October 30, 2013

Mr. Fipke has acquired beneficial ownership of 16,811,448 common shares of Metalex, which shares were acquired by Mr. Fipke by way of a private placement of flow-through shares at a price of $0.075 per flow-through share. These securities represent 18.86% of the issued and outstanding common shares of Metalex.

Immediately prior to the acquisition of the 16,811,448 shares, Mr. Fipke, alone and together with CF Minerals Research Ltd., Kel-Ex Development Ltd. and Lucky Panda Geoservices Ltd., companies wholly-owned by Mr. Fipke and the Charles E. Fipke Foundation, a charitable foundation of which Mr. Fipke is a trustee, held or controlled 13,273,737 common shares in the capital of Metalex and 769,608 warrants.

These common shares and warrants, together with the 16,811,448 common shares and 640,000 options held by Mr. Fipke, represent an aggregate of 31,494,833 common shares or 34.79% of the then issued and outstanding shares of Metalex calculated assuming exercise of the 769,608 warrants and the
640,000 options.

The securities were acquired for investment purposes in a private placement and Mr. Fipke may acquire further securities of Metalex in the future.

"Charles E. Fipke" Charles E. Fipke

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