Geologix Explorations Inc.

Geologix Explorations Inc.

March 31, 2006 16:00 ET

Geologix Closes US$ 500,000 Private Placement with Newmont

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 31, 2006) - Geologix Explorations Inc. (TSX VENTURE:GIX) is pleased to announce it has completed its private placement with Newmont Mining Corporation (NYSE:NEM)(ASX:NEM)(TSX:NMC) announced February 14, 2006. Newmont Canada Limited, a wholly-owned Canadian subsidiary of Newmont, purchased 1,060,464 units at a price of CDN$ 0.54 per Unit for proceeds of CDN$ 572,650 (US$ 500,000). Each unit consisted of one common share and one-half of a transferable share purchase warrant. Each whole warrant entitles Newmont to purchase one common share for CDN$ 0.86 for a period of 18 months. Geologix has voting control of the shares acquired by Newmont for a period of two years, unless sooner sold. The shares issued and any shares issuable on exercise of the warrants will be subject to restrictions on resale for a period of four months expiring July 30, 2006.

Geologix will use the proceeds from the private placement as Newmont's initial funding commitment to the joint venture alliance formed between the two companies for the further exploration of new properties in the Huancavelica area of Peru.

Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing mineral 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.

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

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