Mr. Mark Fields reports

GEODEX ANNOUNCES DUNGARVON DRILL PROGRAM

Geodex Minerals Ltd.'s initial drill program on the recently acquired Dungarvon project in central New Brunswick is under way. 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 Middle Devonian Dungarvon granite. Geodex will drill approximately 10 holes and 1,000 metres in this drilling program which will focus on Dungarvon with some drilling expected to occur on one or possibly two other projects.

The Dungarvon project drilling will focus on the eastern contact zone of the Dungarvon granite. This intrusion is part of the Middle Devonian Burnthill Brook granites which host the formerly producing Burnthill tungsten mine and numerous tungsten-molybdenum-tin-fluorite showings. The geological setting and style of mineralization found to date at the Dungarvon prospect are similar to the Sisson deposit. At both properties, molybdenum and tungsten mineralization is hosted principally in sheeted vein systems located at the contact zones of postorogenic Devonian intrusions.

The Peaked Mountain area in the central region of the Dungarvon project will be the first area to be drill tested. Prospecting by earlier operators at Peaked Mountain identified two areas with abundant mineralized boulders in the glacial till. The largest area has boulders ranging in size up to three metres by three metres distributed over an area of approximately 1,100 metres by 250 metres. These boulders display sheeted quartz and have yielded assays up to 6.7 per cent WO3 (tungsten oxide) and 0.8 per cent Mo (molybdenum). Recent logging has improved the road access to the target areas. Geodex's drilling will target the discovery of the source of the mineralized boulders. The strength and size of the mineralizing system were further demonstrated by reconnaissance drilling conducted in 2007 in the Peaked Mountain area which intersected molybdenum and tungsten mineralization in the granite and of a different style than the boulder mineralization in the overlying glacial till.

The second principal Dungarvon project area where drilling is planned is the Fall Brook area, approximately five kilometres north of Peaked Mountain. This northern target area is characterized by molybdenum-bearing quartz boulders, tin-bearing granite boulders and molybdenum-tin soil anomalies.

Geodex has also conducted its initial exploration program on the rare-earth-element Cumberland and Jake Lee projects. While not all results are available, the preliminary results at both projects have REE values of interest in prospecting rock samples and soil samples. Geodex is currently finalizing its drill plans for these projects.

David Martin, BSc, PGeo, 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.

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