VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/18/11 -- Goldex Resources Corporation (TSX VENTURE: GDX) ('Goldex' or the 'Company') today announced sample assay results from the El Cerrito West sector of its flagship El Pato property in Guatemala. A bulk sample was taken as part of ongoing geological work at El Pato that compliments a 5000 meter drilling program currently underway.
A single composite bulk sample was collected in the Cerrito West Sector where the 1.5 to 2-meter thick quartz vein is irregularly exposed along a dip slope. Approximately 110 kilograms of quartz vein material representing the typical El Pato style mineralization was collated from four points along a 30-meter strike length of the vein at spoil piles from pre-existing dozer cuts. The sample was loaded into 9 5-gallon buckets and delivered to the Inspectorate sample lab in Guatemala City. Inspectorate labs arranged for shipment of the sample to Kappes, Cassiday and Associates(i) (KCA) in Reno, Nevada where it was received for assay and additional metallurgical testing.
The table below shows the 18 separate gold and silver assays as determined by the KCA metallurgical lab under the supervision of Dan Kappes, the resident QP. The bulk sample was collected under the supervision of Goldex geologist Richard Bybee on the 8th April 2011.
KCA Sample No. Bucket No. Assay Assay
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g/t Au g/t Ag
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48451 A 1 1 25.44 18.6
48451 B 2 2 22.59 18.0
48451 C 3 3 19.41 15.0
48451 D 4 4 27.50 23.6
48451 E 5 5 28.77 20.4
48451 F 6 6 51.60 29.4
48451 G 7 7 14.74 13.2
48451 H 8 8 32.61 23.8
48451 I 9 9 33.09 28.2
48451 A 10 1 25.10 19.4
48451 B 11 2 21.81 17.6
48451 C 12 3 20.07 14.9
48451 D 13 4 27.29 24.8
48451 E 14 5 29.08 20.8
48451 F 15 6 50.74 31.2
48451 G 16 7 18.07 13.6
48451 H 17 8 33.53 25.2
48451 I 18 9 34.18 27.4
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Average 28.64 g/t Au 21.39 g/t Ag
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The results were compiled utilizing 30 gram fire assays with a gravimetric finish for gold and four acid digestion with atomic absorption finish for Silver.
These results show average grades of 28.64 g/t Au and 21.39 g/t Ag.
The sample results listed in the tables above show significant levels of mineralization may be found in the area. The tests were conducted as part of a larger program to provide the basis for developing four areas for exploitation within the El Pato Project.
'These are very encouraging results in keeping with the general geology we are finding at El Pato and they bolster the exploration program currently underway' stated Goldex president Chuck Ross. 'This ongoing sampling and trenching work goes hand in hand with our present 5000 meter drilling program'.
The El Pato project is located in south-eastern Guatemala, 5 kilometers west of the town of Chiquimula, the closest commercial centre to the project and approximately 110 kilometers east of Guatemala City. The project is accessible via paved road.
This news release has been reviewed and approved by Richard Bybee (P.Geo), a Qualified Person consistent with NI 43-101.
CHUCK ROSS, President
GOLDEX RESOURCES CORPORATION
For regular updates please email stephanie@chfir.com using Goldex News in the title box.
(i)Kappes, Cassiday & Associates (KCA) specializes in the development, engineering and implementation of extractive metallurgical processes for the mining industry. Since 1972, we have been known for our expertise in gold/silver heap leaching. Our staff of over 70 people includes more than 20 process engineers and 25 laboratory personnel who have a broad range of practical experience including copper leaching and recovery, flotation and gravity concentration, and development of complex hydrometallurgical flow sheets. http://www.kcareno.com/
Forward-Looking Statements
The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Goldex Resources Corporation
Suite 2110 - 1177 West Hastings Street Vancouver, BC, Canada
(604) 669-4300
(604) 681-5259 (FAX)
len@goldex.ca
www.goldex.ca
CHF Investor Relations
Anne Robert
Account Manager
514.510.6338
anne@chfir.com
