Metalex Ventures Ltd - Exploration Update

LOWNA, BC, June 17 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange) ("Metalex" or the "Company").

Kyle Project, Northern Ontario, Canada

The Company is pleased to provide detailed information on the weights and
sizes of the diamonds found in its 48 kg sample of kimberlite processed from
T1. A total of 35 diamonds have been found and the data is given in the table
below:
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Stone    Carats    Octa    Macro  X-dimen  Y-dimen   Form  Colour  Inclu-
 No.      (xx)    Carats            (x)      (x)    (xxx)  (xxxx)  sions
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  1     0.000058   5800           244.08    288.33     C      W      0
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  2    0.0000345   3450           146.73    131.76     C      W      4
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  3     0.000066   6600           225.16    199.33     B      W      3
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  4    0.0003175   31750          375.44    450.75     B      W      2
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  5    0.0014435   144350   Yes   589.16    858.86     B      W      3
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  6    0.0003895   38950          415.85    295.63     A      W      1
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  7    0.0000765   7650            93.94    406.69     C      W      1
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  8     0.000059   5900           172.94    217.75     C      E      3
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  9     0.000027   2700           142.76    105.60     C      W      4
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 10    0.0000955   9550           172.04    219.86     B      W      1
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 11    0.0000865   8650           171.83    243.31     B      E      1
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 12    0.0000935   9350           196.33    289.01     B      W      3
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 13    0.0000945   9450           277.77    172.80     B      W      1
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 14    0.0007505   75050    Yes   518.55    523.31     B      W      3
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 15     0.001349   134900   Yes   548.43    715.67     B      W      3
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 16     0.000059   5900           193.26    174.00     B      W      2
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 17    0.0000905   9050           196.79    251.81     B      W      2
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 18    0.0001615   16150          262.55    243.00     B      B      3
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 19    0.0001735   17350          264.01    257.61     B      W      4
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 20     0.000071   7100           260.74    190.00     C      W      1
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 21     0.000124   12400          331.43    245.93     B      W      4
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 22    0.0014355   143550   Yes   655.63    767.81     B      W      3
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 23    0.0004365   43650          458.80    361.52     B      W      3
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 24     0.000788   78800    Yes   481.00    540.00     B      W      1
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 25    0.0002705   27050          263.00    228.40     A      W      4
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 26     0.001334   133400   Yes   698.86    613.81     B      W      4
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 27     0.000021   2100           119.40    249.62     C      W      1
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 28    0.0000455   4550           304.11    368.11     C      W      1
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 29    0.0000145   1450           172.00    141.99     B      W      1
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 30    0.0000995   9950           268.90    238.74     B      W      3
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 31    0.0000185   1850           170.43    202.00     C      B      0
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 32     0.001999   199900   Yes   899.74    742.03     B      W      3
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 33    0.0000135   1350           140.06    142.72     C      W      0
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 34    0.0000055   550             22.00    41.00      B      B      1
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 35    0.0003665   36650          400.22    398.25     B      E      2
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(x) The width and breadth ("X" and "Y") of each diamond was measured
using an electron microprobe.
(xx) The weight of each diamond is determined using a diamond balance
that reads to 8 decimal places.
Form(xxx)A - A single crystal equally developed along all three axes
           (e.g. an octahedron, cube or tetrahexahedroid).
       B - the stone is a macle, an aggregate of several crystals, or a
           distorted stone (unlike A).
       C - the stone is very flat (i.e. a chip or a thin macle).
Colour(xxxx) W - white, Y - yellow, G - green, E - grey, B - brown.

Seven out of the 35 diamonds exceed 0.5 mm in one dimension and are
classified as macrodiamonds. Six stones exceed 0.5 mm in two dimensions. All
of the macrodiamonds are white stones.

The distribution of the 35 diamonds, determined by sieving in accordance
with CIMM guidelines, is given on the table below:

        --------------------------------------------------------
          Number of diamonds within certain sieve sizes in mm
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Weight  less than  plus    plus    plus    plus    plus    plus
  of      0.105    0.105   0.15    0.212   0.30    0.425   0.6     Total
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sample             minus   minus   minus   minus   minus   minus
 (kg)              0.15    0.212   0.30    0.425    0.6    0.85    Number
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  44        3        3       10      6       6       6      1        35
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The company is most encouraged by these results and in particular by the
proportion of macrodiamonds to microdiamonds as well as the quality of the
larger stones. Consequently drilling of T1 has commenced using a larger
diameter drill (56 mm core) to obtain a total 2,000 to 3,000 kg of all
kimberlite phases intersected. At least 7 holes will be drilled and should be
completed within 4 weeks. Samples of each phase of kimberlite intersected will
be anlaysed at the CF Mineral Research laboratory for macrodiamonds and
microdiamonds. Should favourable results be obtained from this work the
Company would plan on taking a 200 tonne sample from T1 during the coming
winter.

At April 30, 2005 the Company's contributing interest in the project was
91.5%. Arctic Star has elected to contribute to the next program and budget,
and has an 8.5% contributing interest. Kel-Ex Development Ltd has a 10% free
carried interest paid for prorata by each of Metalex and Arctic Star.

CHITAMBA PERMIT, ANGOLA

Testing of the Cucumbi and Cuango River gravels for alluvial diamonds
will start in July as the Super Digger Mk2 Twin 8 inch Riverine suction dredge
system will arrive in Luanda by ship within the next few days. Following
customs clearance, this will be sent directly to the field to commence
dredging activities. The first site of work will be an area where Endiama, the
Government diamond arm, has told the Company that 12,000 carats of diamonds
were recovered over a two-week period, although the Company has not yet been
able to confirm this. The dredging operations will be managed by Equatorial
and General Mining Supplies, a company with experience in dredging in Angola.
They will be directed by Stan Deakin who, until recently, was an alluvial
mining engineer for the Company SDM which last year produced US$106 million
worth of alluvial diamonds from the Cuango river about 50 km downstream for
the Chitamba permit.
The Chitamba kimberlite license has now been published in the Government
Gazette and is now in full force and effect. An offer has been made, and
accepted subject to various approvals, to purchase aeromagnetic and
radiometric data flown recently over the Chitamba permit at a 250-metre line
spacing. This purchase may produce additional kimberlite targets over and
above the 14 known kimberlite pipes that occur within the Chitamba permit.
Testing the kimberlite pipes and aeromagnetic targets by pitting and drilling
is scheduled to commence shortly during the dry season.

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.

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