Goldex Resources Gains Permit Approval for Drill Program at El Arco, Mexico

Last Update: 11/23/2011 9:31:28 AM

VANCOUVER, BRITISH COLUMBIA, Nov 23, 2011 (MARKETWIRE via COMTEX) -- Goldex Resources Corporation (GDX) ("Goldex" or the "Company") today reported receipt of permit approval for a 15,000m, 50 hole drill program consisting of both Core and RC drilling.

Management issued a press release in July of 2011 announcing a phase one 4000m RC drill program at EL Arco as permits were initially thought to be in hand. After a company led review of the process the company discovered that an environmental permit would be required from the relevant governmental agency, SEMARNAT. The application was filed in September and after a site visit by SEMARNAT on the 22nd of October and the subsequent processing period authorities in Mexico granted the requisite permits which pave the way to a commencement of drill operations at EL Arco.

In the meantime company management has been in constant contact with prospective drill companies with the intention of signing a contract as soon as permit approval was granted. As such a drill contract and the subsequent commencement of activities at EL Arco are expected to be announced shortly.

"We can now look forward to the commencement of our planned drill program. We intend to push forward with our exploration of El Arco and uncover the value of this exciting target", stated Goldex President Chuck Ross.

The EL Arco property is located in the Mexican State of Durango which is host to a number of illustrious neighbors and mines including Great Panther Silver, with its 'Topia' Property and Fresnillo PLC's 'La Cienega' mine, previously one of the largest producing gold mines in Mexico. Goldex VP of exploration, Larry Kornze, formally the regional manager of Mexico and Central America for Barrick Gold has called EL Arco "The best undrilled property in the America's" and was part of the geology team responsible for the planning of the upcoming drill program.

CHARLES ROSS, President