Mr. Paul Loudon reports

ASSAY RESULTS FROM LAGERSDRIFT VANADIUM PROPERTY

Essex Minerals Inc. has released assay results from its continuing due diligence program on the Lagersdrift vanadium project in Limpopo province, South Africa.

Highlights:

• A total of 62 rock and cut-channel samples were collected with 55 from massive magnetite outcrop or float from several of the magnetite seams present on the property.
• The 55 samples of massive magnetite returned assays which ranged from:
  • Vanadium pentoxide: 0.41 per cent to 1.83 per cent with a median value of 1.08 per cent V2O5;
  • Titanium dioxide: 12.15 per cent to 20.00 per cent with a median value of 16.05 per cent TiO2.
• Forty-one of the 55 massive magnetite samples were collected from the Main magnetite layer (MML) along six kilometres in total strike length.
• These 41 samples ranged from:
  • 0.71 per cent to 1.83 per cent with a median value of 1.32 per cent V2O5;
  • 12.15 per cent to 20.00 per cent with a median value of 15.35 per cent TiO2.

Essex president Rod Husband commented: "We are very pleased with the results of the due diligence program. The results for vanadium pentoxide met our expectation while those for titanium dioxide exceeded them. The main magnetite layer outcrops or is very near surface over a combined strike length of over 5,000 metres, with very shallow (approximately 10- to 15-degree) dips. Building tonnes with little or no strip ratio should be fast and relatively inexpensive. We look forward to further evaluation of these results with a specific focus on potential economics and preparing next steps for the project, which may include a sizable bulk sample."

About the vanadium property

The Lagersdrift vanadium project is located in the prolific Bushveld geological complex within a known mineral and vanadium-producing area within reach of proven processing plants, railway, and road options and ports in Limpopo province, South Africa.

The Bushveld complex geology is known and richly endowed, hosting several significant deposits, mining and smelting operations.

Vanadium mineralization occurs in vanadium-bearing titaniferous magnetite-rich layers that occur within the Upper zone of the Rustenburg layered suite (RLS) of the Bushveld complex. A total of 25 layers of cumulus magnetite are known to exist within the Upper zone. The highest vanadium contents occur in the lowermost layers, which are characterized by grades of up to 2.0 per cent V2O5. The MML is reportedly 2.55 metres thick with adjacent seams another 1.10 metres in thickness within approximately five metres of total thickness. Most of the vanadium is present in the magnetite grains, where it substitutes for trivalent iron.

Four separate near-term potential exploration and mining targets with a total strike length of prospective targets of approximately 8.5 kilometres were identified from historical exploration work completed by Anglovaal in the 1970s and 1980s on the current Lagersdrift licence and adjacent Blinkwater licence application.

Under the existing term sheet with the property vendor, Essex can earn up to 60 per cent in the projects as follows:

• An initial 50 per cent by spending $500,000 on exploration and other project related expenditures;
• Acquire an additional 10-per-cent project interest from the vendor based on an independent valuation following the initial earn-in.

Essex will continue to evaluate the results of the due diligence program and the terms of the proposed agreement.

Quality assurance/quality control

Samples were collected in the field. Rod Husband, the company's qualified person, was responsible for all aspects of the work, including the quality control/quality assurance program. Float, float composite and outcrop samples were selective, whereas channel samples were non-selective. Channel samples were collected in situ by cutting across potentially mineralized rock units using a Husqvarna K760 dual-bladed rock saw. Float and float composite samples were selective, may have been, but were not necessarily, collected near their source, and may have been collected from rock dumps, for example. Outcrop samples were collected in situ and were non-selective.

Samples were submitted to ALS Johannesburg for iron ore by XRF fusion analysis and ICP analysis. Blanks and standards were submitted into the sample stream as part of the company's quality assurance/quality control protocol.

Qualified person

The technical information contained in this news release has been reviewed and approved by Rod Husband, PGeo, a qualified person within the meaning of National Instrument 43-101 (Standards of Disclosure for Minerals Projects).

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