Mr. Chad Ulansky reports

METALEX ARRANGES FUNDING FOR DRILLING OF A1 AND A2 GOLD CLAIMS IN QUEBEC

Metalex Ventures Ltd. has arranged funding for the drilling of its A1 and A2 gold claims in Quebec.

Claim Blocks A1 and A2 (gold)

Metalex looks forward to drilling its A1 and A2 claim blocks. These claim blocks were staked due to the promising gold and pathfinder element results from detailed heavy mineral sampling of the areas. A VTEM survey over the claim blocks identified several conductive and magnetic anomalies that could be the bedrock source of the gold. This survey provided both magnetic and electromagnetic data, which have identified several potential sources to the gold in till anomalies.

As reported in the company's recent financial statements the company has sold 22 per cent of its Juno Corp. holdings to raise $1-million at a generous profit. A portion of these monies will be used to finance the drilling of these promising gold targets. Permitting of this drilling is under way with drilling expected either late this season or early next season.

Claim Block B3 (copper-nickel-cobalt)

Eight holes were drilled this summer testing four targets at the company's B3 claim block which shows potential for copper-nickel-cobalt sulphides. Though these initial holes intersected substantial sulphides (mainly pyrite) they did not contain significant base metals. There remain four targets to be tested.

The technical information and results reported here have been approved by Chad Ulansky, PGeo, president and chief executive officer of the company and a qualified person under National Instrument 43-101, who is responsible for the technical content of this release.

We seek Safe Harbor.