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Gold/Mining/Energy : Canadian Diamond Play Cafi -- Ignore unavailable to you. Want to Upgrade?

To: Letmebe Frank who wrote (4001)	4/27/2006 3:49:52 PM
From: VAUGHN	Respond to of 16206

Hello Frank In the face of very good news some interesting anonymous selling over the past few days: Metalex recovers 289 diamonds from latest T1 sample 2006-04-27 12:33 ET - News Release Mr. Peter Gregory reports METALEX VENTURES LTD. - T1 ADDITIONAL DIAMOND RESULTS; METALEX VENTURES LTD (MTX - TSX VENTURE EXCHANGE)("METALEX" OR THE "COMPANY") Metalex Ventures Ltd. has received the results from processing of the second sample (T1-4-2) from mini-bulk drill hole T1-4 drilled into the T1 kimberlite, Ontatio, from CF Mineral Research Ltd. A total of 289 natural diamonds were recovered from 271.62 kilograms of drill core. The size distribution, and weights of diamond in each category, are tabulated below: Sieve size No. of Weight mm diamonds carats <0.106 70 0.0004 0.106-0.15 53 0.001247 0.15-0.212 55 0.003502 0.212-0.3 45 0.007524 0.3-0.425 30 0.15608 0.425-0.6 21 0.033509 0.6-0.85 12 0.042255 0.85-1.18 3 0.020618 This result does not include the ball mill oversize (plus-1.18-millimetre fraction), which has yet to be fused and analyzed. Two of the three largest diamonds recovered, measuring 1.5 millimetres by 1.3 millimetres by 0.6 millimetres and 1.4 millimetres by 1.3 millimetres by 0.5 millimetre respectively, are chip fragments from larger stones, probably broken during core drilling; CF Minerals reports that 201 of the 289 diamonds (69.55 per cent) are white diamonds. Drill hole T1-4 is drilled due north and is inclined at minus-76 degrees. Sample T1-4-2 comprises kimberlite from 257.2 to 289.9 metres within this drill hole. This result, when normalized to 100 kilograms, is very similar to the results from the first sample from drill hole T1-4 (sample T1-4-1 from 145.7 to 187.4 metres) reported in Stockwatch on April 11, 2006, and appears to demonstrate continuity of grade and stone size distribution in kimberlite in this part of T1. The very high proportion of white diamonds (70 per cent) is entirely consistent with other mini-bulk drill holes drilled in T1. Metalex, and its partner Arctic Star Diamond Corp., are most encouraged by this latest result. 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 consultant. In return, Kel-Ex receives a 10-per-cent administration fee and, in the case of some of the Canadian projects, a 10-per-cent interest in the project carried to production. (Kel-Ex will repay its proportionate share of the costs of mine development out of mine profits). Dr Fipke also owns the CF Minerals Research Laboratory where samples collected from the company's exploration programs are analyzed. Dr. Peter Gregory, a qualified person, has verified 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 arm's-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 analysis. However, should significant diamond grades be discovered the company may seek independent verification of such results. Dr. Gregory has prepared this news. Regards Vaughn