CLEAR HILLS DIAMOND EXPLORATION PROJECT

The Micrex diamond exploration properties are located in the north western corner of Alberta in the Clear Hills and the Chinchaga Hills.

The Ashton diamond discovery is located on a neighbouring upland called the Buffalo Hills.

The Monopros kimberlite deposit is to the south of both these areas. Two diamonds have been recovered from sampling on the property next to the Micrex holdings.

Micrex has 100% interest in 500,000 acres on selected parts of the Peace River Arch, a regional structure which may be primary control for the distribution of the Ashton and Monopros kimberlite pipes. Moreover, much of the land is located over the Chinchaga Terrane which is interpreted as representing an accreted Archean craton.

The Alberta Research Council has rated the Chinchaga Terrane as one of the more favorable diamond exploration terranes, ahead of the Buffalo Head Terrane which underlies the rapidly developing and spectacular Ashton discovery.

The Ashton discovery has galvanized interest in the entire area and Micrex has been approached by three different groups interested in joint venture financing of the exploration and development of the Micrex properties. These groups have made a careful evaluation of the opportunities in the area and have selected Micrex as most favorable to approach.

General information and activities to date on Micrex’s diamond properties are as follows:

1. Micrex has access to geophysics covering much of their target area. This data has yet to be compiled and analyzed but would allow Micrex to fast track exploration.
2. A small amount of reconnaissance surface sampling has been done which can be co-related to the geophysics.
3. Diamonds have been recovered from samples taken on adjacent properties.
4. Micrex has focused its exploration on the uplands regions as there is a belief that these uplands represent areas that have a greater chance of preserving complete pipes.

By concentrating on the areas most likely to have preserved pipes as well as immediate geophysics at low cost Micrex is well positioned to carry out its exploration objectives.

Micrex Development Corp. feels that the company is strategically positioned to maximize a successful Joint Venture exploration and development effort in the near future.

This page was updated on November 23, 2001.