TORONTO, April 28, 2004 (PRIMEZONE) -- Dialex Minerals Inc. (OTCBB:DLXM) is pleased to announce an update on its ongoing exploration program at its Attawapiskat diamond exploration property in the James Bay Lowlands of Northern Ontario. As a follow up to the airborne geophysical program conducted last year, Dialex's joint venture partner, Waseco Resources Inc., operating under an option agreement with Dialex, has just completed a series of field magnetic surveys over target areas identified from the previous airborne geophysical program as well as certain specific areas of interest. These include the perimeter of the DeBeers Uniform Pipe, which is enclosed within Dialex's claims. Another area of interest includes the southwest quadrant of Dialex's claims which is immediately contiguous to the properties of Spider Resources Inc. and KWG Resources Inc. on which three new kimberlite bodies have been recently announced in the press releases of Spider Resources Inc. dated April 12, 2004, regarding the Good Friday kimberlite, April 22, 2004, regarding the MacFadyen 2 South kimberlite, and April 28, 2004, regarding a third as yet unnamed kimberlite.
As a result of the field magnetic surveys, a drilling program has been designed to test a minimum of four prime targets out of six targets, which have been identified on Dialex's property. The first such target is located immediately north and contiguous to the DeBeers Uniform Pipe property. This target appears to exhibit many of the same attributes as the Uniform Pipe and is on a trend with not only the DeBeers Uniform Pipe but the DeBeers Victor Pipe located some 8 km to the south. DeBeers is currently advancing the Victor Pipe towards production of a new diamond mine, which is expected to be officially announced later this year.
The proposed drilling program is currently awaiting completion of Spring break up, which is expected by early to mid May when the joint venture drill crew and supplies can be inserted by float plane. Waseco Resources Inc. (TSX Venture Exchange:WRI) has an option to earn up to 40% interest in the 2,440 acre property upon completion of an aggregate expenditure of $1,750,000.
About Dialex
Dialex is involved in exploration for diamonds and base metals in the James Bay Lowlands of Northern Ontario. Dialex has assembled a claim base of 530 claim units located in two areas. Firstly, in close proximity to the McFauld's Lake copper base metal discoveries of Spider and KWG; and secondly, in close proximity to the DeBeers Victor Pipe discussed above.
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical facts may be forward-looking statements. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made to involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. For a summary of such risks and uncertainties, see the Company's periodic reports and other filings with the Securities and Exchange Commission.
FOR FURTHER INFORMATION
Corporate Office: Contact Person: Alexander Stewart -- President and CEO Address: 50 Richmond Street East, Suite 300, Toronto, ON M5C 1N7 Telephone: 416-368-7881 Facsimile: 416-368-7805 E-Mail: alex@rtozarex.com