Geologix Closes Public Offering for Gross Proceeds of $23,000,736 Including Exercise in Full of Underwriters' Over-Allotment Option

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2011) -

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Geologix Explorations Inc. ("Geologix" or the "Company") (TSX:GIX)(FRANKFURT:GF6)(BERLIN:GF6)(STUTTGART:GF6)(MUNICH:GF6) is pleased to announce it has completed a bought deal offering of 34,849,600 common shares of the Company ("Common Shares") including an additional 4,545,600 Common Shares (the "Offering") pursuant to the exercise of an over-allotment option for aggregate gross proceeds of $23,000,736. The Common Shares were sold at a price of $0.66 per share.

The Common Shares were sold pursuant to an underwriting agreement with a syndicate of underwriters co-led by Wellington West Capital Markets Inc. and Raymond James Ltd. and including NCP Northland Capital Partners Inc., Canaccord Genuity Corp. and Mackie Research Capital Corporation (collectively, the "Underwriters"). On February 24, 2011, the Underwriters exercised in full an over-allotment option for an additional 4,545,600 Common Shares granted by the Company pursuant to the Underwriting Agreement in connection with the Offering.

The net proceeds of the Offering will be used towards the Company's Tepal property in Michoacan, Mexico, Libertad property in Sonora State, Mexico and general working capital purposes.

Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing mineral properties in North and South America.

ON BEHALF OF THE BOARD OF DIRECTORS

Dunham L. Craig, President and CEO

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