Guatemala

[Ed Monton]

Goldex Trenching Encounters 1.2 Meters of 65 Grams
Au/mt Along 25 Meters of Strike

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 27, 2004) - The
Goldex's 100% owned 126 km2 Cerro/El Pato property is located
approximately 110 km east of Guatemala City and is accessible by paved
highway. In addition, well-maintained secondary roads facilitate access
on the property. Power lines cross the property and there exists a
readily available supply of local labour.

The exploration program currently underway at El Pato consists of
trenching along the 2.5 kilometer long vein system to link gold
mineralized sections of vein and connect existing exposures of quartz
veining and mineralization.

Current trenching over 100 meters of strike on the new "Shak" vein,
trenching and sampling encountered 3 meters of 52.4 gpt Au, a 25 meter
length averaging 1.2 meters of 65.0 gpt Au, and 0.8 meter of 8.6 gpt Au
in three separate trenches. The new vein lies in the Footwall of the
main El Pato vein on Cerritos Hill and suggests previous drilling
stopped just short of "Shak" vein mineralization. The footwall vein has
the potential to significantly increase the number of ounces on the El
Pato property. More results will be released over the near term. The
Company is currently planning a diamond drill program to test the above
and additional targets.

Results also show other veins that carry grade elsewhere on the El Pato
project concessions. These include 8 assays with values from 3.0 - 10.2
gpt Au. Of particular interest are assays from the extension of Trench
T-42 that yielded 0.6 meter of 30.6 gpt Au.

Results are tabulated below:

 
  
 --------------------------------------------------------------------- 
                 #                                            Au    Ag 
 Location  Samples    Type    Spacing Density     Width      gpt   gpt 
 --------------------------------------------------------------------- 
                                                             FA/   AA/ 
                                                            Grav   AQR 
 --------------------------------------------------------------------- 
 Trench 1A  3.0 meters of 52.4 grams Au/mt along 6.0 meter strike 
 --------------------------------------------------------------------- 
                     Chip- 
                 3 channel Continuous    Line     3.0 m     52.4 
 --------------------------------------------------------------------- 
             60000       "          "       "       1.7     52.3  18.3 
 --------------------------------------------------------------------- 
             60001       "          "       "       1.3     52.6  20.4 
 --------------------------------------------------------------------- 
             60002       "          "       "       1.3     56.4  15.4 
 --------------------------------------------------------------------- 
  
 --------------------------------------------------------------------- 
 Trench 1B  1.2 meters of 65 grams Au/mt along 25 meters of strike 
 --------------------------------------------------------------------- 
                     Chip-                5 m 
                 5 channel   Parallel centers     1.2 m     65.0 
 --------------------------------------------------------------------- 
             60007       "          "       "       1.4     54.4  14.1 
 --------------------------------------------------------------------- 
             60008       "          "       "       1.2     99.8  18.6 
 --------------------------------------------------------------------- 
             60009       "          "       "       1.2     41.4   6.7 
 --------------------------------------------------------------------- 
             60025       "          "       "       0.7     80.3  16.2 
 --------------------------------------------------------------------- 
  
 --------------------------------------------------------------------- 
 Trench 1D  0.8 meters width of 8.6 grams Au/mt 
 --------------------------------------------------------------------- 
                     Chip-                2 m 
                 2 channel   Parallel centers     0.8 m      8.6 
 --------------------------------------------------------------------- 
             60029                                  0.7      7.9   3.3 
 --------------------------------------------------------------------- 
             60030                                  0.8      8.6   3.5 
 --------------------------------------------------------------------- 
  
 --------------------------------------------------------------------- 
 Trench 42  0.6 meters width of 30.7 grams Au/mt 
 --------------------------------------------------------------------- 
                     Chip-                1 m 
                 2 channel   Parallel centers     0.6 m     30.7 
 --------------------------------------------------------------------- 
             60010                                  0.5     45.9  32.2 
 --------------------------------------------------------------------- 
             60011                                  0.7     19.9  12.7 
 --------------------------------------------------------------------- 
  
 

.............



Quality control measures used in sampling and assaying are standard, the
use of new 8x11" sample bags, 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. Company
personnel under the qualified person's supervision transported samples
from the property to the company office and finally to Inspectorate
Laboratory's Guatemala sample preparation facility. Inspectorate
internally shipped pulps to their Sparks Nevada laboratory for analysis.

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.

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
GOLDEX Resources, Inc.
Jay Friesen
Corporate Communications
[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.goldex.ca
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