Geodex Details Gold Bearing Zones in the Vicinity of the Cape Spencer Open Pit.

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Geodex is pleased to announce that drilling and sampling in the region of the old open pit on the Armstrong Brook gold property, New Brunswick, has added detail on the location and extent of gold mineralization.

The open pit area lies at the southwestern end of the ten kilometre long property on which Geodex has been exploring a total of fourteen gold-bearing zones for the past year. Results from those zones have been independently reported. Gold in the former Cape Spencer mine and throughout the rest of the belt is known to occur in pyritic, illite-altered areas within mylonitized Precambrian granitoid rocks and Cambrian sediments. The Cape Spencer mine operated from 1985 to 1988, producing 226,000 tonnes of ore with an average grade of 1.6 g/t gold. However, controls are uncertain for the gold mineralization in the pit area. Aside from re-establishing the potential of lower grade zones, one of the mandates of this company was to establish if discrete, higher-grade zones existed and could be followed outside the boundaries of the pit.

Several drill holes and surface mapping in and around the pit have established the style and location of gold mineralization in relation to a package of imbricate thrust faults which dip gently south and are the main component of the strong deformation in the area. Seven stacked thrust panels are present on the east wall of the pit and surface chip sample results are as follows:

                 Interval Length (m)        Grade (g/t) gold

Panel #1        13.0                2.88    

Panel #3        12.0                6.70

Panel #5         7.0                1.54

Panel #7        12.0                2.13

Three short drill holes from the same set-up on the south edge of the pit returned the following intersections. It is believed they cut one of the southernmost structural panels (#5). Holes 19 and 20 are close to true width.

                Interval Length (m)        Grade (g/t) gold

DDH AB-04-19    12.0                 1.83

DDH AB-04-20    12.4                1.31

DDH AB-04-21    15.0                1.20

Clearly, the extent and orientation of these discrete mineralized zones remains to be identified.

In addition, gold values of 31.76 g/t, 27.09 g/t and 16.77 g/t were returned from three stacked quartz veins from a new area to the west of the pit known as the syncline-anticline pair. These three intersections (each 0.3 m) occur over a 3 m interval and are part of the same structure intersected in hole AB-04-10 which returned 4.76 g/t gold over 9.0 m. Mineralization within the syncline-anticline fold pair is open over an area of 150 m by 125 m to the southwest of the open pit.

Gold assay results from several other structural zones on the property have been delayed due to analytical problems in the laboratory. The information will be released when these inconsistencies have been resolved.

The drilling program was supervised by Michael Henrichsen, M.Sc., the project geologist at Armstrong Brook. The Qualified Person for the project, as defined by N.I. 43-101, is Neil Humphreys, P.Geo.



"Jack M. Maris"

Jack M. Maris


For further information contact: Christopher R. Anderson, Investor Relations

(604) 689-7771, Toll free 1-888-999-3500, Email:

October 28, 2004                                                                 Trading Symbol: GXM

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