New Quebec diamond discovery contains rare purple diamonds

KELOWNA, BC - (March 3) - Metalex Ventures Limited (MTX : TSX Venture Exchange) in conjunction with its joint venture partners Dianor Resources Inc. (DOR: TSX- Venture Exchange) and Wemindji Exploration Inc. are pleased to announce a new diamond discovery in Quebec.
Diamonds have been recovered from surface rock samples on the joint venture's Ekomiak V property in the James Bay region of Quebec.
Six-hundred-and-forty-nine diamonds, including nine rare purple diamonds, were recovered from 18 surface rock samples of conglomerates aged between 2.716 and 2.733 billion years.
Natural fancy-coloured diamonds are very rare and expensive.
Purple is one of the rarest and most desirable colours.
This makes the Quebec diamond discovery both unique and amongst the oldest diamond bearing occurrence in the world.
Results from 20 of the 44 outcrop samples from the Ekomiak V properties have been received and 18 of the conglomerate samples contained diamonds.
Three of the samples contained a total of nine purple micro diamonds with the largest sitting on a 212 micron screen with dimensions of 335 x 379 x 225 microns.
Three of the purple diamond samples were collected on the Ekomiak V property.
All the purple diamond samples are associated with samples having high diamond counts (39 to 224 diamonds per sample).
The largest diamond was a colorless fragment measuring 1.06 millimetres x 0.98 milimetres x 0.56 milimetres.
During 2006, the joint venture identified a number of areas of Quebec having similar geology as Dianor's advanced exploration diamond property, the Leadbetter Diamond Bearing Conglomerate, near Wawa, Ontario.
Eight different geographic areas of Quebec were map staked during late 2006 and early 2007 with the last map staking completed in February 2008.
Seven-hundred-and-seventy-two claims, totaling 39,542 hectares, were staked on behalf of the joint venture.
During the summer of 2007, a reconnaissance surface rock sampling programme was undertaken on five of the eight JV Ekomiak properties, accessible by road.
A total of 128 surface bedrock samples of conglomerate, averaging 30 kilograms each, were collected from 68 sample sites on the five properties.
At most sites two samples were taken; one sample for attrition milling to recover indicator minerals plus diamonds and the second sample for caustic fusion to recover only diamonds.
Attrition milling samples were sent to the CF Minerals laboratory in Kelowna, British Columbia while the samples for caustic fusion were sent to the Saskatchewan Research Council (SRC) laboratory in Saskatoon, Saskatchewan.
Results for the remainder of the samples from the five JV properties are awaited and will be released when received from the laboratories.
Attrition milling of 20 rock samples resulted in the identification (picking) of nine 9,780 indicator minerals and of these, 354 mineral grains were sent for microprobe analyses.
The analyses showed that numerous kimberlite and diamond indicator minerals (DIM's) were present including olivine, pyrope and eclogitic (G1) garnets; chromites; clinopyroxenes and picroilmenites.
Results show that 86 percent of olivines and 27 percent of chromites plot in the diamond stability field with the picroilmenites plotting in the compositional range normally associated with North American kimberlite ilmenites.
Microprobe analyses and interpretation by CF Minerals also indicate that certain minerals grew in an environment conduscive to the formation of large diamonds.
The indicator mineral assemblages suggest a diamondiferous primary source and that these source rocks were proximal.
Geological mapping and prospecting indicates that the diamond bearing Ekomiak Conglomerate extends for four kilometres along strike and is up to 500 metres in width with individual outcrops measuring 500 metres by 400 metres in size.
Management are very pleased with these initial results as they confirm a new diamond discovery within a large area of Quebec.
Mr. Chad Ulansky, P.Geo is the qualified person responsible for the technical content of this press release.
Certain Metalex exploration projects are managed by Kel-Ex Development Ltd., a company owned by Dr. Charles Fipke an internationally recognized diamond geologist.
Dr. Fipke is the Chairman of Metalex. Kel-Ex provides Metalex with access to advanced proprietary databases and interpretational techniques.
In return Kel-Ex receives a 10 percent administration fee on certain projects to cover costs and, in the case of Canadian projects, a 10 percent interest in certain projects carried to production.
Dr. Fipke also owns the C.F. Mineral Research laboratory where samples collected in the exploration programs are analyzed.


History
2001: First diamond discovery in James Bay, Quebec.
2002: Change in exploration philosophy — exclusive focus on diamonds and a private company incorporated, for gold and base metal exploration (Threegold Resources Inc.).
2003: Discovery of other diamonds in the Lac Astrée area of James Bay.
2004: December — acquisition of a major diamond property in Ontario, the LEADBETTER Property. More than 230 diamonds including one 1.39 carat recovered by prospector.
2005: 45,000 metres drilling program commences in April.
2006: Acquisition of the Mori Diamonds Property adjacent to LEADBETTER with Metalex Ventures Ltd. (30% interest each).
2007: Decision made to advance the LEADBETTER project. Surveys on the LEADBETTER property for bulk sample permitting.

New Diamond Discoveries
in addition to Leadbetter Diamond Project
James Bay, Quebec
“Surface rock samples return more diamonds (1,763) from new Quebec diamond discovery” (April 2008).
“New Quebec diamond discovery contains rare purple diamonds” (March 2008).
“1,286 diamonds including pinks recovered from a single rock sample from the Quebec PEM diamond property” (May 2008).
Marathon, Ontario
“Diamonds discovered in spessartite lamprophyre on Killala property” (February 2008).
Wawa, Ontario
“Orange, purple and other coloured diamonds predominate in drill cores from Mori joint venture property in Ontario” (June 2008).
“Coloured diamonds, including a blue coloured stone continue to predominate in final three drill holes from Mori Joint Venture Property in Ontario” (September 2008).
Strategy 2008-09
Bulk sampling program to recover between 7,000 and 13,000 carats of diamonds.
Establish a per carat dollar value for the diamond parcel and estimate of diamond grade.
Define a resource/reserve for portion of the property.
Results positive then:
• Proceed to pre-feasibility and feasibility studies to determine economics of mining part of the property
• Advanced exploration and bulk sampling of remaining areas on the property.
Explore for and discover other diamond deposits in Canada.


2008-09 Budget
Total Budget: $31.7 Million
Phase 1: Drilling and bulk sampling 16%
Phase 2: Bulk sampling program 62%
Other expenses: 22%
Financial Information
Stock price (September 24th, 2008): $0.15
Min. & max. past 52 weeks: $0.145 - $0.66
Issued stock: 165,688,419
Market capitalization: $24.85 M
Warrants: 17.8 M at $0.49
Options: 6.3 M at $0.41
Fully diluted: 149,857,709
Largest shareholder: Sentry Select Capital Corp.
Contacts
Sylvain Laberge, Investor Relations
S.D.N.L. Financial Communication
T.: 514-380-5610 514-380-5610
slaberge@sdnlfinancial.com
Pierre Paquet, Corporate Development
T.: 819-825-7090 819-825-7090
info@dianor.com

Corporate Information on Stockhouse


Executives:
John Ryder P.Geo.
President & CEO
Mr. John Ryder became the President of Dianor in January 2002 and has over 30 years experience in mineral exploration worldwide. Mr. Ryder is a graduate of University College Dublin, Republic of Ireland. For eleven years, he conducted exploration programs for RTZ as a senior geologist, in Ireland, Scotland, Germany, Saudi Arabia and Canada. Between 1991 and 2001, he was a private geological consultant in the exploration field of gold, platinum and diamond exploration in North, South and Central America.