Geologix Explorations Inc.

Geologix Explorations Inc.

September 20, 2007 12:37 ET

Geologix Expolrations and Silver Standard Resources Amend San Agustin Option Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2007) - Geologix Explorations Inc. ("Geologix") (TSX VENTURE:GIX)(FRANKFURT:GF6) and Silver Standard Resources Inc. ("Silver Standard") have signed an amendment to the San Agustin Option Agreement dated August 29, 2006 ( for the San Agustin property located in Durango State, Mexico.

The amendment to the Option Agreement defines the following terms:

- A final Drill Plan has been agreed to that defines the remaining 12,450 meters of the15,000 meter drill commitment required to be completed to prepare the resource estimate that will be used to determine the property purchase price.

- The resource calculation will be based on all historical information as of August 22, 2007 and the remaining 12,450 meters identified in the amended final Drill Plan.

- The final Drill Plan has moved 1500 meters of drilling from a central core area in the original agreement to Zone 2 as defined by Geologix.

- Additional drilling or data completed by Geologix outside of the amended agreement terms and final Drill Plan will not be included in the resource calculation used for purchase of the property.

- The Silver Standard back in right to the property has been removed.

- The resource calculation period has been extended from 3 months to 4 months from the completion of the drill plan to accommodate slow assay lab turnaround.

A Geologix press release providing a summary of the original August 29, 2006 San Agustin Option Agreement is available by clicking this link:

About Geologix

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.

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

Contact Information

  • Geologix Explorations Inc.
    Michael Mallard
    V.P. Corporate Communications
    (604) 694-1742 or Toll Free in Canada and USA: 1-888-694-174
    Geologix Explorations Inc.
    Dunham Craig
    President & CEO
    (604) 694-1742 or Toll Free in Canada and USA: 1-888-694-174