Metalex Ventures Ltd. - Exploration update

LOWNA, BC, Aug. 10 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange)("Metalex" or the "Company").

Kyle Project, Ontario

Three minibulk samples holes have now been drilled into diamondiferrous
kimberlite T1 in the Kyle area of Northern Ontario. A description of the first
hole, T1-1, was given the in MTX press release dated July 6, 2005. Following
logging of the core by kimberlite geologist Agnes Fung, the kimberlite section
of the core was split into three samples and these are currently being
analysed for diamonds by the CF Mineral Research Laboratory. The two lower
samples, of 388.28 and 437.76 kg respectively, comprise autolithic kimberlite
breccia. This breccia is very hard and autogenous grinding is still in
progress. The upper sample, of 216.86 kg, comprises weathered autolithic
kimberlite breccia and is currently undergoing the fusion process.
The minibulk sample second hole, T1-2, which is collared at the same site
T1-1, is oriented eastwards at an inclination of minus 74 degrees. The
minibulk sample third hole, T1-3, was also collared at the same site as T1-1
but was drilled westwards at an inclination of minus 74 degrees. Drill hole T1-
2 was has now arrived in Kelowna and has been logged by Agnes Fung. Core from
T1-3 is currently being sent to Kelowna and a provisional log was made in the
field. A summary log of both T1-2 and the provisional log of T1-3 is given
below:

Drill Hole    From        To   Lithology
            (meters)  (metres)
T1-2          0         42     Glacial till
             42        139     Limestone
            139        161     Weathered autolithic kimberlite breccia
            161        240     Autolithic kimberlite breccia
            240        249     Fine grained autolithic kimberlite breccia
            249        268     Granite gneiss

T1-3          0         52     Glacial till
             52        145     Limestone
            145        152     Green kimberlite breccia
            152        171     granite breccia
            171        194     granite breccia with kimberlite
            194        (x)     Green kimberlite

(x)Hole incomplete.

The geometry of T1-2 indicates that the kimberlite intrusive has an
eastern radius of 65 meters at 230 metres vertical depth. Hole T1-3 is still
in kimberlite so the western radius cannot be calculated at this time but
appears to be a minimum of 47 metres at 190 metres vertical depth. The granite
breccia intersected in T1-3 is thought to be a fragment of basement
incorporated in the pipe during intrusion. Drilling at T1-3 has been suspended
until August 16 pending receipt of a new hydraulic mechanism for the minibulk
sample core drill. Kimberlite core from T1-2 and T1-3 will be tested for
diamonds in the CF Mineral Research Laboratory once T1-1 has been completed.
Upon completion of T1-3, minibulk samples holes T1-4 and T1-5 will be drilled
at minus 74 degrees from the same site as T1-1 but orientated north and south
respectively.
Following integration of the Metalex/Arctic Star aeromagnetic data with
the earlier Spider - KWG Resources survey by SHA Geophysics, two additional
high priority aeroamagnetic targets have been identified near T1. These are
currently being drill tested.

Wawa

Reconnaissance sampling has been completed over the Wawa claims with 130
drainage and rock samples having been collected. These have been submitted to
the CF Mineral Laboratory for testing for diamonds and diamond stability field
minerals.

Angola Kimberlites

As reported in the Press Release dated July 12, 2005, Metalex has
purchased approximately 11,000 line km of aeromagnetic data over the Chitamba
lease area. This data has now been interpreted by SHA Geophysics and 47
priority anomalies identified. This is in addition to the four large (+/1 km
diameter) anomalies referred to in the above press release. Kimberlite
Geologist Stan Deakin has now left for the field to commence a program of
pitting to test accessible aeromagnetic anomalies for kimberlite.
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.

Peter Gregory
President

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