Geodex Releases Independent Inferred Resource Estimate on the Sisson Brook Tungsten-Molybdenum-Copper Deposit, New Brunswick, Canada



    Trading Symbol : GXM

    VANCOUVER, BC, March 28 /CNW Telbec/ - Geodex Minerals Ltd. (TSX-V: GXM),
(the 'Company') is pleased to report receipt of an independent resource
estimate for its Sisson Brook deposit, located north of Fredericton, New
Brunswick. The estimate was prepared by Mercator Geological Services Limited
(Mercator) of Dartmouth, Nova Scotia under supervision of Mr. Michael Cullen,
P. Geo. and independent geological consultant Mr. H. Andrew Daniels, P. Geo.,
both Qualified Persons as defined under National Instrument 43-101 (NI
43-101). The estimate is considered compliant with NI 43-101 and a Technical
Report supporting the estimate will be posted on SEDAR within 45 days.
    The resource estimate is based solely on the southern half of the Sisson
Brook deposit, referred to as Zone III, which was partially drilled by
Texasgulf/Kidd Creek Mines in the period from 1979 to 1982. The Datamine
resource estimate reflects inverse-distance-squared grade interpolation within
a three dimensional block model based on assay results from these initial
13 holes, supplemented by results of a 7,500 meter, 28 drill hole program
drilled by the company in 2006. The 2006 assay results from these 100
meter-spaced drill fences are fully documented in a series of company News
Releases from October 12, 2006 to February 13, 2007. The northern part of the
deposit, Zones I and II, which are known to be richer in copper, will be
drilled off to this same level of detail in 2007 but are not included in the
current estimate.
    The estimate reflects a series of WO3% (ie tungsten oxide)-equivalent
cut-offs. This was done to help understanding of the resource since
approximately equal contributions are made to unit value by both tungsten and
molybdenum. The conversion of molybdenum to its equivalent in tungsten uses a
factor of 2.97 based on averaged relative pricing of the two metals over the
37 month period beginning in January, 2004. The resource estimate is
categorized as being in the 'Inferred Category' as defined under Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral
Resources and Reserves Definitions and Guidelines as amended by the CIM
council in 2005. The company hopes to upgrade this estimate to include
'Measured and Indicated' resource categories after completion of a major
definition drilling program in 2007. A more detailed and comprehensive
geological model of the deposit will also be developed based on results of
this drilling program.

    
    Inferred Mineral Resource Estimate

    Threshold                           Equivalent
    Equivalent             Tonnes             WO3%         Mo%           W03%
    WO3%

    0.025             167,400,000            0.122       0.021         0.059
    0.075             126,300,000            0.143       0.025         0.069
    0.125              64,400,000            0.186       0.034         0.084
    0.175              28,900,000            0.233       0.045         0.098
    0.225              12,300,000            0.281       0.057         0.110


    The company notes that both molybdenum (currently at $US 28/lb as oxide)
and tungsten (currently at $US 12/lb APT) prices have remained strong for the
past few years. To provide an indication of comparative value to other
commodities and allow estimation of unit value, the table above is modified as
follows.


    Tonnes                              Equivalent   Equiv.WO3     Equiv.WO3
                                              WO3%   lbs/tonne   Total metal
                                                                       (lbs)

    167,400,000                              0.122        2.68   449 million
    126,300,000                              0.143        3.15   398 million
     64,400,000                              0.186        4.09   263 million
     28,900,000                              0.233        5.13   148 million
     12,300,000                              0.281        6.18    76 million

    

    No economic assessment has yet been done on the deposit and the company
cautions that current prices may not be maintained for the development period
or the life cycle of any resulting mine. However, it remains confident that
the near-surface, open-pittable nature of the deposit and the excellent
access/power sources in New Brunswick will make any development more than
competitive.
    Geodex is proceeding to earn a 70% interest in the Sisson Brook property
under the terms of a Letter Agreement dated October 25, 2004 with Champlain
Resources Inc., a private Nova Scotia-based company. Geodex expects to be
vested this summer on expenditure of the $2 million work commitment. There are
no attached royalties. The initial letter agreement was replaced by a full
Option and Joint Venture Agreement on July 6, 2006, encompassing the terms of
the LOA.
    The company is proceeding with an initial program of metallurgical
testwork and a summary report will be released soon. Geodex also expects
within a few weeks to announce a contract with an engineering company to
assist in moving the deposit to a pre-feasibility stage by December 2007.
    Jack Marr, M.Sc., P.Geo., is the in-house QP for this project and Mr.
Michael Cullen, P. Geo. and Mr. H. Andrew Daniels, P. Geo. are responsible for
technical information specific to the resource estimate presented in this
press release.

    Estimation Methodology
    ----------------------

    The resource estimate was prepared using 6 meter down-hole assay
composites with contributing WO3% and Mo% assay results capped at 0.70% and
0.12% values, respectively, prior to compositing. Model blocks measured
10 meters x 10 meters x 10 meters with sub-blocking at 5 meters by 5 meters by
5 meters. The model extends from the wire-framed bedrock-overburden interface
to a maximum depth of approximately 300 meters below surface. Unique specific
gravity values were assigned to wire-framed major lithologic units and reflect
a total of 229 laboratory determinations by Geodex.

    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'

    Jack M. Maris,
    President


    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, info@geodexminerals.com;
Renmark Financial Communications Inc.: Neil Murray-Lyon: nmurraylyon@
renmarkfinancial.com; Christine Stewart: cstewart@ renmarkfinancial.com, (514)
939-3989,  Fax: (514) 939-3717, www.renmarkfinancial.com

Organization Profile

GEODEX MINERALS LTD.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890