Metalex Ventures Ltd. (MTX.V) announced the signing of the
earn-in agreement with Dundee Corporation, whereby Dundee or its
designate can earn up to a 51% interest in the U2 and T1 kimberlite
pipes through a four stage investment of up to $51 million.
The U2 kimberlite pipe is a highly prospective diamond
development project located in the James Bay Lowlands of Ontario,
near De Beers' Victor Mine. Diamonds recovered from the U2 pipe are
of exceptional quality - with 88.8% by weight of the +1.7mm
diamonds being white and 1.1% being colored. The large size of the
U2 pipe shows the potential to host a substantial tonnage.
Currently the Project is awaiting two key permits which will
allow the construction of 60 kilometers of winter road from the
Victor Mine site across to the U2 project. Though the applications
were submitted to the Ministry of Natural Resources in Cochrane for
these permits on January 30, 2012 and March 26, 2012 the permits
have yet to be received. With the winter road season rapidly coming
to an end it is highly probable that the mobilization of the
equipment and supplies needed to conduct the program will only
occur during the winter of 2013/2014.
Shares are near a yr low of 12 cents.
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