NORTHERN ONTARIO - METALEX VENTURES of Kelowna, B.C., and MORI DIAMONDS have created a joint venture to explore for diamonds near Wawa. That puts Charles Fipke, finder of the Ekati diamond mine, front and centre in the hunt for icy gems.
Metalex's exploration projects are managed by KEL-EX DEVELOPMENT, a company owned by Fipke, the chairman of Metalex. Peter Gregory, the president of Metalex is also an employee of Kel-Ex. The arrangement with Kel-Ex provides Metalex with access to Fipke's advanced proprietary databases and interpretational techniques. In return, Kel-Ex receives a 10% administration fee and, in the case of the Canadian projects, a 10% interest in the project carried to production. (Kel-Ex will repay its proportionate share of the costs of mine development out of its share of mine profits.) Fipke also owns the CF MINERAL RESEARCH laboratory where samples collected in the exploration programs are analyzed.
Metalex can earn a 60% interest by sole funding a bankable feasibility study for the first diamond deposit discovered on the property. It has paid Mori $129,500 and will pay a further $100,000 each year as long as the joint venture exists. Metalex is also committed to spending at least $22,000 by Oct. 15, 2005, and $400,000 by Feb. 28, 2006, on the claims. The Magpie syndicate retains a 2% NSR in any future production.
Call Metalex president Peter Gregory at 205-860-8599 for further information.