Metalex Ventures Ltd V.MTX

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Kimberlite fragments, green clays and diamond indicator minerals discovered on Dumont's Attawapiskat claims via COMTEX May 25, 2004 TORONTO, May 25, 2004 (Canada NewsWire via COMTEX) -- DUMONT NICKEL INC. (DNI:TSX-Ven) is pleased to report that work completed on its Attawapiskat Property has identified distinct areas reporting excellent diamond indicator minerals, one of which is also associated with green clays/tills with kimberlite fragments. The results reported are from extensive sampling and auger drilling carried out by KEL-EX DEVELOPMENT LTD., a private corporation under the control of Mr. Charles Fipke, pursuant to its Option of the Property announced by DUMONT on March 3, 2003. KEL-EX is exploring the Property on behalf of METALEX VENTURES LTD. (MTX:TSX-Ven), a corporation also under Mr. Fipke's direction, and its other Dumont Joint Venture partners ARCTIC STAR DIAMOND CORP. (ADD: TSX-Ven), OASIS DIAMOND EXPLORATION INC. (CSI:TSX-Ven) and BIG RED DIAMOND CORP. (DIA:TSX-Ven). The Dumont Joint Venture was announced by METALEX on April 30, 2003. The DUMONT claims comprise some 91 square kilometers, held in six blocks under 48 claims registered to DUMONT. As announced on April 5, 2004, KEL-EX has completed in excess of $1,500,000 on exploration work on the claims well in advance of its contractual earn-in schedule and has earned an initial 50% interest in the claims pursuant to the terms of its Agreement with DUMONT. Results reported herein are summarized from, and based on data in, assessment work reports filed in 2003 and 2004 by KEL-EX, based on drilling of 130 auger holes, collection of 150 samples, picking of over 2500 mineral grains and 3100 electron microprobe analyses. The reports incorporate results from sampling completed on DUMONT's claims only to November 2003, while its expenditures reported to DUMONT include considerable additional field work completed to the end of January 2004. The foregoing is reinforced by DUMONT's analysis of late Spring 2004 satellite photographs of the area, indicating that the results reported herein relate to only a fraction of the work carried out on DUMONT's claims. It is DUMONT's belief that additional work is also in progress. Exploration results outlined in the assessment reports indicate the presence of abundant eclogitic garnets and G10 pyropes from several clusters of samples collected from the DUMONT claims, many of which also report equally excellent compositions from chromites and picroilmenites. It is significant that many better mineral compositions reported are from auger samples also containing kimberlitic fragments in green clays/tills defining high priority areas which have to date attracted the lion's share of field work. Although there are sufficient indicator mineral counts in selected samples from most of the claim Blocks to warrant further work, most of the work reported herein has focused on the central Block of claims, Block 3, which is adjacent to DeBeers Victor Project. Over 2,000 mineral grains, from 100 auger samples, have been analyzed from this Block. At least three highly prospective localities have been identified by DUMONT based on its interpretation of the available data, as summarized below. Additional information and sketches are presented in DUMONT's website at https://www.dumontnickel.com/: 1. AREA1: A cluster of samples in the central part of Block 3, in claim 1242180, reporting extremely favourable indicator mineral geochemistry comprising sodic eclogitic garnets, G10 pyropes, and ilmenites of compositions consistent with those which would be expected from kimberlites containing preserved diamonds. Green clays/tills with kimberlitic fragments are also reported in several of the auger samples from this area. 2. AREA2: A cluster of samples to the immediate southeast of Area1, containing numerous eclogitic garnets associated with other favourable minerals, including ilmenites of excellent compositions and subcalcic garnets. 3. AREA3: Good subcalcic garnets were located in each of several auger sites to the north of AREA1, on an adjoining DUMONT claim. This area appears to be a separate trend from those in AREAS 1 and 2, and its significance is reinforced by considerable winter ground work evident in late spring satellite photographs obtained by DUMONT. Other localities which have to date reported good results include the southeast portion of the land position, from claim Blocks bracketing, and adjacent to, De Beers'India pipe. In preparation of this summary, DUMONT has relied, in its entirety, on exploration data in public domain as submitted to the Ontario Ministry of Northern Development and Mines in assessment reports filed by KEL-EX. DUMONT has not verified the foregoing information as to sample locations, descriptions, analytical procedures and related quality control and sample chain of custody matters. The Qualified Person in connection with this press release is William C.Kerr, P.Geo, DUMONT's Vice President of Operations. DUMONT is a mineral exploration company with operations in Ontario and Utah. DUMONT holds one of the largest prospective land positions in the Attawapiskat diamond area in the James Bay Lowlands, Ontario, with a carried interest in the Dumont Joint Venture previously announced by Metalex Ventures Limited, Arctic Star Diamond Corp. and others. The Dumont Joint Venture is under the Operatorship of companies under the direction of Mr. Charles Fipke. DUMONT is Operator of the Utah Joint Venture which now comprises approximately 33 contiguous square miles of mineral properties across the historic Clifton-Gold Hill gold-silver-copper Mining District. All of DUMONT's properties are under active exploration either directly by DUMONT or via joint venture. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. DNI - TSX Venture; Issued: 60,102,677 %SEDAR: 00010711E VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: https://www.newswire.ca/en/releases/orgDisplay.cgi?okey=47922 For further information: contact Shahe Sabag, President &CEO, [phone] or Denis Clement, Chairman [phone], or visit www.dumontnickel.com News release via Canada NewsWire, Toronto 416-863-9350