nMetalex is a Canadian based exploration company with strategic Canadian and international projects.\nThe 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 the T1 bulk sample is currently underway with the T1 results expected late July 2010.\nIn 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. Follow up drilling is planned for early summer 2010.\nNear 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 wi...