Hmmmm.. VERY INTERESTING READINGHmmmm.. VERY INTERESTING READING
MTX has been busy little beavers getting their Brazil stage SET for the show..... ya think?
- Metalex intends to acquire Brazilian claims from Kel-Ex
- METALEX EXPLORATION UPDATE <----- MUST READ
- Mr. Charles Fipke reports – Shares for debt
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Metalex intends to acquire Brazilian claims from Kel-Ex
2007-05-25 19:58 ET - News Release
Mr. Chad Ulansky reports
METALEX VENTURES LTD. ENTERS INTO LETTER OF INTENT
Metalex Ventures Ltd. has entered into a letter of intent with Kel-Ex Developments Ltd., a company controlled by Dr. Charles Fipke, the chairman of the company, to acquire certain mineral claims located in state of Mato Grasso, Brazil, in consideration for the issuance of 10 million common shares of the company.
Kel-Ex and Dr. Fipke have been active in the Mato Grasso area of Brazil since 2002, incurring extensive exploration expenditures totalling approximately $2-million over five years.
These properties are part of an area which has seen exploration activity conducted by a number of major companies.
With this acquisition, the company has now acquired substantially all of Dr. Fipke's diamond exploration properties.
The company is pleased to add another highly prospective property to its existing list.
The claims are subject to net profit interests totalling 20 per cent in favour of Kel-Ex and its Brazilian partners. Under the terms agreed to by the parties, the company would have the right to repurchase up to one-half of such net profit interests at a price of $5-million per per cent.
Closing of the acquisition of the claims remains subject to execution of a definitive agreement and the acceptance of the TSX Venture Exchange.
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2007-07-05 17:23 ET - News Release
Dr. Charles Fipke reports
METALEX EXPLORATION UPDATE <----- MUST READ ***********
Brazil
Metalex has recently purchased, subject to shareholder and regulatory approvals, a 100-per-cent working interest in 1,228 square kilometres of claims located near Paranatinga, Mato Grosso, Brazil, from Kelex Development Ltd., a company wholly owned by director Dr. Charles Fipke. Kelex has expended approximately $2-million in the area on exploration (see Stockwatch news May 25, 2007). Pending approval of Metalex acquiring a 100-per-cent interest, the company has in turn recently agreed to option a 49-per-cent working interest to American Diamond Corp. for an expenditure of $5-million on exploration within the claims over a three-year period. American Diamond has already lodged a $500,000 deposit in trust with Metalex's lawyers that will be released for claims development once the final agreement, now being completed, is signed.
The claims area contains at least eight untested kimberlite pipes of which three have been recently sampled with results pending as well as numerous high-quality diamond indicator mineral anomalies from alluvial heavy mineral samples derived from as of yet undiscovered source kimberlites.
The most significant diamond indicator anomalies were received from bulk (10 kilograms of material smaller than one millimetre) stream sediment samples sieved from alluvial gravels that have contained many large diamonds reportedly up to 300 carats in size. The large diamonds have been recovered in the past by garimpeiros mining the gravels.
Four 10-kilogram samples collected 350 to 1450 metres upstream from where the largest 300-carat diamond was reported to have been recovered contained about 730 to 1,450 Group I eclogitic garnets with compositions analogous to Group I eclogitic garnets that grow with diamond as well as five to 13 large chrome diopsides (0.5 millimetre to one millimetre), some of which have compositions analogous to chrome diopsides that have grown with large diamonds from the Ekati mine. Both the Group I eclogitic garnets as well as the chrome diopsides recovered have angular near-source textures. Furthermore, chrome diopside is a soft mineral that normally does not survive alluvial transport in tropical conditions more than two to three kilometres from source.
In fact, both the Group I eclogitic garnets as well as the chrome diopsides are not detected in bulk alluvial samples collected 2.5 kilometres upstream from the last of the four samples collected 1,450 metres upstream from where the largest 300-carat stone was recovered.
As all the foregoing results indicate the source kimberlites of the outstandingly abundant diamond indicator minerals and large diamonds should be located somewhere in between the last outstanding sample and 2.5 kilometres upstream, a helicopter combined electromagnetic and magnetometer geophysical survey has recently been completed over the entire area (3.5 kilometres by 6.2 km).
These survey results are being levelled and compiled by the company's Toronto-based consulting geophysicist, and should supply drill targets for any undiscovered conductive and/or magnetic kimberlite pipes. The company's representative has already located two drills available for the planned testing.
Summary
A helicopter geophysical has recently been completed in Brazil and another is under way in Angola. Both of these surveys are being flown from areas that have produced significant alluvial diamonds in an effort to locate drill targets for the kimberlite sources of the diamonds. The company anticipates core drilling will commence in both Brazil and Angola during the late July to September period, 2007, so that drilling will be under way simultaneously at Metalex's projects in Ontario, Angola and Brazil.
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2007-07-12 13:35 ET - News Release
Mr. Charles Fipke reports
Charles E. Fipke has filed an early warning report dated July 10, 2007, advising of his holdings in Metalex Ventures Ltd.
On June 29, 2007, Mr. Fipke acquired beneficial ownership of 1,475,770 common shares of Metalex which shares were acquired by Mr. Fipke in private transactions in settlement of debts owing to him at a deemed price of 64 cents per share. The recently acquired securities represent 2.1452 per cent of the issued and outstanding common shares of Metalex. Immediately prior to the acquisition of the 1,475,770 shares, Mr. Fipke, alone and together with CF Minerals Research Ltd., Kel-ex Development Ltd. and Lucky Panda Geoservices Ltd., companies wholly owned by Mr. Fipke, held or controlled 5,952,611 common shares in the capital of Metalex. These common shares together with the 1,475,770 common shares recently acquired and 600,000 options held by Mr. Fipke represent a total of 8,028,381 common shares or 11.6703 per cent of the then issued and outstanding shares of Metalex calculated assuming exercise of the 600,000 options.
The shares were acquired for investment purposes in an off-market transaction and Mr. Fipke may acquire further securities of Metalex in the future.
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Wow.... And I got excited about the word "prestine"
Regards,
Tommer3