Geologix Explorations Inc.
TSX VENTURE : GIX
FRANKFURT : GF6
BERLIN : GF6

Geologix Explorations Inc.

February 27, 2008 08:19 ET

Geologix Options Three Properties in Central Peru to Amera Resources Corporation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2008) - Geologix Explorations Inc. (the "Company") (TSX VENTURE:GIX)(FRANKFURT:GF6)(BERLIN:GF6)(STUTTGART:GF6)(MUNICH:GF6) is pleased to announce that it has optioned the Toro Blanco, San Felipe and Sura properties in Central Peru to Amera Resources Corporation.

The three properties are located in Huancavelica Department, south-central Peru and are comprised of a total of 3,200 hectares.

Mr. Dunham Craig, President and CEO, states: "We are pleased that Amera Resources Corporation has joined Geologix Explorations Inc. in the exploration effort of these properties in Peru and we look forward to a successful partnership with them."

Terms of Option

Amera Resources Corporation has an option to earn an initial 51% interest in any or all of the properties by incurring expenditures of US$3,800,000 on each of the properties for a total of US$11,400,000 with the following expenditure schedule:



--------------------------------------------------------------------------
Anniversary Expenditure Requirements (US$)
--------------------------------------------------------------------------
On or before 1st Anniversary 100,000 (committed)
--------------------------------------------------------------------------
On or before 2nd Anniversary 200,000
--------------------------------------------------------------------------
On or before 3rd Anniversary 500,000
--------------------------------------------------------------------------
On or before 4th Anniversary 1,000,000
--------------------------------------------------------------------------
On or before 5th Anniversary 2,000,000
--------------------------------------------------------------------------


First year expenditures are a firm commitment with subsequent expenditure requirements at the discretion of Amera Resources Corporation.

Amera Resources, after having exercised the option on any or all of the properties, may earn an additional ten percent (10%) interest in any or all properties, by the preparation of a positive feasibility study. An additional nine percent (9%) interest may be earned by Amera Resources Corporation by placing any or all of the properties into commercial production.

Qualified Person

Geologix's Chief Geologist, Andrew B. Carstensen M.Sc. (CPG), a 'qualified person' for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators, has verified the data (including sampling, analytical and test data) and prepared or supervised the preparation of the information contained in this news release.

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 or accuracy of this release.

Contact Information

  • Geologix Explorations Inc.
    Michael Mallard
    V.P. Corporate Communications
    (604) 694-1742 or Toll Free in Canada & USA: 1-888-694-1742
    Email: mmallard@geologix.ca
    or
    Geologix Explorations Inc.
    Dunham Craig
    President & CEO
    (604) 694-1742 or Toll Free in Canada & USA: 1-888-694-1742
    Email: dcraig@geologix.ca
    Website: www.geologix.ca