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2005 Diamond Drill Program at El Pato, Guatemala announced by Goldex

March 8, 2005

Goldex’s 2005 drill program at El Pato, Guatemala is ready for the initial test of the historic El Pato precious metal resource. Drill pads and access roads are constructed; core storage and sample handling facilities erected, and all project personnel are ready to commence this years proposed drilling activities. The program will further explore the high grade El Pato/”Shak” veins.

Previous exploration on the property was initiated by the Guatemala Dirección General de Minería (DGM) and the United Nations (UNRFNRE) who conducted programs at El Pato focused primarily on the El Cerrito and Quebrada de Roque areas. These consisted of 218 trenches and 5,833 meters of diamond drilling in 65 holes.

Of these 65 core holes the ten best are shown below and represent the focus of this year’s core drilling program at El Pato that is planned to:

Verify and further establish the character and nature of the El Pato resource,
Expand and delimit the known area of El Pato precious metal mineralization discovered by previous trenching and drilling,
Initiate definition drilling tightening the existing drill grid and implementing industry standard exploration practices.

Ranking of Ten Top El Pato Drill Holes

Rank	Hole No.	Depth	Orientation	From (m)	To (m)	Thickness (m)	Au (gpt)	Au Grade x Tk
						(Uncorrected)		(gpt x m)

1	DHP-2	123	90º	109.71	110.95	1.24	12.30	15.25
				110.95	112.80	1.85	7.60	14.06
				112.80	114.95	2.15	2.10	4.52
				114.95	117.03	2.08	18.80	39.10
							TOTAL	*72.93*
2	PD-1	200.7	S20ºE 60º	82.05	83.50	1.45	1.64	2.38
	PD-1			84.35	85.05	0.70	1.01	0.71
	PD-1			85.44	86.20	0.76	1.34	1.02
	PD-1			83.50	84.00	0.50	24.26	12.13
	PD-1			84.00	84.35	0.35	114.88	40.21
							TOTAL	*52.34*
3	PD-11	110	90º	34.83	35.30	0.47	5.60	2.63
				35.30	35.47	0.17	174.79	29.71
				35.47	35.91	0.44	10.65	4.69
				35.91	35.97	0.06	1.69	0.10
				35.97	36.05	0.08	14.80	1.18
				36.05	36.57	0.52	15.40	8.01
							TOTAL	*46.33*
4	DHP-27	112	90º	98.80	100.25	1.45	3.90	5.66
				100.25	101.50	1.25	8.70	10.88
				101.50	102.95	1.45	8.40	12.18
				102.95	104.65	1.70	5.90	10.03
							TOTAL	*38.74*
5	DHP-25	103	90º	90.00	91.18	1.18	5.70	6.73
				91.18	92.36	1.18	10.60	12.51
				92.36	92.84	0.48	15.30	7.34
							TOTAL	*26.58*
6	PD-15	80.1	S17ºE 70º	27.53	28.13	0.60	40.51	24.31
7	PD-10	91.4	90º	73.83	74.42	0.59	7.89	4.66
				76.80	77.57	0.77	5.28	4.07
				77.57	78.07	0.50	11.66	5.83
				78.07	79.08	1.01	13.29	13.42
							TOTAL	*23.32*
8	DHP-15	30.0	90º	21.00	21.75	0.75	25.20	*18.90*
9	DHP-20	20.0	90º	8.20	8.60	0.40	8.60	3.44
				8.60	9.35	0.75	9.80	7.35
				9.35	9.80	0.45	17.70	7.97
							TOTAL	*18.76*
10	DHP-14	40.0	90º	31.45	33.45	2.00	6.80	13.60
				33.45	34.20	0.75	4.70	3.53
							TOTAL	*17.13*

A detailed description of the sample collection procedures employed, analytical laboratories used, and analytical techniques and laboratory methods followed for the assays shown above is discussed detail in the 43-101 project report posted on the Goldex website.

Generally, UN drill core was analyzed at the Bondar Clegg laboratory in Ottawa, Canada and DGM drill core analyzed in one of two DGM laboratories in Guatemala City. It is not known how the drill intercepts above were determined however spot measurements collected by Goldex geologists show these reported intercepts agree with core measurements in the existing core boxes and the angle of intersection with the vein shown above are generally 25º or less from perpendicular as estimated on drill sections.

Exploration Drilling will begin with a 2000 meter “First Pass” to verify the best gold grades encountered to date by previous exploration efforts. Because EL Pato/”Shak” mineralization is open both along strike and down dip. “First Pass” exploration drilling will also scout the extent and character of the El Pato /”Shak” vein system well away from existing drill holes. Work will center on the ten holes with the best intercepts encountered to date and vector out from known mineralized areas by 200-300 meter step-outs to discover the limits of veining and precious metal mineralization.

Based on the results of the “First Pass” a second 6000 meter phase of reconnaissance drilling is planned to follow to outline the limits of El Pato Vein gold mineralization and begin to evaluate features external to the vein such as structure, ground conditions, water table, and topography. The second phase will also set-up individual ore shoots for definition drilling to be initiated next year that will outline the gross geometry, tenor, and metallurgy of target mineralization. Definition drilling will evaluate external features of the geology and initiate resource definition of a 43-101 compliant reserve.

Goldex’s 99% owned 126 km² El Pato/Cerro de las Minas property is located approximately 110 km east of Guatemala City. All but 5 km is accessible by paved highway. In addition, well-maintained secondary roads facilitate access throughout the property. Power lines cross the concessions and there exists a readily available supply of local labor.

Eugene K. Schmidt is the qualified person for the program as per 43-101 requirements.

Eugene K. Schmidt,
Vice President of Exploration
GOLDEX Resources, Inc.

Goldex’s web site can be accessed at www.goldex.ca.

For more information, please contact:
Jay Friesen, Corporate Communications
Tel. (604) 669-4300 - Fax (604) 681-5259
E-mail jay@goldex.ca

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