KELOWNA, BC, July 11, 2014
/CNW/ - Metalex Ventures Ltd. (TSXV : MTX) ("Metalex", the
"Company") announces that Dundee Corporation ("Dundee") has decided
to terminate their interest in the current earn-in agreement for
the U2 and T1 kimberlite pipes. Dundee states the reason behind the
termination is due to the continued delay in receiving permits and
the execution of an exploration agreement with the First Nations
Communities of Attawapiskat and
Marten Falls. As a result,
Metalex has contacted alternate groups with both the interest and
financial capabilities of conducting the previously announced bulk
sample of U2 and, if positive, mine development.
U2 Profile
The U2 kimberlite pipe is a highly prospective
diamond development project located in the James Bay Lowlands of
Ontario, near De Beers' Victor
Mine. Diamonds recovered from the U2 pipe are of exceptional
quality – with 88.8% by weight of the +1.7mm diamonds being white
and 1.1% being colored. The large (9-10 hectares) size of the
U2 pipe shows the potential to host a substantial tonnage.
Currently the Project is awaiting two key permits
which will allow the construction of 60 kilometers of winter road
from the Victor Mine site across to the U2 project. The
applications were submitted to the Ministry of Natural Resources in
Cochrane for these permits early
in January 2014. Metalex was
advised by the Ontario Ministry of Natural Resources in
February 2014 that an environmental
group provided comments including a request that the government
conduct a regional environmental assessment that would include our
project area. The Ontario Ministry of the Environment
continues to consider whether this request has merit and has not
issued the requested permits.
Metalex continues to work with the Attawapiskat and Marten Falls First Nations to complete an
exploration agreement for the proposed bulk sample.
The technical information and results reported
here have been reviewed by Mr. Chad
Ulansky, P.Geol., a Qualified Person under National
Instrument 43-101, who is responsible for the technical content of
this release.
Signed,
Charles Fipke
Charles Fipke
Chairman
Forward Looking Statements
Some of the statements contained herein may be
forward-looking statements which involve known and unknown risks
and uncertainties. Without limitation, statements regarding
potential mineralization and resources, exploration results, and
future plans and objectives of the Company are forward looking
statements that involve various risks. The following are
important factors that could cause the Company's actual results to
differ materially from those expressed or implied by such forward
looking statements: changes in the world wide price of mineral
commodities, general market conditions, risks inherent in mineral
exploration, risks associated with development, construction and
mining operations, the uncertainty of future profitability and the
uncertainty of access to additional capital. There can be no
assurance that forward-looking statements will prove to be accurate
as actual results and future events may differ materially from
those anticipated in such statements. Metalex undertakes no
obligation to update such forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on such
forward-looking statements.
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.
SOURCE Metalex Ventures Ltd.