Geodex Releases Independent 'Preliminary Economic Assessment'
on the Sisson Brook Tungsten-Molybdenum-Copper Deposit,
New Brunswick, Canada.

Vancouver, B.C. - November 16, 2007 - Geodex Minerals Ltd. (TSX-V: GXM), (the 'Company') is pleased to report receipt of an independent Preliminary Economic Assessment (PEA) for its 70%-owned Sisson Brook tungsten-molybdenum-copper deposit, located north of Fredericton, New Brunswick. The NI 43-101-compliant report was completed by Wardrop Engineering Inc. (Wardrop) in Vancouver with financial and operating estimates considered accurate to plus/minus 35%. The complete PEA report will be filed on SEDAR within one week. The PEA will be the first stage in increasingly more detailed studies as development on the project continues. A pre-feasibility assessment will continue from this point to be completed by the summer of 2008.

The PEA is based solely on the southern half of the Sisson Brook deposit, referred to as Zone III, which was partially drilled by Texasgulf/Kidd Creek Mines in the period from 1979 to 1982. This tungsten and molybdenum-dominant part of the large Sisson Brook mineralized system was defined by 7,053 m of Diamond drilling in 2006 and an approximate 14,500 m of Diamond drilling in 2007 (infill drilling not yet complete).

In October 2007, a Resource Estimate at five cut-of grades, as shown in the table below was prepared by Mercator Geological Services Limited (Mercator) of Dartmouth, Nova Scotia and details were released in a News Release of October 17, 2007. The resource estimate is categorized as being in the 'Inferred Category' as defined under Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves Definitions and Guidelines as amended by the CIM council in 2005. The estimate reflects a series of WO3% (ie tungsten trioxide)-equivalent cut-offs. This was done to help public understanding of the resource at this time, since approximately equal contributions are made to unit value by both tungsten and molybdenum. The conversion of molybdenum to its equivalent in WO3 was based on a factor of 2.97 to reflect averaged relative pricing of the two metals over the 37 month period beginning in January, 2004. Metallurgical and process ing recoveries were assumed to be 100% for this conversion.

Table 1               Mineral Resource Estimate for Sisson Brook Zone III - October 17, 2007 Effective Date

*Notes: Mo and WO3 values capped at 0.7% and 1.2% respectively; WO3 Equivalent = (WO3% + 2.97*Mo %)

Timing of the Resource Estimate did not allow it to include approximately 75% of the infill holes drilled in 2007 samples of which are in the process of being prepared and assayed. Nor does it (or the PEA) reflect the newly-discovered East Flank zone, located on the margin of Zone III, where recent high-grade molybdenum assays were reported in a News Release of October 30, 2007. These additions, along with ongoing evaluation of drill results from the tungsten-copper rich Zones I and II are anticipated to positively affect future Resource Estimates for the property.

This PEA study should be considered preliminary in nature; it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is no certainty that this preliminary assessment will be realized.

PEA - Base Case Highlights.

Wardrop has advised that for the base case situation, metal prices and exchange rates conforming to the SEC guidelines, basically a three-year backward-rolling average, discounted a further 20%, be used.  Therefore Base Case = SEC Guidelines - 20%.

All dollars are Canadian unless otherwise stated.

Metal price basis

            Molybdenum                                                                             $US 21.60/lb

            Tungsten                                                                                  $US   8.00/lb

Average Annual metal production

            Molybdenum (lbs)                                                                     3.3 million

            Tungsten (lbs)                                                                           8.1 million

Pre-Tax Payback (years)                                                                       2.7 years

Pre-Tax Internal Rate of Return                 Base Case                           29.8%

                                                    Base case -30% (in metal prices)       15.0%

Pre-tax Net Present Value             Base Case                                        $693 million

(8% discount rate)                         Base case -30% (in metal prices)       $186 million

Exchange Rate (US/C)                                                                          1.17

Annual Throughput (tonnes)                                                                   6.8 million

Grade to Process Plant (first ten years)                                                 

            Molybdenum (Mo%)                                                                 0.026%

            Tungsten (W03%)                                                                     0.081%

Strip Ratio (first ten years)                                                                     1.1:1

Milling Rate (tonnes/day)                                                                       20,000

Tungsten Recovery                                                                               70%

(Aggregate gravity/flotation)

Molybdenum Recovery                                                                          85%

Initial Capital Cost                                                                                 $353 million

(excludes working capital and environmental costs)

Operating Cost (first ten years)                                                              $9.16/tonne 
Projected Mine Life                                                                                31 years

Infrastructure

The proposed open pit mine has good infrastructure such as permanent roads, a nearby rail line and a power grid crossing the property. Small towns such as Napadogan and Stanley are present to the north and east respectively and there are many other small settlements at greater distance. The capital city of Fredericton lies 100 km to the southeast and the port of Saint John on the Bay of Fundy, the same distance south of it.

Mine Plan and Production

The PEA contemplates an open pit mine based on the inferred resource tabulated above. A Surpac block model with Whittle pit optimization was used to design the mine scheduling. Nominal mine throughput is 20,000 tonnes/day. Operational constraints such as berms and access roads have not been included at this level of detail.

The mine plan includes conceptual designs and layouts for the waste dumps, roads and tailings impoundment.

Metallurgy

The design selected is based on general tungsten and molybdenum recovery practices and principles. Mineralogical studies to date and a short metallurgical test program last winter were scoping in nature but disclosed no unfavourable aspects. A comprehensive study by SGS Lakefield Research Limited on 2007 sample material is now underway.

Processing

The processing facilities will be designed to treat an annual plant feed of 6.8 million tonnes per year of 343 working days.

Processing at this point involves delivery of ore into a dump pocket, four stages of crushing and screening followed by rod mill grinding. After primary sulphide conditioning and flotation, molybdenum is floated, cleaned and bagged. A gravity circuit is then used to produce a tungsten concentrate. Tungsten flotation follows regrinding of the gravity concentrate tailings and secondary sulphide flotation.

Table 2.               

Capital Cost Estimates

Table 3.  

Operating Costs

* first ten years

Table 4.   

Pre-Tax NPV and IRR Summary

IRR & NPV Results @ 8% Discount Rate for Different Cases

Recommendations

Wardrop concludes that based on the parameters assumed in this Preliminary Economic Assessment, an open pit mine operating at 20,000 tpd would be profitable and a viable financial investment. The results are significantly robust to justify proceeding with studies at the preliminary feasibility level, the next stage of development.

All modelling, metallurgical, geotechnical, environmental, design and cost studies should be advanced to meet this end.

Qualified persons

Mr. Jack Marr, M.Sc., P.Geo., is the in-house Qualified Person for this project and Mr. Michael Cullen, P. Geo. is responsible for technical information specific to the Resource Estimate presented by Mercator Geological Services Ltd.. 

Mr. Andy Nichols, P.Eng., Chief Mining Engineer of Wardrop Engineering Inc. is the Qualified Person for matters relating to mine design and financial analysis. Mr. Andre De Ruijter, P.Eng., Senior Metallurgical Engineer of Wardrop Engineering Inc. is the Qualified Person for matters related to metallurgy and mineral processing.

Ownership

Geodex is proceeding to earn a 70% interest in the Sisson Brook property under the terms of a Letter Agreement dated October 25, 2004 with Champlain Resources Inc., a private Nova Scotia-based company. Geodex expects to be vested in December 2007 reflecting expenditure of the $2 million work commitment which is already exceeded. There are no attached royalties. The initial letter agreement was replaced by a full Option and Joint Venture Agreement on July 6, 2006, encompassing the terms of the LOA.

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.

On Behalf of the Board of Directors
GEODEX MINERALS LTD.

'Jack M. Maris'

Jack M. Maris,
President

For further information contact:

Christopher R. Anderson, V.P Business Development

(604) 689-7771, Toll free 1-888-999-3500, Email: info@geodexminerals.com
Visit our website at www.geodexminerals.com

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