Metalex Recovers Largest Diamond Yet From U2 Kimberlite

Jul. 21, 2011 (Canada NewsWire Group) --

KELOWNA, BC, July 21, 2011 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex", the "Company") is pleased to report that a 2.61 carat white gem quality diamond has been recovered from the exceedingly large, 9.3 hectare, U2 kimberlite pipe on the Metalex - Arctic Star Diamond Corp. (TSXV : ADD) joint venture in the James Bay lowlands, Ontario.

This 2.61 carat gem exceeds the largest diamond previously recovered which was 1.25 carats.  A 0.54 carat and six other diamonds exceeding 0.13 carats were also recovered from this hole (U2-RC-10).  Pictures of diamonds from this hole including the 2.61 carat stone and a 0.18 carat pinkish diamond are available on the Company's website (www.metalexventures.ca).  A total of 214 commercial sized stones (greater than 0.425mm) have been recovered from U2-RC-10.

The geology and diamond results for U2-RC-10 are presented in the following table:

As presented in the above table the drill hole recovered 200 commercial sized diamonds weighing 6.439 carats from 75 meters to the end of the hole at 330 meters.  The grade of this intersection is 23.1 carats per hundred tons.

The size distribution of the diamonds is very coarse with a high proportion of the diamonds being in the large size categories.  This is important for a high average carat value.  The following table contains the size distribution of the diamonds recovered and described to date:

Characterization of the colour of all diamonds recovered and described to date are presented in the following table:

To date, as presented in the above table, 49.2% of the diamonds are white; 25.4% are grey; 17.3% are brown; 7.2% are yellow; 0.6% are pink and 0.4% are green. The proportion of white diamonds continues to improve with increasing diamond size.  Of the 76 largest diamonds (greater than 1.7mm), 56 are white, 1 is yellow, 1 is pink, 12 are grey and 6 are brown.  By weight, white diamonds comprise 65.2% of the parcel and yellow, pink and green diamonds comprise 5.7%.

Metalex is most encouraged by the results to date.  Many of the large diamonds recovered to date from the very large 9.3 hectare U2 kimberlite are high quality white gems.  Hole U2-RC-10 returned a grade of 23.1 carats per hundred tons from 75 to 330 meters depth.  The initial bulk sample from DeBeers' Victor Diamond Mine, 60 kilometers to the east, recovered 108 carats of diamonds from approximately 600 tons¹ equating to 18.0 carats per hundred tons.  The De Beers bulk sample was collected by a combination of drilling and trenching.

These results continue to support Metalex's belief that U2 contains a very high quality coarse diamond population.  Metalex looks forward to the diamond results from the remaining two 22cm diameter reverse circulation drill holes.

The 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.

Signed,

Charles Fipke

Charles Fipke
Chairman

¹Molyneux, R. and Dorrington, L. (2008). Catching a Dream: The story of DeBeers in Canada. Toronto, Ontario: De Beers Canada Inc.

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 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.

Chad Ulansky, President & CEO
(250) 860 - 8599
investorinfo@metalexventures.ca