NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Metalex Ventures Ltd. (TSX VENTURE:MTX) (the "Company") is pleased to announce
that it has entered into an agreement with GMP Securities L.P. as sole lead
agent (the "Agent") in connection with a "best efforts" private placement (the
"Offering") of up to C$10,000,000 of Metalex securities consisting of a
combination of (i) "flow-through" common shares ("Flow-Through Shares") at an
issue price per Flow-Through Share to be determined in the context of the
market, and (ii) units of Metalex (the "Units") at a price per Unit to be
determined in the context of the market.


Each Unit will consist of one common share (a "Common Share") of the Company and
one half of one common share purchase warrant (each whole warrant, a "Warrant")
with each Warrant entitling the holder thereof to purchase one Common Share of
the Company at the exercise price per Common Share to be determined for a period
of 24 months following the closing of the Offering.


The Company expects to close the Offering on or about March 22, 2011, subject to
applicable regulatory approvals. 


The Company has agreed to pay the Agent a cash commission equal to 7.0% of the
gross proceeds of the Offering payable on the closing of the Offering; provided,
however, that no cash fee will be payable to the Agent on the gross proceeds
raised through any and all orders for the benefit of Dr. Charles Fipke. The
Agent will also be granted compensation options (the "Compensation Options")
entitling the Agent to subscribe for that number of Units of the Company as is
equal to 7.0% of the total number of securities sold pursuant to the Offering.
Subject to regulatory approval, each Compensation Option will be exercisable to
acquire one Unit of the Company for a period of 24 months following the Closing
Date at an exercise price equal to the issue price of the Units.


The proceeds from the issuance of the Flow-Through Shares shall be used to fund
exploration expenditures at the Company's Canadian mineral projects and in
particular, the Company's kimberlite properties in Ontario and Quebec, and will
qualify as Canadian exploration expenses (as defined in the Income Tax Act) that
will be renounced to the investors. The proceeds received by the Company under
the Offering from the issuance of Units shall be used for further exploration
and development of the Company's kimberlite-hosted diamond deposits in Morocco
and other prospective mineral projects as well as for general and administrative
and working capital purposes.


Chad Ulansky, President & CEO

This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "US Securities Act") or any state securities laws and may not be
offered or sold within the United States or to US Persons unless registered
under the US Securities Act and applicable state securities laws or an exemption
from such registration is available.


Forward-Looking Statements

This press release includes certain "Forward-Looking Statements" within the
meaning of the US Private Securities Reform Act of 1995. Other than statements
of historical fact, all statements are "Forward-Looking Statements" that involve
such various known and unknown risks, uncertainties and other factors. There can
be no assurance that such statements will prove accurate. Results and future
events could differ materially from those anticipated in such statements.
Readers of this press release are cautioned not to place undue reliance on these
"Forward-Looking Statements".
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