Trading Symbol : GXM
Frankfurt : G2W
VANCOUVER, Jan. 14 /CNW Telbec/ - The Nashwaak River property ("the
property") is the subject of an Option Agreement recently concluded between
Geodex Minerals ('the company') and two private companies based in New
Brunswick. The property is composed of three separate claim blocks (total of
100 claims) located 5 km to the west of the main Sisson Brook property where
development work is now taking place.
To earn a 90% interest in the property, Geodex has agreed to make cash
payments to the owners (each as to 50%) of $30,000 and issue 150,000 shares
over a three year period. The optionors will retain a 2% NSR, half of that
being subject to a buyback by the company at any time for $500,000 per 0.5%.
Geodex has a minimum work commitment of $175,000 over that three year period.
The entire claim area is underlain by the Devonian Nashwaak granite, the
Becaguimec Lake Gabbro and in the case of the northern block, various
geological units ranging in age from Cambrian to Devonian. No previous
exploration has been reported from the area of two of the claim groups. The
southeastern claims were explored by Utah Mines Ltd. which located an area of
soils anomalous in tin and tungsten. Till samples collected by the New
Brunswick Department of Natural Resources (NBDNR) to the southeast and
down-ice from all three properties contained extremely high values in
tungsten. Ablation till samples in this area (NBDNR) also showed high values
in tin, tungsten, uranium and tantalum. Geological Survey of Canada stream
silt samples also show elevated tungsten and molybdenum values.
Jack Marr, M.Sc., P.Geo., is the in-house QP for this project.
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,
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