July 21,
2009
News Release
TSX.V: GXM
GEODEX COMPLETES 4,900 METRE
DRILL PROGRAM
Primary goal is resource upgrade
for prefeasibility study
at
Sisson Brook Tungsten�Molybdenum Deposit in New Brunswick
Geodex Minerals Ltd. (the "Company"�)
is pleased to announce that the 2009 drill program at the Sisson Brook
tungsten-molybdenum deposit, located north of Fredericton, New Brunswick
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 pre-concentration process, as well as advancing the mine design,
engineering, infrastructure and ongoing environmental studies.
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.
On Behalf of the Board of Directors
GEODEX MINERALS LTD.
"Mark Fields"
Mark Fields,
President & CEO
For further information contact:
Liana
Shahinian
Investor Relations
(604) 689-7771, Toll free 1-888-999-3500, Email: ir@geodexminerals.com
Visit our website at www.geodexminerals.com
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.
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