Geologix Sells Non-Core Assets to Argonaut Gold Inc. Geologix Sells Non-Core Assets to Argonaut Gold Inc. VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 27, 2014) - Geologix Explorations Inc. (TSX:GIX)(FRANKFURT:GF6)(BERLIN:GF6)(STUT:GF6)(MUN:GF6) ("Geologix," the "Company") is pleased to announce the sale of the Company's Nuestra Senora del Carmen II Property to Argonaut Gold Inc. (TSX:AG) ("Argonaut"). Geologix has also executed an assignment to sell Argonaut its Consejo 1 Property. Both properties are located in Mexico. In exchange for these two properties, Argonaut will provide Geologix with total compensation of $600,000 USD. Argonaut has paid $300,000 USD for both the title transfer of the Nuestra Senora del Carmen II property and for signing a binding assignment to transfer title of the Consejo 1 Property. Argonaut will pay an additional $300,000 to Geologix immediately following the registration of the Consejo 1 Property's title in Geologix's name by the Mexican Public Registry of Mining, as well as the subsequent transfer to Argonaut. The registration process has been completed and is expected to be formalised by the Public Registry in the near future. In the interim, Argonaut may access the Consejo 1 Property for exploration and development purposes. "We are pleased to divest of these non-core assets, which have been in Geologix's inventory for more than five years," stated Dunham Craig, the Company's President and Chief Executive Officer. "We continue to focus on advancing our recently permitted and promising Tepal Project towards production. The sale of these assets will allow us to remain patient as we search for a financing arrangement that supports that larger objective." On behalf of the Board of Directors, Dunham Craig, President & CEO