Mr. Mark Fields reports

GEODEX ANNOUNCES DUNGARVON ACQUISITION AND DRILL PROGRAM FOCUSED ON MOLYBDENUM-TUNGSTEN-TIN POTENTIAL

Geodex Minerals Ltd. has acquired the Dungarvon project (formerly known as the Falls Creek project) through an option-to-purchase agreement. The project is located 80 kilometres northeast of Fredericton, N.B. The project covers six documented molybdenum, tungsten and/or tin mineral occurrences extending over approximately eight kilometres by 1.5 km within and adjacent to the Late Devonian Dungarvon granite.

Previous exploration has outlined two principal areas where Geodex will concentrate its 2011 exploration program. The first is the Peaked Mountain area in the central region of the project along the eastern contact zone of the Dungarvon granite. Reconnaissance drilling was conducted in 2007 in this area. This drilling intersected granite-hosted molybdenum and tungsten mineralization with intercepts including 0.032 per cent Mo over 85 metres (including 0.065 per cent molybdenum over 27 metres) and 0.017 per cent Mo and 0.020 per cent WO3 over 64.15 m (including 0.039 per cent Mo and 0.022 per cent WO3 over 17.7 m) in two adjacent and parallel holes. Thick till exists in this area, as elsewhere in central New Brunswick, which masks the underlying molybdenum, tungsten and tin mineralization. The second principal area of interest is approximately five km north of Peaked Mountain. This northern target area is characterized by molybdenum-bearing quartz boulders, tin-bearing granite boulders and molybdenum-tin soil anomalies.

David Martin, vice-president of New Brunswick operations for Geodex, commented: "Geodex has been actively following the Dungarvon project for several years. It has a number of appealing characteristics that typify other important New Brunswick deposits and we believe has the potential to host a significant deposit."

Geodex will conduct an initial exploration program including drilling, geophysics, prospecting, mapping and soil sampling beginning in August. Plans for the drill program on Dungarvon as well as other projects are under way and will be announced this month. Geodex believes its three new projects, Dungarvon as well as Cumberland and Jake Lee, and complemented by its Mount Pleasant West project, all have the potential to deliver a significant discovery in 2011.

Geodex has acquired the Dungarvon project through an option-to-purchase agreement from two New Brunswick prospectors. Geodex has the right to purchase a 100-per-cent interest in the property through an initial payment of $25,000 (complete) and subsequent staged payments over four years totalling a further $175,000. The vendors retain a 2-per-cent net smelter royalty, which Geodex has the right to purchase half of for $1-million.

Mr. Martin, BSc, PGeo, CGA, Geodex's vice-president, New Brunswick, is a qualified person under NI 43-101 and is responsible for the design and conduct of the programs carried out by the company on the Dungarvon project. Mr. Martin has reviewed this release and approved its contents.

Geodex's primary asset is the feasibility-stage Sisson tungsten-molybdenum project, located in west-central New Brunswick. The Sisson property hosts an important-scale, near-surface tungsten-molybdenum deposit with mineral resources potentially amenable to open-pit mining. Northcliff Resources Ltd., which is associated with Hunter Dickinson Inc., is advancing feasibility-level engineering and environmental studies, along with associated fieldwork and comprehensive stakeholder engagement programs, toward the completion of a feasibility study and environmental impact assessment (EIA) for the Sisson project in the third quarter of 2012. Northcliff expects to invest $17-million in the project by the first quarter of 2012, and thereby satisfy its earn-in obligations to secure a 70-per-cent interest in the Sisson project. Geodex will retain the 30-per-cent ownership balance.

We seek Safe Harbor.