Geodex Completes Option On Major Polymetallic Property in New Brunswick.

Geodex Minerals Ltd. (the 'Company) is pleased to announce that an Option Agreement has been signed with Champlain Resources Inc., a privately owned, Nova Scotia registered company to acquire a 70% interest in the Sisson Brook/ Nashwaak property in Central New Brunswick. The property comprises 141 claim units for a total of 2,256 ha.

(PRWEB) November 8, 2004 -- The property is located 60 km northwest of Fredericton, near the village of Napadogan, in close proximity to good road access and the CN rail line which links Fredericton to the northwest region of the Province. The property lies in a general sense along the northeasterly-oriented contact zone between Devonian intrusive rocks (gabbro to granite) to the west and a series of Cambrian to Ordovician volcanic and sedimentary rocks to the east which are part of the Woodstock and Meductic Groups.

The area has seen periodic exploration since 1955, with the bulk of the work done by Texasgulf/ Kidd Creek Mines in the period 1978 to 1983. The property has two zones of copper-tungsten mineralization in quartz vein systems / silicified Ordovician tuffs, including the Zone I deposit which had a reported reserve from that period of 7.5 million tons grading 0.21% WO3 and 0.35% Cu. These numbers are based on historical drill results and calculations done before the implementation of National Instrument 43 -- 101. The nearby Zone III tungsten-molybdenum deposit is an extensive area of scheelite and molybdenite-bearing quartz vein systems in Devonian gabbro and Ordovician tuffs. Drilling has not been extensive and many strongly mineralized float samples, geophysical targets and soil anomalies remain to be investigated.

In addition, the property has other promising targets such as the Nashwaak polymetallic deposit which to date has been shown to consist of discontinuous massive sulphide lenses in Ordovician, black argillaceous sediments. Drill hole NW3 in 1973 returned 4.9 m of 7.19% zinc, 3.5% lead, 0.44% copper, 1.1% antimony, 3.7 oz/ton silver and 0.05 oz/ton gold.

After a re-evaluation of prior exploration data, the company plans a broad-based exploration program for 2005 including re-assaying for gold, and infill copper, tungsten and molybdenum assays to evaluate low-grade bulk-tonnage potential. Earlier IP data will be converted to a 3D format to further define anomalies. Trenching and drilling will be carried out to determine extensions to the Sisson I, II and III zones, to investigate anomalies along strike and adjacent to the Nashwaak deposit and to test other geophysical and geochemical anomalies on the property. A drilling program will be carried out in early 2005 to test the most immediate of those targets.

ON BEHALF OF THE BOARD OF DIRECTORS
GEODEX MINERALS LTD.
"Jack M. Maris"
Jack M. Maris    
President
For further information contact: Christopher R. Anderson, Investor Relations

(604) 689-7771, Toll free 1-888-999-3500, Email: info@geodexminerals.com

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