GeoMegA Resources Inc.

GeoMegA Resources Inc.

November 08, 2011 09:56 ET

GeoMegA Resources Inc./Montviel: Metallurgy and Phase 2 Drilling Update

MONTREAL, QUEBEC--(Marketwire - Nov. 8, 2011) - Geomega Resources Inc. (GéoMégA) (TSX VENTURE:GMA) is pleased to provide an update on its Montviel fast-tracked rare earth project, located 97 km north of Lebel-sur-Quévillon, Québec. Phase 2 drilling started as scheduled on September 12, 2011 with the second drill rig arriving on site on October 15, 2011. As of October 30, 2011, ten (10) diamond drill holes (DDH) totaling 5,140 metres (m) were drilled in the southwest part of the Montviel Core Zone. In addition, metallurgical work on 600 kg of re-splitted core is underway at SGS Canada, Lakefield, Ontario.

Phase 2 drilling – Definition

Eight DDH, for 4,097 m, were done to complete a 90 m drilling pattern on section 4+00W, 5+90W and 7+00W. The core shows similar geology to surrounding DDH of Phase 1 drill program which were the best in continuity and grade. Completion of a 90 m drilling pattern throughout the Core Zone is expected within five (5) weeks.

Phase 2 drilling – Exploration

Two DDH, for 1,043 m, set-up on or nearby section 7+00W, were drilled with the objective of delimiting the western and southern limits of the mineralized ferro-carbonatite. DDH MVL-11-21 (Az 240) extended the mineralized zone for at least 300 m horizontally to the west. At mid-distance, it intersected deca-metric sections of silico-carbonatites, suggesting it was passing close to the northern contact, but ended in ferro-carbonatite. DDH MVL-11-30 (Az 180), extended the mineralized zone for about 100 m horizontally to the south. The core shows similar geology to adjacent holes to the north.

Assay results for the 5,140 m are pending and will be disclosed when readily available.

Metallurgy - Concentration

Preliminary metallurgical testing of ferro-carbonatite and phosphate-rich phase composite samples is in progress. Heavy liquid separation (HLS) tests have been completed and samples submitted for assay. Stage grinding of the two composites to -65 mesh and -150 mesh (guided by a high definition mineralogical study, see August 24, 2011 press release) are in progress for ongoing high intensity magnetic separation tests, Wilfley table separation trials, and flotation tests. This battery of tests will provide data for choosing the most effective physical processing techniques for these mineralized rock types to produce rare earth, niobium and phosphate concentrates. The concentrates will then be passed on to hydrometallurgical testing to investigate processes for extracting rare earth compounds. This scoping level work program is on schedule and expected to be completed in Q1 2012. Preliminary results on the concentration of minerals are expected in December 2011.

NI 43‐101 Disclosure

Jacquelin Gauthier, Geo., P. Eng., VP Exploration, and Gary H. K. Pearse, M.Sc., P. Eng., an independent consultant, are the qualified persons who supervised the preparation of the technical information in this news release.

Major discovery for Québec – 3rd largest TREO deposit outside China (NI 43-101 or equivalent)

The initial NI 43-101 compliant resource calculation, released on September 29, 2011, totalled 183.9 million tons Indicated averaging 1.45% total rare earth oxides (TREO) in addition to 66.7 million tons Inferred averaging 1.46% TREO. Montviel has the potential to play a significant near term role in the clean technologies of the 21st century due to its proximity to infrastructure and available labour.

Rare earth elements are key components of the clean energy technologies and other high-technology applications. Major applications include hybrid/electric automobiles, advanced wind turbines, computer hard drives, compact fluorescent lights and numerous metal alloys.

About GéoMégA

GéoMégA, which owns 100% of the Montviel property, is a young Québec mining exploration company focused on finding economically viable deposits of elements needed by Clean Technologies. GéoMégA is committed to meeting stringent mining industry standards and distinguishing itself with its expertise, know-how and its support and respect for local communities and the environment.

GéoMégA currently has 22,205,899 common shares outstanding and is well funded.

On behalf of the Board of Directors of GéoMégA

/s/ "Simon Britt", Simon Britt, President and Chief Executive Officer

Forward-Looking Statements. This Company news release contains certain "forward-looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.

The TSX Venture Exchange and its regulatory service provider (as defined in the TSX-V Rules) cannot be held responsible for the accuracy or veracity of this release.

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