Tuesday, July 21, 2009

Geodex completes 2009 Sisson Brook drill program

Geodex Minerals Ltd.'s 2009 drill program at the Sisson Brook tungsten-molybdenum deposit, located north of Fredericton, N.B., has been completed ahead of schedule. The drilling program consisted of 4,900 metres in 28 holes. This drill program was one of a series of drill programs from 2005 to 2009 that have successively advanced Sisson Brook from exploration to the prefeasibility and development phase.

The drilling portion of the program was completed ahead of schedule and within budget. Core logging and assay analysis of the core are continuing. The assay results will be available by early October for incorporation into an updated resource tonnage block model that is planned to follow immediately thereafter.

The goal of the drill program was three-fold. The main purpose was to upgrade a portion of the current inferred resource to the measured and indicated category, for inclusion in the prefeasibility study in the company's development plan. Secondly, identify better-grade, near-surface resources, which will be mined early in the life of the mine to improve the recovery of mine capital costs. Drilling was also completed for targets adjacent to the Zone III and Ellipse zones, the two most economically important zones in the Sisson Brook deposit.

Geodex completed an encouraging preliminary economic study earlier this year that demonstrated the Sisson Brook deposit is a large tungsten-molybdenum resource amenable to low-cost, open-pit mining methods. A prefeasibility study is the next stage and will consist of updating the resource calculation based on the current drill program, advancing the metallurgical work that has successfully identified an effective preconcentration process, as well as advancing the mine design, engineering, infrastructure and continuing environmental studies.

GXM on The TSX.v


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