Encouraging results from prospecting of Goldex’s El Pato and Cerro de las Minas, Guatemala Concessions

January 18, 2005

Over the Christmas holidays, while waiting for this years multi-phased diamond drill program to commence, Goldex geologists were busy prospecting throughout the company’s El Pato and Cerro de las Minas concessions. The planned drill program will be Goldex’s initial testing of the historic El Pato ore reserve. Everything and everybody is ready to begin, in anticipation of this exciting program that will further explore the high grade El Pato/”Shak” veins and should produce positive results. Drill pads and access roads are constructed, core storage and sample handling facilities erected, with all project personnel poised and ready to commence drilling activities upon completion of financing. 

In the meantime, geologists sampled 22 of 76 streams that drain the concessions and discovered 14 new vein outcrops in creek bottoms and on the adjoining hillsides north of El Pato, in the area of Rio Guior, and to the south near San Jose La Arada. Of the stream sediment samples collected thus far, five showed flour to pinhead sized nuggets in panned concentrates. Five samples, in the Rio Guior zone, showed fresh black sulfides, pyrite, and visible gold.  

Rio Guior and its drainages are located 3 km northeast of the El Pato Vein System. There, visible gold from three of the first 10 stream sediment samples led geologists to a quartz veined and silicified zone that outcrops over a 3 x 2 km area. Three of 14 newly discovered quartz veins in the area showed fresh black sulfides. Outcrops range in size from 1.6 x 10 m to 0.3 x 4.5 m. In this moment, there is only one sample for each outcrop and the outcrops are spaced 500 m to 1.7 km apart.

Location	# Samples	Type	Spacing	Width	Au ppb	Ag ppm	Cu ppm
					FA/Grav	AA/AQR	ICP/AQR
Rio Guior – main drainage	0.3 meter wide sample of 0.3 meter quartz vein 17,808 ppb Au, 3.8 ppm Ag, 151 ppm Cu.
	60078	Chip-channel	N/A	0.3 m	17,808	3.3	151
Rio Guior – Q. Oscurana	1.6 meter wide sample of 1.6 meter wide vein 6,027 ppb Au, 32.9 ppm Ag, 81 ppm Cu
	60070	Chip-channel	N/A	1.6 m	6,027	32.9	81
Rio Guior – Q. Jabillo	0.54 meter wide sample of 0.54 meter wide vein 3,835 ppb Au, 3.8 ppm Ag, 33 ppm Cu
	60079	Chip-channel	N/A	0.54 m	3,835	3.8	33

Rio San Jose and its tributaries, located six km south of El Pato, drain the south contact of the Chiquimula batholith. Granodiorite of the batholith hosts both the El Pato and Guior veins. The contact places batholith rocks against San Diego formation phyllites, schist, and unnamed limestone. Four of six-panned concentrate samples collected so far in this area show gold values from 17 to 35 ppb gold. Two of the samples have visible gold. The principal target in this area is the iron oxide metasomatized south contact of the batholith itself.

Schmidt’s comments on these results are that “Our year-end exploration program took us into two very interesting areas. Along Rio Guior the rock chip samples we have so far are single sample anomalies, however these results are quite interesting and have taken us into an encouraging new area. As the work continues along Rio San Jose, I anticipate generating several additional new areas of interest as well. We covered a lot of ground rapidly over the holidays and each of these samples warrants follow-up with more detailed work as soon as time, project priorities, and money permits.”

The prospecting consists of stream sediment collection, panning, and follow-up rock sampling of 76 streams that drain across the 126 km² of the two Goldex concessions. Each stream sediment sample has five components: (1) Altered and mineralized pebbles and cobbles from the +1 cm coarse fraction, (2) A 3 kg Bulk Leach Extractible Gold (BLEG) sample of –1 cm fines, (3) a 20 cc panned concentrate of the heavy mineral fraction, and (4) a 100 cc sample of mud and silt. Fire assay analytical methods are used for rock chip, coarse sediment, panned concentrate, and silt samples. Cyanide leach is used to treat finer sediment BLEG samples.

Assaying methods employed are fire assay/atomic absorption analysis for gold with a fire assay/gravimetric finish for high grade samples. Atomic absorption/aqua regia analysis is used for silver with an ICP scan for copper and 29 other elements. ALS Chemex and BSI Inspectorate returned analysis from six of the stream sediment samples and 35 rock chip samples respectively.

Quality control measures used in sampling and assaying are standard and include the use new cloth, plastic, or paper sample bags of appropriate size, removal of all jewelry by samplers, chip sampling directly from the rock face into the sample bag, and half-hitch knotting of the bag to prevent spillage during transport. Iron gold pans are oxidized prior to use. Sample data including GPS location and assay returns are recorded on Goldex sample tags and on maps. Company personnel under the qualified person’s supervision transport samples from the property to the company office and finally to Inspectorate Laboratory’s Guatemala sample preparation facility. Inspectorate internally ships pulps to their Sparks Nevada laboratory for analysis. BLEG samples and panned concentrates are shipped directly by air to ALS Chemex’s Reno, Nevada laboratory.

Goldex’s 100% 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

The TSX Venture Exchange has neither approved nor disapproved the contents hereof.