Goldex Options Gold Property in Durango State, Mexico



    VANCOUVER, March 1 /CNW/ - Goldex Resources Corporation (TSX-V: GDX,
WKN:120880) (http://www.goldex.ca) is pleased to announce that it has entered
into an option agreement with Mr. Artemio Terrazas, a Mexican National of
Durango State, Mexico, for 100% interest in the highly prospective, El Arco
property located in Durango State, Mexico. Mr. Clancy Wendt holds a beneficial
interest in the property and also serves as Director of Exploration for Goldex
Resources Corporation.
    The Project is located in Durango State, approximately 120 kilometers
north-northwest of the city of Durango, and lies in the Central Plateau
Gold-Silver belt of the Sierra Madre Occidental, near the historic
Silver-Lead-Zinc district of Tejamen.
    Initial geological work indicates that the Arco Project is a
low-sulfidation epithermal gold-vein occurrence exposed in Upper Series
Rhyolite formation. Typically, it is the underlying Andesite formations that
host the strongest mineralization and ore bodies in this region of Mexico. The
narrow and epithermal style banded quartz vienlets that occur in the Rhyolite
formation contain alteration selvages and indicate the potential for wider and
stronger vein structures in the more favorable underlying Lower Series
Andesite formation.
    Although the exposed veins are narrow and range in width of 2 to 50
centimeters for individual veins, they sometimes occur as swarms over widths
of up to 20 meters. They occur locally over a strike length of more than
2 kilometers.
    Limited surface chip sampling by Goldex from vein outcrops sampled by the
owners has returned encouraging gold values and includes:

    
    Sample id     Au g/T     Ag g/T

    A-01           0.295        3.6

    A-02           0.105        4.0

    A-03           1.089        2.5

    A-04           1.540        6.0

    A-05           3.153        2.6
    

    Analytical work for the current exploration program is being done by BSI
Inspectorate of Reno, Nevada an ISO certified lab, and all samples are
delivered to the BSI sample preparation lab in Guatemala City by Goldex
geologists.
    Although at present, the El Arco prospect is a grassroots exploration
property, Goldex believes that it may be possible to timely advance the
project to an initial drill phase, based on the significant and unusual vein
outcroppings and values obtained at the surface.
    Goldex shall have the exclusive right to purchase a 100% ownership
interest to the Property for $500,000 (USD) so long as this Option Agreement
is in force. The Option Agreement will incorporate the following schedule of
advanced royalty payments which, if the Option is exercised, shall expire ten
years after the Effective Date, unless extended by mutual agreement.

    a) Upon signing of the Agreement $5,000.00
    b) The first anniversary date of the Agreement $15,000.00
    c) The second anniversary date of the Agreement $30,000.00
    d) Upon each succeeding anniversary date $50,000.00

    Goldex shall incur as Exploration Expenditures on the Property in each of
the five years of the Option herein those amounts of money each year of the
Option: $USD

    a) Prior to the First Anniversary Date $50,000.00
    b) Prior to the Second Anniversary Date $100,000.00
    c) Prior to the Third Anniversary Date $150,000.00
    d) Prior to the Fourth Anniversary Date $200,000.00
    e) Prior to the Fifth Anniversary Date $250,000.00

    Mr. Artemio Terrazas shall be entitled to receive the Net Smelter Royalty
which will be determined on a monthly basis on the value of all mineral and
Mineral Products produced and sold from the Property. Goldex retains the
right, from time to time, to purchase in aggregate, up to one percent (1.00%)
of Mr. Artemio Terrazas' NSR for one million dollars, United States funds,
thereby reducing the rate of NSR.
    The completion of the Transaction is subject to the approval of the TSX
Venture Exchange and all other necessary regulatory approvals.
    The qualified person for Goldex is Richard W. Bybee P.Geo. who is
responsible for the verification and quality assurance of the data set forth
in this release.

    Goldex Resources Corporation

    Submitted on behalf of the board of directors
    "Richard Bybee" P.Geo.,

    Goldex's web site can be accessed at http://www.goldex.ca.

    The TSX Venture Exchange has neither approved nor disapproved the
    contents hereof and does not accept responsibility for the adequacy or
    accuracy of this release.





For further information:

For further information: Jay Friesen, Manager Corporate Development,
Tel. (604) 669-4300, Email: jay@goldex.ca; Mark Chadwick, Investor Relations,
Tel. (604) 669-4300, Email: mark@goldex.ca

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GOLDEX RESOURCES CORPORATION

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