Trading Symbol : GXM
Frankfurt : G2W
VANCOUVER, Jan. 3 /CNW Telbec/ - Geodex Minerals Ltd. ("Geodex") (TSX-V:
GXM) announces that it has received final TSX Venture Exchange approval for
its acquisition of a 53% controlling interest in Champlain Resources Inc.
("Champlain"), a private Nova Scotia-based company. Geodex has paid $4,164,250
cash and 550,000 common shares for its controlling interest in Champlain and
the transaction was closed on December 21, 2007 with the delivery of the
purchase proceeds to Champlain shareholders. Champlain's principal asset is a
30% carried interest in Geodex's Sisson Brook Property located in Nova Scotia.
Geodex already holds a full 70% working interest in the Sisson Brook Property.
In mid-December, Geodex stood down the three drills which had been active
since April on both of its two main projects in New Brunswick. Drilling will
continue in January in several areas to finish up programs. Drilling with
three machines will resume in April 2008 to continue operations at Sisson
Brook and in the Mount Pleasant camp.
The Sisson Brook tungsten-molybdenum deposit remains the company's
flagship property and it saw an aggressive program of drilling and engineering
in 2007 which culminated in a positive Scoping Study by Wardrop Engineering in
November (News Release of November 16). A total of 20,400 m of drilling took
place in 2007, mostly infill drilling in Zone III to take the open-pit
resource to 'Measured and Indicated' status but also in successful testing of
extensions and satellite zones. One new discovery hole on the east flank of
Zone III (News Release of October 30), returned 0.305% Mo and 0.080% WO3 over
an interval of 85.5 m, one of the best intersections reported in Canada in
2007. Many new targets have been staked or acquired in the belt for
exploration and drilling in 2008.
In the Mount Pleasant area, survey work was carried out throughout the
year to prepare many of the Geodex targets around the former mine for drill
testing. By yearend, over 7000 m of drilling had taken place on seven of these
mineralized areas, about half of this on the Pughole-Whopper discovery west of
the old mine. Work will continue throughout this belt in 2008 to further
develop many of those targets.
Jack Marr, M.Sc., P.Geo., is the in-house QP for this project.
The company also announces that pursuant to its stock option plan, it has
granted 300,000 options to consultants and employees. These will be
exercisable at a price of $1.11 for a period of 5 years.
Forward Looking Statement
Certain information regarding the Company contained in this press release
may constitute forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements may include estimates, plans,
opinions, forecasts, projections or other statements that are not statements
of fact. Although the Company believes that expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. The Company cautions that actual
performance will be affected by a number of factors, many of which are beyond
the Company's control, and that future events and results may vary
substantially from what the Company currently foresees.
ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
Jack M. Maris,
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy or adequacy of this release.
For further information:
For further information: Christopher R. Anderson, V.P Business
Development, (604) 689-7771, Toll free 1-888-999-3500,
firstname.lastname@example.org; Visit our website at www.geodexminerals.com; Renmark
Financial Communications Inc.: Neil Murray-Lyon:
email@example.com; Christine Stewart:
firstname.lastname@example.org; Media - Adam Ross: email@example.com;
(514) 939-3989, Fax: (514) 939-3717, www.renmarkfinancial.com