Geologix Explorations Inc.

Geologix Explorations Inc.

October 19, 2006 10:32 ET

Geologix Explorations Inc.: Non-Brokered Private Placement of Units

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 19, 2006) -


Geologix Explorations Inc. ("Geologix" or the "Company") (TSX VENTURE:GIX) is pleased to announce that it is arranging a non-brokered private placement up to 3,000,000 Units at a price of $0.45 per Unit; 1.94 MILLION UNITS HAS BEEN PLACED BY GOLD 2000 Ltd.

Each unit will consist of one common share and one-half share purchase warrant. Each whole share purchase warrant is non-transferable, will be exercisable for a period of 18 months from the closing of the private placement and will entitle the Purchaser thereof to subscribe for one additional common share of the Company at a price of $0.65 per share.

This private placement is subject to all applicable regulatory approvals. All shares and any shares issued on exercise of the warrants are subject to a four month hold period from closing.

The Company expects to close the private placement on or before November 3, 2006.

Private placement proceeds will be used for general working capital and to finance mineral property exploration.

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.

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