LOWNA, BC, Nov. 20 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange) ("Metalex" or the "Company").
At the Annual General Meeting of the Company held in Toronto on
October 19, 2006, Dr. Michael Hitch and Chad Ulansky were appointed Directors
of the Company. Dr. Hitch, a geologist, brings a wealth of experience in the
corporate sector and is a most valuable addition to the Board.
Chad Ulansky was the exploration manager for Metalex and has worked on
all the Company's projects. Mr. Ulansky commenced his career 17 years ago
working for Dia Met Minerals Ltd. on the project which yielded the Ekati
Diamond Mine. Since then Mr. Ulansky has led exploration programs in over 15
countries on 4 continents and is currently President of Cantex Mine
Development Corp. Chad was appointed Acting Chief Executive Officer and Acting
President of Metalex upon Peter Gregory's retirement from the Company on
November 2, 2006.
The Company thanks Dr. Gregory for his loyal service to Metalex and looks
forward to his continued involvement with the Company as a consultant.
The Company has also determined to grant a total of 1,700,000 options to
certain directors, officers and employees of the company, the said options
having an exercise price of $0.70 and a term of 5 years expiring November 1,
2011.
Patrice Nazareno chose not to stand for re-election at the Annual General
Meeting. In recognition of her many years of service the Company issued her
50,000 shares. The shares are subject to a 4 month hold period.
Chad Ulansky
President.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
%SEDAR: 00008159E
