Metalex Ventures Ltd - Press Release

LOWNA, BC, Aug. 24 /CNW/ - Metalex Ventures Ltd (MTX-TSX Venture
Exchange)("Metalex" or the "Company").
Metalex has executed an Agreement with Dianor Resources Ltd ("Dianor")
covering its recently announced right to earn an interest in 357 claim units
in the Wawa area of Ontario. (Press Release dated July 14, 2005). Under the
agreement Dianor will contribute 50% of all expenditures incurred by Metalex
on the project and in return it will receive 50% of Metalex's entitlements and
obligations. Dianor will also allow Metalex to review and utilize its
technical database covering its adjoining Leadbetter claims. Dianor personnel,
in collaboration with Metalex, will shortly commence prospecting and mapping
of the claims. Metalex is confident that this pooling of exploration expertise
will accelerate discovery of diamond bearing rocks.
Metalex announces that the Board of Directors have authorized the
issuance of 50,000 options to a director of the Company. The options will have
a term of 5 years and an exercise price of $0.85.
The Company has, subject to review and acceptance by the TSX Venture
Exchange, retained Astra Communications Ltd ("Astra"), of Vancouver, BC, and
Calgary, AB, to act as the Company's investor relations representative. The
agreement between Metalex and Astra is for an initial period of 3 months but
can be extended by the mutual agreement. Astra will assist the Company to
inform investors, analysts, brokers, and other investment professionals about
its exploration activities. Astra will receive a monthly retainer of $5,000.00
for the initial term of the agreement and will be reimbursed reasonable
expenses. Astra can be contacted at 604.687.4800 and 1.866.824.9862.

Peter Gregory
President

The TSX Venture Exchange has not reviewed, and does not accept
responsibility for the adequacy or accuracy of the content of this news
release.
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