Metalex discovers diamond bearing kimberlite at its Kyle property

LOWNA, BC, May 16 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange) ("Metalex" or the "Company").
Metalex is pleased to report that it has received preliminary results
from the CF Mineral Research Laboratory for processing of 48 kg of core from
the diatreme breccia announced on April, 27, 2005. CF Minerals reports that a
total of 26 natural diamonds, comprising 6 macrodiamonds and 20 microdiamonds,
have been recovered from the core. The size distribution of the diamonds is
given in the table below:

<<
-------------------------------------------------------------------------
Size              0.85  0.600  0.425   0.3   0.212  0.15   0.105  less
Range              to    to     to     to     to     to     to    than
                  1.18  0.85    0.6   0.425   0.3   0.212  0.15   0.105
                   mm    mm     mm     mm      mm     mm     mm    mm
-------------------------------------------------------------------------
No of Diamonds
                     1     3      4       3     12      1      2      0
-------------------------------------------------------------------------

Note: the size for each diamond used in the above is equivalent to the
largest of the three orthogonal dimensions measured on each diamond.

About 30% of the diamonds are of clear white colour (i.e. gem quality)
and 50% are white with inclusions. Diamond results for small amounts of
attrition mill oversize and heavy mineral concentrates are still pending.
In addition to the diamonds, eight diamond inclusion G10 pyrope garnets
and more than 100 diamond inclusion chromite grains were recovered. The
mineral chemistry of the pyrope and the chromite grains is entirely consistent
with the above diamond result. Although no picrolimenite or chrome diopside
were found more than 155 titanium chromites were recovered from the rock
matrix which consists mainly of low titanium phlogopite, serpentine and
carbonate. Geologist Charles Fipke states that the foregoing mineralogic
composition is characteristic of kimberlite.
Metalex is most encouraged by these results which were obtained from a  
30 mm diameter hole drilled in the center of the deposit. On the basis of
aeromagnetics the kimberlite is modeled by geophysicist Scott Hogg to measure
180 metres by 200 metres, i.e. comparable in size to the Panda pipe at Ekati,
but this will have to be verified by further drilling. The current core is too
small, both in diameter and weight, to properly evaluate the diamond content
of the kimberlite and a second drill capable of drilling a larger diameter
hole has been acquired. This will be used to both delineate the deposit and to
obtain a 300 kg of kimberlite for recovery of a larger parcel of diamonds.
The kimberlitic rocks were discovered from interpretation of the
Company's recently completed triaxial aeromagnetic gradiometer survey. This
survey covered an area of approximately 15,000 km(2). Additional targets have
been identified and secured by staking.
As of April 30, 2005 Metalex had approximately a 91.5% interest and
Arctic Star Diamond Corp approximately an 8.5% interest in the project.
Metalex's exploration projects are managed by Kel-Ex Development Ltd., a
company owned by Dr. Charles Fipke, the Chairman of Metalex. Dr. Peter
Gregory, the President of Metalex is also an employee of Kel-Ex. The
arrangement with Kel-Ex provides Metalex with access to the advanced
proprietary databases and interpretational techniques of Dr. Charles Fipke,
an internationally recognized diamond geologist. In return, Kel-Ex receives a
10% administration fee and, in the case of the Canadian projects, a 10%
interest in the project carried to production. (Kel-Ex will repay its
proportionate share of the costs of mine development out of its share of mine
profits). Dr. Fipke also owns the CF Mineral Research laboratory where samples
collected in the exploration programs are analyzed. Dr. Peter Gregory, a
Qualified Person, has verified that the work carried out by Kel-Ex, manager
and operator of the Company's projects, is being carried out in a professional
and diligent manner and that the appropriate quality controls are in place.
Dr. Gregory has also inspected the CF Mineral Research laboratory and is
satisfied that the work performed there meets or exceeds international best
practices; that the work is performed on an arms length basis and in
accordance with standard commercial arms length terms; and that the results
provided by CF Mineral Research are accurate and reliable. On this basis the
Company has not sought any independent analyses. However, should significant
diamond grades be discovered the Company may seek independent verification of
such results. Dr. Gregory has prepared this press release.

Charles Fipke
Chairman.

The TSX Venture exchange does not accept responsibility for the adequacy
or accuracy of this release.
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