IIE:CA V.IIE

Mineral claims located in Mato Grasso BRAZIL

[Tommer3]

I post this and sit back to absorb what it means.... _____ Metalex intends to acquire Brazilian claims from Kel-Ex Metalex Ventures Ltd (C:MTX) Shares Issued 68,793,373 Last Close 5/24/2007 $0.44 Friday May 25 2007 - 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. © 2007 Canjex Publishing Ltd.

[pfn43]

correct me if iam wrong,do we not have a agreement or am i missing something here.