Communicators

New Geodex Resource Model increases Sisson Brook Tungsten-Molybdenum-Copper deposit to 243.9 million tonnes ‘Measured and Indicated’ and 154.4 million tonnes ‘Inferred’.

Geodex Minerals Ltd., (the ‘Company’) is pleased to report receipt of an updated resource estimate for its Sisson Brook deposit, located north of Fredericton, New Brunswick. This resource estimate confirms the expanding size of the resource in Zone III and for the first time places a proportion of the resource in the much more reliable ‘Measured and Indicated’ categories. As in previous resource estimates, this study was independently 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.

This 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. Geodex has carried out exploratory and drilling programs in the area since 2005. Two previous resource estimates in the ‘Inferred’ category have been prepared, documented in News Releases of March 28, 2007 and October 17, 2007. The latter was incorporated into a ‘Preliminary Economic Assessment’ (Scoping Study) which was delivered by Wardrop Engineering in November, 2007 and summarized in a News Release of November 16.

Zone III is a 1.5 km long, fracture-controlled area of tungsten and molybdenum mineralization which is localized along a gabbro-volcanic contact area. It has a north-northeasterly trend and is up to 500 m wide through its central area. Surface area is approximately 61 hectares. All indications are that the zone itself and the fractures within it are steeply-dipping. One deep hole drilled in 2007 stayed in mineralization to its final depth of 500 m.

The present resource estimate tabulated below is based on 128 angled drill holes, most of which were drilled in 2006 and 2007. Assays were composited into 3 metre intervals for the resource model. See below for more detailed methodology. Protocol for insertion of duplicates, blanks and standard check samples was designed by Mercator. Analyses were carried out using Neutron Activation methods by Actlabs of Ancaster, Ontario.

Drilling in 2007 on Zone III took place on fences at 50 m intervals between the 100 m spaced lines of previous years. This allowed much more certainty in the status of the resource and this is reflected in the appearance of resources in the “’Measured and Indicated’ categories.


To view the Updated June 2008 Mineral Resource Estimate and Classification, click here:
www.irw-press.com/dokumente/Geodex050608_Table1.pdf


N.I. 43-101 does not permit addition of Measured/Indicated to Inferred Resources but it is clear that the new resource calculation indicates significant tonnage increases from the 2007 estimate, particularly in the higher grade categories. Increases range from 37.0% at the lowest threshold level (0.025% WO3 Equiv.) to an increase of 134.2% at the highest (0.225% WO3 Equiv.). The lowest threshold figure attests to the large size of the deposit which has not yet been totally defined. It should however be considered a mineralized footprint at this time since it is still the company’s intention to explore for higher grade areas within and around this envelope. The company expects that grades at the mid-level threshold (0.125 WO3 Equiv.) will be the mine target grades.

Metal Content

The company notes that both molybdenum (currently at $US 32-33/lb as oxide) 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. Note that these are ‘in situ’ quantities and process recoveries will be lower. Tonnages and metal content are rounded.

Follow the link to view results sorted by categorie:
www.irw-press.com/dokumente/Geodex050608_Table2.pdf

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 structure in New Brunswick will make any development more than competitive.

A full program is now underway on the deposit to produce the data necessary for a pre-feasibility study to be delivered by Wardrop Engineering in late September 2008. Three drills are presently on the property exploring extensions to various zones although it is intended that the block model in this present study will be used in the pre-feasibility report. Aside from all the development planning, Wardrop Engineering will be carrying out mine design and grade optimization studies over the course of the summer to ensure that the best grades are mined early in the life of the mine. These will form the ‘starter pits’ or high-grade areas to aid in early recovery of capital costs. The company will also be aggressively exploring seven other properties in the vicinity of the planned Sisson Brook minesite.

Rescan Environmental Services Ltd. is proceeding with a wide-ranging environmental program in the area and has started work on community relations and aboriginal studies. A Fredericton-based company, TerrAtlantic Engineering Limited, is working on geotechnical and hydrogeological aspects of the planned open pit along with locations for process plant and tailings. Interim reports will be provided to Wardrop for inclusion in the pre-feasibility study this fall.

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.


Estimation Methodology

The resource estimate was carried out using Surpac® modeling software, inverse distance squared grade interpolation and 3.0 meter down hole assay composites capped at 0.35% Mo and 0.6% WO3. Block size was 10 meters (x) by 10 meters (y) by 5 meters (z) with sub-blocking at 5 meters (y) by 5 meters (x) by 5 meters (z). A grade interpolation search ellipse with major axis range of 175 meters oriented at 010 azimuth in a vertical plane and plunging 50 degrees to the north was used with a major/semi major axis ratio of 1 (175 meters) and a major/minor axis ratio of 10 (17.5 meters). The model is fully constrained within a peripheral three dimensional solid. A specific gravity factor of 2.87 grams/centimeter3 was used for mineralization hosted by gabbro and a factor of 2.77 grams/centimeter3 was used for mineralization hosted by mixed volcanic and sedimentary lithologies. A WO3 Equivalent (WO3 Eq.) factor of WO3 Eq.% = WO3% +(Mo%*3.35) was developed on the basis of 3 year metal pricing, 70% WO3 recovery and 85% Mo recovery factors reported in the project scoping study by Wardrop Engineering Inc. dated November 7, 2007. Several cutoff values were used, the lowest at 0.025% WO3 Eq.

Measured resources were defined as any block having 12 included assay composites showing averaged distance from the block of 25% of the major axis range (43.75 meters), with the block being 30 meters or less from at least one included composite. Indicated resources were defined as any block having 12 included assay composites showing averaged distance from the block of 50% of the major axis range (87.5 meters), with the block being 60 meters or less from at least one included composite. Inferred resources were defined as all blocks within the peripheral deposit constraint not identified as Indicated or Measured resources.


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