Geologix Explorations Inc.

Geologix Explorations Inc.

October 15, 2007 16:15 ET

Geologix Explorations Inc.: Notice of Required Exercise of Warrants Exercisable at C$1.10 until August 28, 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2007) - Geologix Explorations Inc. (TSX VENTURE:GIX)(FRANKFURT:GF6) announces that it is giving notice to its holders of its warrants exercisable at C$1.10 until August 28, 2008 that they must exercise the warrants within 10 trading days of such notice or the warrants will terminate. A total of 2,866,456 warrants are outstanding. If all are exercised, Geologix will receive proceeds of $3,153,102.

The warrants were issued on February 28, 2007 and provide that if, after June 28, 2007, the closing price of Geologix's common shares on the TSX Venture Exchange for 10 consecutive trading days equals or exceeds CDN$ 1.50 per share, Geologix may accelerate the date on which the expiry of the warrants occurs to the 10th trading day after the date on which such notice of acceleration is given. That trading price has been met or exceeded for 28 consecutive trading days.

Recent positive results on the San Agustin Project in Durango, Mexico have warranted the company to expand its programs. Funds will be allocated to additional drilling, metallurgical work and general corporate purposes for continuing into the 1st and 2nd quarter of 2008.

Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing gold properties in North and South America. The Company has a wealth of experience in the mining industry taking early stage exploration prospects to final feasibility and ultimately to production.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Contact Information

  • Geologix Explorations Inc.
    Michael Mallard
    V.P. Corporate Communications
    (604) 694-1742 or Toll Free Canada and USA: 1-888-694-1742
    Geologix Explorations Inc.
    Dunham Craig
    President & CEO
    (604) 694-1742 or Toll Free Canada and USA: 1-888-694-1742