KELOWNA, BC, Oct. 6, 2011 /CNW/ - Metalex Ventures Ltd. (TSXV : MTX) (the "Company") is pleased to announce it has reached an agreement with Arctic Star Exploration Corp. ("Arctic Star") (TSXV: ADD) whereby the Company would acquire all of Arctic Star's remaining joint venture interests in the Company's Kyle Lake (T1 and U2), James Bay Lowlands and Attawapiskat projects (the "Projects").

As consideration for the transfer of Arctic Star's interests in the Projects, the Company is to pay Arctic Star the sum of C$264,861.63. Also pursuant to the agreement, the Company will pay Arctic Star a further C$2,000,000 in circumstances where a mine is put into production on the claims comprising the Kyle Lake project. Such payment is to be made over time from one half of the profits received by the Company from such production.

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