Goldex Resources Corporation

Goldex Resources Corporation

July 20, 2011 09:15 ET

Goldex Resources Plans for a 4,000 Metre Drill Program at El Arco in Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2011) - Goldex Resources Corporation ("Goldex" or the "Company") (TSX VENTURE:GDX) announced today the final stages are near completion for an upcoming reverse circulation drill program on its El Arco property in Mexico.

VP of Exploration for Goldex, Larry Kornze, has called the El Arco property, "The best undrilled property in the Americas" and has recommended the 4,000 metre reverse circulation drill program to identify the quality and size of the many veins at El Arco. The company has employed the services of Bufete Mineros, a consultant for legal and environmental services to the mining industry in Mexico, to use their extensive expertise in the state of Durango to confirm and update all the relevant permits to allow for drilling.

"We expect the drill program at El Arco to commence mid-August and we have been ensuring all permits are in place as well as being in constant communication with potential drill contractors to make sure the drills start turning as soon as we are able. El Arco is a particularly exciting property for Goldex and a favourite of Larry Kornze, our VP of exploration," stated Chuck Ross, President of Goldex.

About El Arco

El Arco is a low sulphidation epithermal system. The zone of most abundant quartz veining and mineralization is approximately 600 metres wide and 1,200 metres in strike length and contains numerous sub-parallel vein structures. Goldex mapped around 11 veins at surface in 2009. El Arco is located in the gold and silver trend of the resource rich Mexican state of Durango. Numerous mines and properties are located in Durango, notably the Endeavour Silver Guenacevi Mine which produced almost 3 million oz of silver in 2010 and Fresnillo PLC's La Cienega Mine which until recently was the largest producing gold mine in Mexico. Other prestigious neighbours include two Great Panther Silver properties as well as the San Dimas Mine purchased by Primero from GoldCorp for US $500 million.

The El Arco mineralization model is very similar to its illustrious neighbour La Cienega in that it consists of mineralisation evident at the surface in the upper series Rhyolite. In the lower series Andesite, a more favourable host, the veins are expected to expand significantly from the surface dimensions. Another notable example of this type of geology is the 'Midas' or 'Ken Snyder' mine which is in production under Newmont in Nevada. Both of these huge mines display very similar geology to that which is observed at El Arco. The Midas mine boasted initial deposits of 3 million oz Au and 25 million oz Ag at bonanza grades of 23 g/t Au and 278 g/t Ag respectively.*

*These statements are purely for comparison purposes. There is no certainty that further exploration will lead to the discovery of this type of mineralization or that a substantial mineral deposit will be developed.

Update El Pato, Guatemala

The current drill program at El Pato has recently come to an end and as such drill results are pending. Progress is impeded due to the rainy season in Guatemala.

About Goldex

Goldex Resources Corporation is a junior exploration company exploring for gold in the Americas. Goldex's operations highlight prestigious properties in Mexico and Guatemala, a world-class geological team, which boasts of 12 discoveries, and a global investment following. Shares of Goldex are listed for trading on the TSX Venture Exchange under the symbol "GDX".

This news release has been reviewed and approved by Larry Kornze (P.Geo), a Qualified Person consistent with NI 43-101.

Charles E. Ross, Director and President


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Forward-Looking Statements

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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