Metalex Ventures Ltd. - Exploration update

LOWNA, BC, June 24 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange) ("Metalex" or the "Company").

Kyle Project, Northern Ontario, Canada

The Company is pleased to report that the first of seven planned minibulk
sample drill holes into the diamondiferous T1 kimberlite is currently at a
depth of 198 metres. Kimberlite T1 was discovered by a small diameter drill
hole 39 metres SSE of the current drill hole (see Press Release dated June 17,
2005). The 48 kg of kimberlite collected from this hole returned 35 diamonds.
The current vertical drill hole intersected green kimberlite from 139 to
175 metres, when it passed into a dark green serpentinized kimberlite. The
drill is still in this dark green serpentinized kimberlite at 198 metres.
Approximately 330 kg of kimberlite core has been collected from this hole and
will shortly be shipped to CF Mineral Research Ltd. for diamond recovery.
Drilling of this current hole will continue until refusal.
These seven holes are designed to collect a representative minibulk
sample to determine the size distribution of small diamonds within the pipe;
the different phases of kimberlite present and their broad near surface
geometry. Drilling is scheduled to continue until the seven holes are
complete. Additional holes may be drilled if warranted by the diamond results.

Greenland

It was reported in March that the Company has discovered two gravel
sample sites, located 430 metres apart, that contain exceptional quantities of
G10 pyrope garnets with compositions similar to those found in commercial
diamond deposits. (see press release dated March 14). The two samples consist
of fluvoglacial sediments and are located on the southern shore of a lake,    
5km long by up to 1 km wide. As many of the G10 garnets exhibit soft, friable
kelyphite reaction rims, and have angular textures, they are presumed to be
derived from a nearby source either within or adjacent to the lake.
To investigate the source of these exceptional indicator minerals a field
program of basal till drilling, ground geophysics and heavy mineral sampling
was carried out during March to May, 2005.
Sixteen shallow holes were drilled in a traverse across the lake to
collect samples of basal till with the objective of determining whether the
source of the indicator minerals lies within the lake. These samples are
currently being processed at the CF Mineral Research Ltd laboratory. Each hole
was drilled a short distance (typically less than ten meters) into bedrock.
Thin sills and dykes of a rock, provisionally identified in the field as
kimberlite, was intersected in four holes. No pyrope garnets were seen
visually in these rocks by the on site geologist and he concluded that it is
most unlikely they are the source of the exceptional indicators found on the
lakeshore. These "kimberlite" intersections are currently being analyzed at
the CF Mineral Research laboratory to determine their indicator mineral
content.
Ground gravity, magnetic and electromagnetic geophysical surveys were
completed over much of the lake and part of the shoreline. These data are
currently being interpreted by geophysicist Scott Hogg with the objective of
identifying drill targets.
In addition to the above work, seventeen follow up gravel samples have
been collected from fluvoglacial sediments on the lake shore and "up ice" from
the positive samples. These are currently being analyzed for diamond indicator
minerals.
An aerial photograph based geomorphological study has commenced to assist
in determining the provenance area of the exceptional indicator minerals.
The Company has retained access to a core drill in Greenland so that
drill testing geophysical and heavy mineral anomalies found on land can be
carried out in the near future whilst those beneath the lake can be tested
during the coming winter.

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.

%SEDAR: 00008159E