NU E Power Corp. press release
Metalex Ventures Ltd. - Progress Report T1 Bulk Sample, Ontario
CSE - Canadian National Stock Exchange · Canada
LOWNA, BC, May 15 /CNW/ - Metalex Ventures Ltd (MTX - TSX Venture Exchange)("the Company"). The Company is pleased to report that the second and third bulk samples holes in T1 have now been completed. A total of 30.19 tonnes of kimberlite has been collected from these two holes at vertical depths between 137 to 326 metres. As previously reported these bulk sample holes are part of a 16-hole program designed to collect in excess of 200 tonnes of kimberlite so that the overall diamond grade and indicate diamond value of T1 can be determined. The 5.94 tonne sample of kimberlite from the first bulk sample hole in T1 (see press release dated April 17, 2006) has now arrived at the CF Mineral Research laboratory and processing of this sample will commence once various equipment upgrades have been completed 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 geologist. 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). Dr. Fipke also owns the CF Mineral Research laboratory where samples collected in the exploration programs are analyzed. Dr. Peter Gregory, a Qualified Person, has verified that 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 arms 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 analyses. However, should significant diamond grades be discovered the Company may seek independent verification of such results. Dr. Gregory has prepared this press release.
Peter Gregory President
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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