LOWNA, BC, May 15 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture
Exchange)("the Company").
The Company is pleased to report that the second and third bulk samples
holes in T1 have now been completed. A total of 30.19 tonnes of kimberlite has
been collected from these two holes at vertical depths between 137 to 326
metres. As previously reported these bulk sample holes are part of a 16-hole
program designed to collect in excess of 200 tonnes of kimberlite so that the
overall diamond grade and indicate diamond value of T1 can be determined.
The 5.94 tonne sample of kimberlite from the first bulk sample hole in T1
(see press release dated April 17, 2006) has now arrived at the CF Mineral
Research laboratory and processing of this sample will commence once various
equipment upgrades have been completed
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 a consultant to 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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