Thursday, December 17, 2009

Teck Resources elects to drop option in Geodex Minerals Ltd.'s Mount Pleasant West project

Teck Resources Ltd. has not elected to exercise its option to acquire an interest in Geodex Minerals Ltd.'s Mount Pleasant West project in New Brunswick. In total, Teck provided $2.5-million in financing for exploration programs on the Mount Pleasant West project which were completed in 2009. Five hundred thousand dollars of the financing was provided under a convertible grid promissory note which Teck has agreed to convert into two million Geodex units at a deemed price of 25 cents per unit. Each unit consists of one common share and one Geodex warrant. One full Geodex warrant will be exercisable into one additional Geodex common share at 25 cents per share for two years. All securities issued in connection with the Teck debt settlement will be subject to a four-month hold. The debt settlement is subject to TSX Venture Exchange approval.

Geodex holds the Mount Pleasant West project in south-central New Brunswick through an extensive land position of approximately 20 kilometres by 10 km acquired by independent staking and option agreements. The project is located adjacent to the Mount Pleasant mine property (owned by Adex Mining Inc.) and is prospective for a variety of granite-related deposits of molybdenum, tungsten, tin and indium. Geodex began exploring at Mount Pleasant West in 2005, focusing on evaluating historical showings, soil geochemical anomalies and mineralized float discoveries which had not been systematically tested. During the agreement term with Teck there were a series of surface exploration programs consisting of prospecting, soil geochemistry and geophysical surveys followed by trenching and diamond drilling. To date, more than 55 holes have been drilled totalling over 11,000 metres. This drilling has returned mineralized intersections, typically related to veins or chlorite-altered lodes associated with granitic dikes or sills. Geodex's exploration modelling is based on the belief that these features represent the upper-level expressions of potential deposits at depth -- a situation analogous to that at the Mount Pleasant mine.

Geodex will review the Mount Pleasant West project to determine the most effective strategy in 2010......

To read the full Release Click here 

Contact the company at 604-689-7771

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