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Expert Analysis

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lmcat   Saturday, 10/29/11 09:06:01 PM
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Expert Analysis

Philip Ker, Union Securities (10/27/11) "Geologix Explorations Inc. reported positive drill results on 20 holes from its current 30,000m drill program at Tepal. . .the highlight hole, TEP-11-012, intersected 279.45m of 0.54 g/t Au, 0.26% Cu, which included 102.45m of 0.86 g/t and 0.38% Cu. These grades are approximately double the average used for this zone within the company's April 2011 NI 43-101 resource estimate and, coupled with tighter drill spacing, should significantly add to the deposit's resources and upgrade resources from the Inferred to Indicated category. . .we are anticipating further success through the drill bit and we reiterate our Strong Buy and $1.25 target."

Lawrence Roulston, Resource Opportunities (10/14/11) "Geologix Explorations Inc. released a preliminary economic assessment (PEA) on Tepal earlier this year anticipating a mine that would produce 64 Koz gold and 31 Mlb copper annually for the first nine years of the project life. . .a prefeasibility study is presently underway, looking at 50% higher throughput. That study should generate substantially improved economics compared to the previous study. Drilling is also underway on the company's second Mexican project, Libertad. Earlier drilling produced encouraging results. . .the combined grades of gold and copper make it an attractive project, even using low long-term metal prices. Investors may be locked into the PEA figures, but it is important to recognize that there is still considerable scope to grow the project and the 50% scale-up in the production level contemplated in the prefeasibility study offers considerable scope to add further value."

Tim Lee, Northland Capital Partners (9/16/11) "Geologix Exploration Inc.'s Tepal project has relatively good infrastructure, favorable metallurgy and it is located in a mining-friendly jurisdiction. . . .the company's management team has extensive experience in exploration, development and mine construction and has a plan to rapidly advance Tepal to production. As the project is derisked, Geologix should be poised to get a positive rerating. . .we expect construction to commence in early 2013 with production from heap leach processing beginning in 2014 and sulphide processing coming into the mine plan in 2015."

Lawrence Roulston, Resource Opportunities (8/26/11) "Geologix Explorations Inc. has seven drill rigs at work on its Tepal gold-copper project in Mexico. The drilling is expanding and upgrading the present resource and also testing new targets with potential to add further resources. . .the gold plus copper, along with important credits of silver and molybdenum add up to an attractive grade, as demonstrated by the results of the preliminary economic assessment. The company is trading at a big discount to the present resource, with considerable potential to add further value through the ongoing exploration efforts."

Catherine Gignac, Northland Capital Partners (8/2/11) "Geologix Explorations Inc. was added to our coverage universe last week with a $1.15/share price target and Sector Outperform rating; we consider the company undervalued based on the development potential of its Tepal copper-gold project in Michoacán state, Mexico. Tepal has several advantages: Good access to infrastructure, a low strip ratio, favorable metallurgy and its location in a mining-friendly jurisdiction. . .the management team includes experienced mine builders and geologists who have been involved in the discovery, development and construction of several mining projects."



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