Metalex names Nolan to board, grants options

2008-11-19 20:45 ET - News Release

Mr. Chad Ulansky reports

CHIEF GLENN NOLAN ADDED TO METALEX BOARD

Metalex Ventures Ltd. has provided an update on the results of the annual general meeting held Nov. 14, 2008.

Prior to the annual general meeting, director Dr. Michael Hitch advised that he would not be standing for re-election. The company thanks Dr. Hitch and Katherine MacDonald, who leaves the board after many years of service, for their efforts.

The new board consists of existing board members Dr. Charles Fipke, Chad Ulansky and Lorie Waisberg, with a new member, Chief Glenn Nolan.

Mr. Nolan is welcomed to the board and the company values his extensive experience in generating mutually beneficial relationships between first nations and the mining industry. Current chief of the , Missanabie First Nation

Mr. Nolan began his career in the mid-1970s, prospecting throughout Northern and Western Canada prior to starting his own company which performed exploration work such as geophysical surveys, claim staking and camp management. He has previously been contracted by the Canadian government to assist with the presentation of the mining tool kit to communities affected by mining in Peru and Brazil. Mr. Nolan was recently awarded the distinguished lecturer award of the Canadian Institute of Mining and is the second vice-president of the Prospectors and Developers Association of Canada.

Following the meeting, the board of directors appointed Dr. Fipke as the chairman of the board, Mr. Ulansky as president and chief executive officer, Keiven Bauer as chief operating officer, and Chris Sammartino as the chief financial officer and secretary to the company. Frank Estergaard, the former CFO, will remain with the company as senior financial adviser.

Also following the meeting, the board approved a total of 5.1 million options to be granted to certain officers, directors and employees. Each of these options will allow the holder to purchase one common share in the company at a price of 10 cents, valid until Nov. 13, 2013. As a condition of these new grants, a total of 3.9 million options, with a weighted average exercise price of 65 cents, currently outstanding to those certain officers, directors and employees, are to be cancelled.

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