LOWNA, BC, May 4 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange)("Metalex").
On Friday, 28 April, 2006 the Attawapiskat First Nation issued a press
release stating, amongst other things, that "Metalex Venture Ltd walks away
from negotiations with the Attawapiskat First Nation on the Kyle project".
Metalex clarifies its position in this press release.
Metalex commenced negotiations with the Attawapiskat First Nation in mid
February 2006 and several productive meetings were held. A verbal agreement
was reached in principle on April 14, 2006 and a Memorandum of Understanding
("MOU"), reflecting the verbal agreement, was faxed to the Attawapiskat First
Nation on April 17, 2006. Metalex has not yet had a reply to this MOU and has
not walked away from negotiations.
Metalex has valid mineral claims covering its T1 project and camp and has
received approval from the Ontario Ministry of Natural Resources to carry out
its exploration work. Metalex is in full compliance with all relevant laws and
there is no threat to its mining and exploration title.
Metalex believes that good faith negotiations between Metalex and the
Attawapiskat First Nation will result in an agreement satisfactory to all
parties.
Peter Gregory
President
The TSX Venture Exchange does not accept responsibility for the adequacy
or the accuracy of this release.
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