Geodex Closes Acquisition of Controlling Interest in Champlain Resources Inc.
Thu Jan 3, 12:49 PM
ca.news.finance.yahoo.com
Trading Symbol : GXM
Frankfurt : G2W
VANCOUVER, Jan. 3 /CNW Telbec/ - Geodex Minerals Ltd. ("Geodex") (TSX-V: GXM.V) announces that it has received final TSX Venture Exchange approval for its acquisition of a 53% controlling interest in Champlain Resources Inc. ("Champlain"), a private Nova Scotia-based company. Geodex has paid $4,164,250 cash and 550,000 common shares for its controlling interest in Champlain and the transaction was closed on December 21, 2007 with the delivery of the purchase proceeds to Champlain shareholders. Champlain's principal asset is a 30% carried interest in Geodex's Sisson Brook Property located in Nova Scotia. Geodex already holds a full 70% working interest in the Sisson Brook Property.
In mid-December, Geodex stood down the three drills which had been active since April on both of its two main projects in New Brunswick. Drilling will continue in January in several areas to finish up programs. Drilling with three machines will resume in April 2008 to continue operations at Sisson Brook and in the Mount Pleasant camp.
The Sisson Brook tungsten-molybdenum deposit remains the company's flagship property and it saw an aggressive program of drilling and engineering in 2007 which culminated in a positive Scoping Study by Wardrop Engineering in November (News Release of November 16). A total of 20,400 m of drilling took place in 2007, mostly infill drilling in Zone III to take the open-pit resource to 'Measured and Indicated' status but also in successful testing of extensions and satellite zones. One new discovery hole on the east flank of Zone III (News Release of October 30), returned 0.305% Mo and 0.080% WO3 over an interval of 85.5 m, one of the best intersections reported in Canada in 2007. Many new targets have been staked or acquired in the belt for exploration and drilling in 2008.
In the Mount Pleasant area, survey work was carried out throughout the year to prepare many of the Geodex targets around the former mine for drill testing. By yearend, over 7000 m of drilling had taken place on seven of these mineralized areas, about half of this on the Pughole-Whopper discovery west of the old mine. Work will continue throughout this belt in 2008 to further develop many of those targets.
Jack Marr, M.Sc., P.Geo., is the in-house QP for this project.
The company also announces that pursuant to its stock option plan, it has granted 300,000 options to consultants and employees. These will be exercisable at a price of $1.11 for a period of 5 years.
Forward Looking Statement
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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,
President
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the accuracy or adequacy of this release.
Contacts
Christopher R. Anderson
V.P Business Development
(604) 689-7771
Toll free 1-888-999-3500
info@geodexminerals.com
Visit our website at www.geodexminerals.com
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