DIAMOND EXPLORATION: Another kimberlite found in James Bay Lowlands

ONTARIO — Yet another kimberlite has been discovered in the James Bay Lowlands, just 7 km south of the Victor diamond mine. The results of analytical work on drill core from the Big Red Diamond joint venture confirmed the find for partners Metalex Ventures, Arctic Star Diamond Corp. and Big Red Diamond Corp.

The core was collected from nine shallow vertical holes that intersected 6 to 8 metres of glacial overburden, followed by 26 metres of tuffaceous kimberlite breccia, and ended in limestone. Core recovery of the kimberlitic material was poor, with the nine intersections each weighing between 4.4 and 14.6 kg, according to Metalex. These samples also contained abundant limestone fragments.

Additional information about the discovery is posted at www.MetalexVentures.com in the news release dated June 22, 2009.