Intercontinental Gold and Metals Ltd V.ICAU.H

News - not that it will help

[broacher]

Here's some news from today but in this market it won't matter. I can't even look at my portfolio with out screaming. After the last two weeks, my rrsp's have taken such a beating, I'll be working until I'm 80. https://www.stockhouse.ca/pfolio_v2.asp?page=displaynews&portid=125&viewid=1&newsid=4577079&symbol=V.GXM&fromalert=1 Geodex reports acquisition of two new prospects near Sisson Brook, New Brunswick, and update on the property drilling program VANCOUVER, Aug. 9, 2007 (Canada NewsWire via COMTEX News Network) -- Trading Symbol : GXM Frankfurt : G2W Geodex Minerals Ltd. (TSX-V: GXM) The Hayden Brook property ("the property") is the subject of an Option Agreement recently concluded with SLAM Exploration Ltd. ('SLAM'), Miramichi, New Brunswick. This 75 claim property lies 15 km northeast of Napadogan on Provincial Highway 107 which crosses the northern part of the Sisson Brook claim block. The Hayden Brook property covers six historical occurrences, one of which (URN 1153) was grab sampled by SLAM prospectors, returning significant assays in zinc (up to 4.54%), lead, copper, indium (up to 52.7 ppm) and silver (up to 240 g/tonne). Earlier survey and trenching work was carried out by the Miramichi Lumber Company, culminating in five drill holes in 1977. Two soil grids on the property recently returned anomalous values. Prospecting by SLAM in 2006 discovered angular boulders over a 900 m strike length with assays in mineralized breccia boulders running up to 0.5% copper, 6.2% lead, 1.8% zinc and 96.2 g/tonne silver. To earn a 50% interest in the property, Geodex has agreed to make cash payments to SLAM totaling $80,000 and complete exploration expenditures totaling $600,000 over a three year period. The company can increase this interest to 70% by spending an additional $1M no later than September 30, 2012. A 2% NSR on gold/silver and a 1% NSR on all other metals, with a buyback provision in place, are retained by Merton Stewart, the underlying property vendor. The Turnbull Mountain property, located 4 km north of Napadogan was recently staked by Geodex (52 claims) to cover an area of widespread anomalous molybdenum in soils found during 1976-1979 property work by the Miramachi Lumber Co. The molybdenum potential of Turnbull Mountain has been largely ignored due to a previous emphasis on base metal exploration. However, based on about 1,800 soil samples, anomalous molybdenum values up to 165 ppm are scattered over a zone approximately 4,000m long by 1,500m wide. This zone contains two discrete soil anomalies (molybdenum (greater than or equal to) 20 ppm) measuring about 1,000m by 700m, and, 2,000m long by up to 500m wide. The latter anomaly has associated anomalous copper and tungsten values. On the Sisson Brook project itself, three drills were employed through July, extending and connecting the resource which was announced this spring. By the end of July, a total of 11,240 m had been drilled from an estimated 20,000 m program. As announced in the News Release of July 19, 2007, the three rigs are systematically defining Zone III on intermediate lines, exploring the 'gap' area north of Zone III and testing the more copper-rich Zones I and II in the same area. Assays are already being returned and forwarded to Mercator Geological Services Limited for updating of the block model. The overall intent in 2007 is to increase grades significantly within the same tonnage framework. Three deep holes are planned at the end of the program to assess extensions of the mineralization to about the 400 m depth level. The first stages of engineering work are now underway. Coordinated by Wardrop Engineering, the program involves environmental testing (Rescan Environmental Services), geotechnical work (Golder Associates) and metallurgical testwork (SGS Mineral Services). The Scoping Study, planned for completion in late September, is in progress at this time. Regarding its many prospects around the former Mount Pleasant mine in southwestern New Brunswick (Mount Pleasant West Project), the company is pleased to report that a drill has been moved south this week and will commence 'scout' drilling on the MacDougall target, a 1.0 km long, zinc and indium-rich soil anomaly with closely related silver-bearing mineralized float. After initial assessment, it will move to the Foster lake property, 30 km west of the former mine, to 'scout' test an anomalous belt of high tungsten in soils confirming a northeasterly trend of mineralized float and earlier regional till anomalies. The second drill will be moved south from Sisson Brook in early September. It will continue testing the Pughole-Whopper zone, immediately adjacent to the former mine, which was drilled last winter. A recent trench is being assessed and a drill pattern established to continue testing of this zinc and indium-bearing discovery, which has similarities to the upper levels of the nearby Mount Pleasant mine. Jack Marr, M.Sc., P.Geo., is the in-house QP for this project. Forward Looking Statement ------------------------- Certain information regarding the Company contained in this press release may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, opinions, forecasts, projections or other statements that are not statements of fact. Although the Company believes that expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees. On Behalf of the Board of Directors ----------------------------------- GEODEX MINERALS LTD. 'Jack M. Maris' Jack M. Maris, President The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. SOURCE: GEODEX MINERALS LTD. Christopher R. Anderson, V.P Business Development, [phone], Toll free1-888-999-3500, [e-mail]; Visit our website at www.geodexminerals.com;Renmark Financial Communications Inc.: Neil Murray-Lyon:[e-mail]; Christine Stewart: [e-mail],[phone], Fax: [phone], www.renmarkfinancial.com Copyright (C) 2007 CNW Group. All rights reserved.