Geodex Releases Updated Independent Inferred Resource Estimate on the
Sisson Brook Tungsten-Molybdenum-Copper Deposit, New Brunswick, Canada.

Vancouver, B.C. - October 17, 2007 - Geodex Minerals Ltd., (TSX-V: GXM) (the 'Company') is pleased to report receipt of a revised and updated resource estimate for its Sisson Brook deposit, located north of Fredericton, New Brunswick. As in the previous case, this estimate was prepared by Mercator Geological Services Limited (Mercator) of Dartmouth, Nova Scotia under supervision of Mr. Michael Cullen, P. Geo. and Mercator staff Geologist Mr. Matthew Harrington. Mr. Cullen is a Qualified Person as defined under National Instrument 43-101 (NI 43-101). The estimate is considered compliant with NI 43-101 and a Technical Report supporting the estimate will be posted on SEDAR within 45 days.

The resource estimate is again 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. Please refer to the news release of March 28 for details of the initial resource estimate. The present resource estimate tabulated below is based on an additional 17 holes from the early stages of the 2007 infill drilling program plus results of one additional 2005 hole by Geodex. Other holes from this Zone III drilling program representing 75% of the total metres will be added to the block model when assays become available. Further changes to the resource estimate are expected at that time. This updated resource estimate reflects expansion of the grade interpolation search ellipse from that used in the March 2007 estimate, plus inclusion of a peripheral deposit constraint to replace a 100 meter block assignment constraint used in the March 2007 estima te. 
 
As in the previous release, this estimate reflects a series of WO3% (ie tungsten oxide)-equivalent cut-offs. This was done to help understanding of the resource since approximately equal contributions are made to unit value by both tungsten and molybdenum. Other parameters remain the same. The company expects to upgrade this estimate to include a 'Measured and Indicated' resource category in the first quarter of 2008 after completion of the present 2007 drill program.

Updated Inferred Mineral Resource Estimate

* WO3% Equiv. = WO3% +(Mo % x 2.97)

This interim resource estimate indicates a considerable increase over the results published in the March 28, 2007 news release. For example, at the mid-range threshold (0.125% WO3 equivalent) in which the company is particularly interested, the inferred tonnage has increased by a factor of 70%. For the other threshold categories shown above, inferred tonnage increases ranged from 28% to 74%.  Several prominent factors contribute to these changes, including (1) increase in deposit width in the well-mineralized northernmost part of the deposit by approximately 65 %, (2) extension of deposit strike length by approximately 100 meters and (3) changes in search ellipse ranges and peripheral deposit constraints based on the upgraded and expanded drilling data set.  

The company notes that both molybdenum (currently at $US 35/lb as oxide, up 25% from the March 28 news release) and tungsten (currently at $US 12/lb APT) prices have remained strong for the past few years. The table below shows total pounds of metal in the various threshold categories shown above.

No economic assessment has yet been done on the deposit and the company cautions that current prices may not be maintained for the development period or the life cycle of any resulting mine. However, it remains confident that the near-surface, open-pittable nature of the deposit and the excellent access/power sources in New Brunswick will make any development more than competitive.

The company is proceeding with an initial program of metallurgical testwork, geotechnical studies and environmental baseline studies. Geodex is also conducting work on a Scoping Study under the direction of Wardrop Engineering.

Jack Marr, M.Sc., P.Geo., is the in-house QP for this project and Mr. Michael Cullen, P. Geo. of Mercator is responsible for technical information specific to the resource estimate presented in this press release. 

The company also announces that pursuant to its stock option plan, it has granted one million two hundred thousand options to directors, consultants and employees. These will all be exercisable at a price of $ 0.75 for a period of five years.

Estimation Methodology

The resource estimate reflects a three dimensional deposit block model developed using Surpac Version 6.1 Mine Planning Software. The model  utilizes  6 meter down-hole assay composites with contributing core sample WO3% and Mo% assay results capped at 0.70% and 0.12% values, respectively, prior to compositing. Model blocks are 10 meters x 10 meters x 10 meters with sub-blocking at 5 meters x 5 meters x 5 meters. The model extends from the wire-framed bedrock-overburden interface to a maximum depth of approximately 400 meters below surface. Metal grades were assigned to the block model using inverse distance squared (ID2) interpolation methodology and blocks were peripherally constrained within a wire framed solid developed from geological sections. A grade interpolation search ellipse with a major axis range of 200 meters, secondary axis range of 200 meters and minor axis range of 20 meters was used, with the major axis oriented at azimuth 360 and inclined at 56 degrees. Major and secondary search ellipse orientations and ranges were established from variography of drill hole composites and minor axis attributes reflect geological characteristics of the mineralized zone.  Specific gravity values were assigned to wire-framed major lithologic units within the model and constituent blocks were similarly assigned for tonnage estimation purposes. Averaged results from 229 separate specific gravity determinations are reflected in the model.

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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