First Phase of Drilling Completed on the Newly Discovered Carnes Creek Zone

WEST VANCOUVER, BRITISH COLUMBIA – October 18, 2006 – Further to its news release of September 28, 2006, Consolidated Venturex Holdings Ltd. (the “Company”) announces the completion of the first phase of core drilling of the Carnes Creek Zone at the LJ Property. The LJ Property is located approximately 35 kilometres north-northeast of Revelstoke, B.C.  Under the first phase, a total of 1,542 metres of core drilling has been completed.

Of the recently completed holes, LJ-06-09 intersected two sections of sulphide mineralization: 1.15 metres (1.03 metres true thickness) of banded and semi-massive sulphide mineralization consisting of pyrite and other fine-grained sulphides from 120.50 metres to 121.85 metres, and 5.49 metres (4.9 metres true thickness) of disseminated, banded and semi-massive sulphide mineralization with visible galena from 130.63 metres to 137.76 metres.

Based on the results of the 2006 exploration program, which included detailed geological mapping and surface sampling, the Company believes that the Carnes Creek Zone of mineralization has the geological characteristics of a strataform SEDEX style of mineralization. Additional detailed core logging and assay results are pending. 

The Company has an option to acquire a 49% working interest in the LJ Property from Selkirk Metals Holdings Corp., a wholly owned subsidiary of Selkirk Metals Corp.

Jamie Pardy, P.Geo, has reviewed this release and is also acting as the Company’s Qualified Person for this project (in addition to John Kowalchuk, P.Geo, who reviewed the Company’s news release dated September 19, 2006). 

Signed “Ronald Coombes”
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Ronald A. Coombes, President

The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release.