Metalex Ventures Ltd. Corporate Update

KELOWNA, BC, June 28, 2012 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) (the "Company", "Metalex"), is pleased to provide this progress 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. ("Uptick"), 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

Chad Ulansky
President & CEO

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.