GEODEX BEGINS 5,000 METRE DRILL PROGRAM

Primary goal is continuing resource upgrade
at Sisson Brook Tungsten–Molybdenum Deposit in New Brunswick

Geodex Minerals Ltd. (the ‘Company’) is pleased to announce that the first of two drills has moved on-site at the Sisson Brook tungsten-molybdenum deposit, located north of Fredericton, New Brunswick. The first drill has begun drilling with the second drill scheduled to arrive on June 15. The drilling program will consist of approximately 5,000 metres in 26 holes, scheduled to be completed in August. Sisson Brook is a large deposit and a series of drill programs have successively advanced the project from exploration into the development phase.

The goal of the drill program is three fold. The main purpose is to upgrade a portion of the current ‘Inferred’ resource to the ‘Indicated and Measured’ category for inclusion in the prefeasibility study that is being planned. Secondly, better definition of the higher grade areas in the deposit will potentially allow the Company to reduce the capital cost payback period. Drilling is also planned for targets adjacent to the Zone III and Ellipse Zones, the two most economically important zones in the Sisson Brook deposit.

Drilling done by the Company between 2005 and 2008 at Sisson Brook has led to the definition of an important resource of tungsten and molybdenum which is amenable to low-cost open-pit mining methods. Results of the most recent independent 43-101 – compliant Mineral Resource Estimate for the deposit was the subject of a News Release of January 27, 2009. The table below is a summary of the resource estimates for Zone III and the Ellipse Zone. Calculations are based on a cut-off grade of 0.125% WO3 equivalent.

Zone III and Ellipse Resources at 0.125% WO3 Equivalent Cutoff
Effective Date January 27th, 2008

Resource Category Tonnes (rounded) WO3 (%) Mo(%) %WO3 Equivalent 1
Measured 11,500,000 0.109 0.037 0.184
Indicated 79,500,000 0.107 0.035 0.176
Measured &
Indicated 91,000,000 0.107 0.035 0.177
Inferred 56,400,000 0.096 0.037 0.170
1 %WO3 Equivalent = %WO3 + (%Mo x 2.02)

About Sisson Brook
Sisson Brook is Geodex’s flagship property and is located in an area with excellent logistics and infrastructure for mine development. A skilled labour force combined with ready access to power, roads, railway, a deep water port and a good geographic location in a secure jurisdiction all position the project well to continue to advance in a timely fashion. A preliminary economic assessment report (Geodex News Release of March 2, 2009) outlines the potential for developing a mine which could become one of the Western world’s largest tungsten producers, as well as a significant producer of molybdenum. Both metals are fundamentally important for steel production and infrastructure development.
Jack Marr, MSc, PGeo, is the in-house qualified person for this project and Michael Cullen, MSc, PGeo, of Mercator Geological Services Ltd., is responsible for the resource estimate presented in this press release. Read more...