Geodex releases updated independent inferred resource estimate on the Sisson Brook tungsten-molybdenum-copper deposit, New Brunswick, Canada



    Trading Symbol : GXM
    Frankfurt : G2W

    VANCOUVER, Oct. 17 /CNW Telbec/ - October 17, 2007 - Geodex Minerals
Ltd., (TSX-V: GXM) (the 'Company') is pleased to report receipt of a revised
and updated resource estimate for its Sisson Brook deposit, located north of
Fredericton, New Brunswick. As in the previous case, this estimate was
prepared by Mercator Geological Services Limited (Mercator) of Dartmouth, Nova
Scotia under supervision of Mr. Michael Cullen, P. Geo. and Mercator staff
Geologist Mr. Matthew Harrington. Mr. Cullen is a Qualified Person 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 again 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. Please refer to
the news release of March 28 for details of the initial resource estimate. The
present resource estimate tabulated below is based on an additional 17 holes
from the early stages of the 2007 infill drilling program plus results of one
additional 2005 hole by Geodex. Other holes from this Zone III drilling
program representing 75% of the total metres will be added to the block model
when assays become available. Further changes to the resource estimate are
expected at that time. This updated resource estimate reflects expansion of
the grade interpolation search ellipse from that used in the March 2007
estimate, plus inclusion of a peripheral deposit constraint to replace a
100 meter block assignment constraint used in the March 2007 estimate.
    As in the previous release, this 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. Other parameters remain the same. The company
expects to upgrade this estimate to include a 'Measured and Indicated'
resource category in the first quarter of 2008 after completion of the present
2007 drill program.

    
    Updated Inferred Mineral Resource Estimate

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
                                                 (*)WO3%
    Threshold Equivalent WO3%           Tonnes    Equiv.      WO3%       Mo%
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    0.025                          290,784,224     0.118     0.059     0.020
    -------------------------------------------------------------------------
    0.075                          214,997,356     0.140     0.069     0.024
    -------------------------------------------------------------------------
    0.125                          109,039,490     0.179     0.084     0.032
    -------------------------------------------------------------------------
    0.175                           43,440,318     0.227     0.100     0.043
    -------------------------------------------------------------------------
    0.225                           15,836,218     0.281     0.121     0.054
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (*) WO3% Equiv. = WO3% +(Mo % x 2.97)

    This interim resource estimate indicates a considerable increase over the
results published in the March 28, 2007 news release. For example, at the
mid-range threshold (0.125% WO3 equivalent) in which the company is
particularly interested, the inferred tonnage has increased by a factor of
70%. For the other threshold categories shown above, inferred tonnage
increases ranged from 28% to 74%. Several prominent factors contribute to
these changes, including (1) increase in deposit width in the well-mineralized
northernmost part of the deposit by approximately 65 %, (2) extension of
deposit strike length by approximately 100 meters and (3) changes in search
ellipse ranges and peripheral deposit constraints based on the upgraded and
expanded drilling data set.
    The company notes that both molybdenum (currently at $US 35/lb as oxide,
up 25% from the March 28 news release) and tungsten (currently at $US 12/lb
APT) prices have remained strong for the past few years. The table below shows
total pounds of metal in the various threshold categories shown above.

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Tonnes          WO3%     WO3           WO3     Mo%      Mo            Mo
                           lbs /         total            lbs /        total
                           tonne    metal (lbs)          tonne    metal (lbs)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
     290,784,224   0.059   1.309   381 million   0.020   0.434   126 million
    -------------------------------------------------------------------------
     214,997,356   0.069   1.512   325 million   0.024   0.527   113 million
    -------------------------------------------------------------------------
     109,039,490   0.084   1.849   202 million   0.032   0.705    77 million
    -------------------------------------------------------------------------
     43,440,318    0.100   2.204    96 million   0.043   0.943    41 million
    -------------------------------------------------------------------------
     15,836,218    0.121   2.676    42 million   0.054   1.184    19 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.
    The company is proceeding with an initial program of metallurgical
testwork, geotechnical studies and environmental baseline studies. Geodex is
also conducting work on a Scoping Study under the direction of Wardrop
Engineering.
    Jack Marr, M.Sc., P.Geo., is the in-house QP for this project and
Mr. Michael Cullen, P. Geo. of Mercator is responsible for technical
information specific to the resource estimate presented in this press release.
    The company also announces that pursuant to its stock option plan, it has
granted one million two hundred thousand options to directors, consultants and
employees. These will all be exercisable at a price of $ 0.75 for a period of
five years.

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

    The resource estimate reflects a three dimensional deposit block model
developed using Surpac Version 6.1 Mine Planning Software. The model utilizes
6 meter down-hole assay composites with contributing core sample WO3% and Mo%
assay results capped at 0.70% and 0.12% values, respectively, prior to
compositing. Model blocks are 10 meters x 10 meters x 10 meters with
sub-blocking at 5 meters x 5 meters x 5 meters. The model extends from the
wire-framed bedrock-overburden interface to a maximum depth of approximately
400 meters below surface. Metal grades were assigned to the block model using
inverse distance squared (ID2) interpolation methodology and blocks were
peripherally constrained within a wire framed solid developed from geological
sections. A grade interpolation search ellipse with a major axis range of
200 meters, secondary axis range of 200 meters and minor axis range of
20 meters was used, with the major axis oriented at azimuth 360 and inclined
at 56 degrees. Major and secondary search ellipse orientations and ranges were
established from variography of drill hole composites and minor axis
attributes reflect geological characteristics of the mineralized zone.
Specific gravity values were assigned to wire-framed major lithologic units
within the model and constituent blocks were similarly assigned for tonnage
estimation purposes. Averaged results from 229 separate specific gravity
determinations are reflected in the model.

    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, www.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

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