Geoinformatics closes short-term bridge loan with Geologic Resource Partners

    TSX-V: GXL

    TORONTO, Oct. 9 /CNW/ - Geoinformatics Exploration Inc. (TSX-V: GXL)
("Geoinformatics" or the "Company") is pleased to announce that it has
satisfied all of the conditions under its previously announced $5.5 million
short-term bridge loan (the "Bridge Loan") with Geologic Resource Partners LLC
("GRP") allowing it to draw down, as necessary, the full amount of the Bridge
Loan. The Company has drawn a total of US$2.5 million under the Bridge Loan to
    Advances under the Bridge Loan bear interest at a rate equal to 12% per
annum. The Bridge Loan will mature on March 2, 2009, subject to GRP's right to
accelerate repayment in the event of a default under the Bridge Loan. An event
of default includes the failure to obtain shareholder approval of the
Company's proposed private placement to GRP at the Company's special meeting
of shareholders to be held on Wednesday, October 15, 2008. As security for the
Bridge Loan, the Company has pledged all of the shares of its direct material
subsidiary. Advances under the Bridge Loan are being used by the Company to
fund its ongoing exploration activities and for general working capital.
    GRP is the investment manager for several Geologic Resource funds, which
currently hold 24,091,315 common shares of Geoinformatics (approximately 17.4%
of the common shares outstanding). The Bridge Loan constitutes a "related
party transaction" for the Company but is exempt from the formal valuation
requirement of securities laws as the Company's common shares are listed only
on the TSX-V. The Bridge Loan is exempt from the minority shareholder approval
requirement of securities laws as amounts due under the Bridge Loan are not
convertible into or repayable in common shares of the Company and the terms of
the Bridge Loan are commercially reasonable and not less advantageous to the
Company compared to if the loan were to be obtained from an arm's length
    For further information, see the Company's press release dated August 18,

    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. 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 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 except as may be required by law.
    This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the Company's securities in the United States. The
securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States or to
U.S. Persons unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.

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

    %SEDAR: 00007774E

For further information:

For further information: Ms. Petra Decher, President & CFO, Tel: (416)
861-1300 x225, Email:, Geoinformatics Exploration Inc.,
80 Richmond Street, Suite 303, Toronto, Ontario, M5H 2A4,;
Mr. Darren Holden, Chief Operating Officer, Tel: (604) 605-3073 x105, Email:, Geoinformatics Exploration Inc., 700 West Pender
Street, Suite 304, Vancouver, British Columbia, V6C 1G8

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