The TSX Venture Exchange has accepted for filing documentation supporting Geodex Minerals Ltd. purchase of an additional 14-per-cent indirect interest in the Sisson Brook project via the acquisition of 4.2 million shares of Champlain Resources Inc., a private Nova Scotia-based company, for cash consideration of $550,000 and a 100-per-cent interest in Geodex's wholly owned Armstrong Brook gold project (at a deemed value of $200,000). Acquisition of the 14 per cent of the indirect interest brings Geodex's ownership of Sisson Brook to approximately 99.9 per cent.

The TSX Venture Exchange has accepted for filing a joint venture agreement dated Oct. 21, 2010, between Geodex and Northcliff Exploration Ltd., of the Hunter Dickinson group, pursuant to which Northcliff has agreed to acquire a 70-per-cent interest in Geodex's Sisson Brook tungsten-molybdenum project in New Brunswick, Canada.

Pursuant to the terms and conditions of the agreement, Northcliff, a private company controlled by Hunter Dickinson, has acquired a 70-per-cent interest in the Sisson Brook project, subject to financing expenditures of up to $17-million, and Northcliff and Geodex will establish the Sisson Brook development joint venture to advance the Sisson Brook project. Northcliff's expenditures include the completion of a $1-million private placement in Geodex at 30 cents per share, at a 160-per-cent premium to the closing price on Aug. 30, 2010.

Northcliff will retain its 70-per-cent Sisson Brook interest by financing the $1-million private placement, as well as incurring the lesser of $16-million in development and feasibility expenditures, or the total expenditures required to commence mine construction to place the Sisson Brook project into commercial production. In addition, as operator, Northcliff will seek to obtain the Sisson Brook project debt financing for mine construction and start-up. Geodex will retain a 30-per-cent interest in the project.

For further information, please read Geodex's news release dated Aug. 31, 2010, available on SEDAR.