Geoinformatics announces bridge financing with Geologic Resource Partners LLC to replace $25 million private placement



    /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION
    IN THE UNITED STATES OR TO UNITED STATES PERSONS/

    TORONTO, Aug. 1 /CNW/ - Geoinformatics Exploration Inc. (TSX-V: GXL)
("Geoinformatics" or the "Company") announces that it has received formal
notification from Geologic Resource Partners LLC ("GRP") that GRP will not
proceed with a conditional $25 million private placement announced on June 11,
2008, and approved by the Company's minority shareholders at the Company's
annual and special meeting of shareholders on July 11, 2008.
    GRP has offered to extend a short-term loan (the "Loan") of up to
Cdn$5.5 million on a secured basis to the Company to fund the Company's
on-going exploration programs and working capital. The proposed Loan may be
drawn down in tranches and bears interest at a rate of 12% per annum, payable
monthly. The Loan will mature on February 28, 2009. The Company expects to
finalize the terms of the Loan and to enter into a binding agreement with GRP
in the coming days and will provide further details in a subsequent
announcement.
    In light of the termination of the conditional $25 million private
placement, the Company will not proceed with its previously announced stock
consolidation (please see the Company's press release of June 11, 2008, for
further details with respect to the private placement and stock
consolidation).

    About Geoinformatics

    Geoinformatics is a North American-focused minerals exploration company
which has developed a unique approach to exploration applying innovative and
proprietary technology.
    The Company announced an independent NI 43-101-compliant mineral resource
estimate with an Indicated Resource of 840,000 ounces of gold and an Inferred
Resource of 2.7 million ounces on the initial discovery zone at the Whistler
Project in southern Alaska. The Indicated category contains 30 million tonnes
grading 0.87 g/t gold, 2.46 g/t silver and 0.24% copper and the Inferred
category contains 155 million tonnes grading 0.62 g/t gold, 2.15 g/t silver
and 0.19% copper. Significant copper and silver mineralization increases the
Indicated gold-equivalent mineral resource to 1.3 million ounces and the
Inferred mineral resource to 4.4 million ounces.
    Geoinformatics is also exploring several advanced projects located in
Sinaloa (Mexico), Utah, the Cortez Trend region of Nevada, and British
Columbia. Geoinformatics has an extensive portfolio of other direct and
indirect property interests, joint ventures, and royalties covering a wide
range of minerals in Mexico, Australia, New Zealand and North America.

    This news release includes certain forward-looking statements concerning
the future performance of Geoinformatics' business, operations and financial
performance and condition, as well as management's objectives, strategies,
beliefs and intentions, including in respect of its intent to finalize a loan
arrangement with GRP. Forward-looking statements are frequently identified by
such words as "may", "will", "plan", "expect", "anticipate", "estimate",
"intend" and similar words referring to future events and results.
Forward-looking statements are based on the current opinions and expectations
of management. All forward-looking information is inherently uncertain and
subject to a variety of assumptions, risks and uncertainties, including the
speculative nature of mineral exploration and development, fluctuating
commodity prices, competitive risks and the availability of financing, as
described in more detail in Geoinformatics' securities filings available at
www.sedar.com. Actual events or results may differ materially from those
projected in the forward-looking statements and the reader is cautioned
against placing undue reliance thereon. We assume no obligation to revise or
update these forward-looking statements.

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




For further information:

For further information: Ms. Petra Decher, President & Chief Financial
Officer, Tel: (416) 861-1300 x225, Email: petrad@geoinformex.com,
Geoinformatics Exploration Inc., 330 Bay Street, Suite 1109, Toronto, Ontario,
M5H 2S8, www.geoinformex.com

Organization Profile

GEOINFORMATICS EXPLORATION INC.

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