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T1 and U2 Kimberlite, James Bay Lowlands, Ontario

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Results to date, from the T1 and U2 diamond bearing kimberlites respectively 78 and 62 kilometers west of the Victor Mine, have recently been presented to three of the world's largest mining companies. We are encouraged from the meetings that a possible joint venture may result.

4,201 kg of drill core previously processed from T1 yielded 1,768 diamonds - of which 59.3% are clear (white). The 300 tonne mini bulk sample needed to evaluate economic potential is still incomplete - about 190 tonnes has been recovered utilizing a 22 cm diameter reverse circulation drill presently on site. Recently, the Company received from C.F. Mineral Laboratory the results of analyzing a single 134.6 kg sample of 5.6cm diameter core from drill hole P07-02 (178-206)m on T1. The Company is happy to report 102 (+0.106mm) diamonds were recovered. This is over 2 times as abundant as the T1 average (356/1000 kg) and over 7 times as abundant as at the Victor Mine. The sieve size distribution supplied by C.F. Minerals Laboratory are as follows:

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Endecott Sieve Size Number of Weight of Diamonds

(mm square mesh) Diamonds (carats)

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1.70 to 2.36 1 .124422

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1.18 to 1.70 2 .052599

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0.85 to 1.18 1 .006715

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0.600 to 0.85 4 .013185

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0.425 to 0.600 11 .023442

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0.300 to 0.425 15 .008423

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0.212 to 0.300 15 .002388

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0.150 to 0.212 27 .001713

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0.106 to 0.150 26 .000678

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Total 102 .233564

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The two largest diamonds above, of 0.124 and 0.0382 carats, both classify as white octahedrons of gem quality. Sixty one (60%) of the 102 recovered classify as white. The T1 pipe is modeled at 180 x 200 meters at surface, about the size of the Panda pipe at the Ekati Mine.

Core drilling and geophysical modeling indicate that the U2 pipe is about 10 hectares in size. This currently indicates U2 to be the second largest pipe found to date in the James Bay Lowlands. Five core holes have so far been drilled into U2. Diamond contents, diamond qualities, diamond indicator results and age of emplacement all appear similar to DeBeers' Victor Diamond mine that commenced production in June 2008.

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Summary

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The Company is encouraged with its discovery of very large kimberlite pipes in the area of Angola thought to be the source area of diamond bearing kimberlite pipes that have been partially eroded into the Quango River producing diamond bearing alluvial gravels currently being mined downstream.

Our famous colleague, the late Hugo Dummett, who explored on behalf of Anglo American for diamonds in Angola for six years used to say: "Obtain samples from the largest pipes, for the large pipes will not only have the largest tonnage, the largest pipes will also have the highest diamond grades."

T1 in Northern Ontario is confirmed to contain commercially sized macro diamonds of gem quality. U2 contains potential for large tonnages of kimberlite with potential to contain high quality diamonds similar to the Victor diamond mine of DeBeers.

Dr. Charles Fipke, a qualified person, is responsible for the technical content of this release

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"Chad Ulansky"

Chad Ulansky, President & CEO

(250) 860 - 8599

investorinfo@metalexventures.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as

that term is defined in the policies of the TSX Venture Exchange) accepts

responsibility for the adequacy or accuracy of this release.

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%SEDAR: 00008159E

For further information: Chad Ulansky, President & CEO, (250) 860 - 8599, investorinfo@metalexventures.ca