Metalex Ventures Ltd. - Wawa joint venture, Ontario

LOWNA, BC, July 14 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange) ("Metalex" or the "Company").
Metalex has executed an agreement with Mori Diamonds Inc covering 357
claim units in the Wawa area of Northern Ontario, Canada. Under the agreement
Metalex will earn 60% interest by sole funding the first diamond deposit
discovered in the claim units to bankable feasibility. Metalex paid $129,500
to Mori upon execution of the agreement and has agreed to pay $100,000
annually until it earns its interest or withdraws from the joint venture.
Metalex must spend a minimum of $220,000 by October 15, 2005 and $400,000 by
February 28, 2006. The claim units are subject to a 2% net smelter royalty,
paid prorata by Metalex and Mori Diamonds Inc, in favour of the Magpie
syndicate.
Drainage, till, rock sampling and geological mapping have already
commenced in the project area and 99 samples have been collected to date.
This first phase of work is expected to be competed within two weeks and
samples will then be sent to the CF Mineral Research laboratory for analysis
for diamonds and diamond indicator minerals.
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 analysed. 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 arm's length basis and in
accordance with standard commercial arm's 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 is responsible for the contents of this press
release.

Peter Gregory
President

The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of the contents herein.
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