NEWS RELEASE July 8, 2008
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR DISSEMINATION IN THE UNITED STATES
Geoinformatics Completes First Drill Hole at Whistler in 2008 Program
Toronto, Ontario ? Geoinformatics Exploration Inc. (TSX-V: GXL) (?Geoinformatics? or the ?Company?) is pleased to announce that it has begun its 2008 exploration program on the Whistler Project in southern Alaska and has completed the first drill hole of the campaign.
Focus on Near-Whistler Zone Targets
The initial phase of the 2008 Whistler Project drill program is focusing on targets in near proximity to the Whistler Zone, which hosts an initial independent National Instrument 43-101 (?NI 43-101?) compliant mineral resource announced in January 2008. The resource estimate established an Indicated mineral resource of 840,000 ounces of gold and an additional Inferred mineral resource of 2.74 million ounces of gold. Significant copper and silver mineralization increases the NI 43-101 gold-equivalent resource to 1.31 million ounces in the Indicated category and 4.44 million ounces in the Inferred category.
First Target: Rainmaker
The first hole completed on the Whistler Project in 2008 is on the Rainmaker Target (?Rainmaker?), which is located in a valley approximately two km. east-southeast of the Whistler Zone. The inclined hole (RM-08-01) was drilled from northeast to southwest and is intended to correlate with a prior hole drilled vertically by Kennecott Exploration Company (?Kennecott?) in 2005, which recorded 184 metres of mineralization from 5.7 metres down-hole grading 0.44 grams per tonne (g/t) gold and 0.16% copper.
Satisfaction of Whistler Project Acquisition Terms
The 2008 Whistler exploration program has been approved by Kennecott and, when completed, will satisfy the requirements for Geoinformatics to earn a 100% interest in the Whistler Project pursuant to the terms of the June 2008 Whistler Project offer letter from Kennecott.
2008 Exploration Program
During the 2008 season, Geoinformatics intends to drill test as many regional targets as possible and has contracted one drill rig for the summer field season. In addition, Geoinformatics will test the northern extensions of the Whistler Zone and follow up on the high-grade breccia intersected in 2007 in hole WH-07-02. As announced on June 11, 2008, Geoinformatics is seeking additional financing which would allow it to contract a second drill rig and possibly acquire a small portable shallow drill rig. The targets expected to be drilled in 2008 were largely identified or refined in regional exploration targeting conducted in early 2008 and announced in a press release in February 2008.
The Whistler Project
The Whistler Project is located approximately 160 km. northwest of Anchorage, Alaska, and is one of the largest contiguous mineral claim blocks held by a single company in Alaska, outside of existing mines and mine development projects.
The Indicated resource consists of 30 million tonnes grading 0.87 g/t gold, 2.46 g/t silver and 0.24% copper and the Inferred resource consists of 134 million tonnes grading 0.64 g/t gold, 2.18 g/t silver and 0.20% copper. In addition, there is considerable mineralization in the Whistler Zone that has been identified by drilling and reported in the 43-101 resource technical report filed on SEDAR (www.sedar.com), but has not yet been categorized as a mineral resource.
The Whistler Zone is just one of a cluster of targets and prospects within the 440 sq. km. block of 732 State of Alaska mining claims that make up the Whistler Project. Most of these targets are covered by shallow alluvial sediments and do not have the significant outcrop of the Whistler Zone, but do have comparable geophysical, geological or geochemical signatures.
Kennecott - Geoinformatics Alliance Agreement
The Whistler Project was conveyed to Geoinformatics under the target-of-merit provisions of the Kennecott-Geoinformatics Master Strategic Alliance Agreement (the ?Alliance Agreement?) in June 2007, and all Whistler targets and prospects mentioned in this press release fall under it. The Company entered into the Alliance Agreement effective March 2006, under which it has been using its proprietary geo-science and technology platform (the ?Geoinformatics Process?) to identify, prioritize and drill more than 30 exploration drill targets over the initial two years of the Agreement. Kennecott retains a back-in right to acquire either a 51% or 60% interest in the Whistler Project and all other projects subject to the Alliance Agreement, which is exercisable under certain circumstances. Please refer to Geoinformatics? press-release dated August 14, 2006, for further information.
Qualified Person
The technical content of this release has been compiled by Darren Holden, MAusIMM, Executive, Vice President - Operations of Geoinformatics, and is based in part on historic information obtained from Kennecott. Mr. Holden is a Qualified Person as defined under NI 43-101 guidelines.
About Geoinformatics
Geoinformatics is a North American-focused minerals exploration company which has developed a unique approach to exploration applying innovative and proprietary technology.
In addition to the Whistler Project, Geoinformatics is also actively exploring several advanced projects located in Sinaloa and Sonora (Mexico), Utah, the Cortez Trend region of Nevada, and British Columbia. Geoinformatics also has an extensive portfolio of other direct and indirect property interests, joint ventures, and royalties covering a wide range of minerals in Mexico, Australia, New Zealand and North America.
For Further Information Please Contact:
Mr. Kevin L. Snook Mr. Darren Holden
Chairman Executive Vice President - Operations
Tel: 416-861-1300 x226 Tel: 604-605-3073 x101
Email: kevins@geoinformex.com Email: darrenh@geoinformex.com
Geoinformatics Exploration Inc. Geoinformatics Exploration Inc.
330 Bay Street, Suite 1109 700 West Pender Street, Suite 304
Toronto, Ontario M5H 2S8 Vancouver, British Columbia V6C 1G8
www.geoinformex.com
This news release includes certain forward-looking statements concerning the future performance of Geoinformatics? business, operations and financial performance and condition, as well as management?s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as ?may?, ?will?, ?plan?, ?expect?, ?anticipate?, ?estimate?, ?intend? and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in Geoinformatics? securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.