Zedex Minerals Ltd (ASX:ZDX) Bau Gold Project Targets 4.6 To 5.8 Million Ounces Of Gold

Auckland, Oct 23, 2008 AEST (ABN Newswire) - Zedex Minerals Ltd (ASX:ZDX) is pleased to announce that a recent independent consultant report on the mineralization potential of the Bau Gold Project has prioritised a number of prospective mineralization zones beyond the 1.304M oz gold JORC resource that was announced on 05 August 2008 (see table below).

Although insufficient exploration of these zones has yet been completed to allow a JORC status resource to be estimated, the zone dimensions and grade ranges reported from outcrop sampling and historic drilling suggest geological target for an additional 20 - 25 Mt @ 1.20 - 1.50 g/t Au for 0.8 - 1.2 M oz Au in the Sirenggok porphyry gold deposit, plus 13 - 15Mt @ 6.0 - 7.0 g/t Au for 2.5 to 3.3M oz Au within nearby vein and vein-breccia zones.

This mineralization target is additional to the JORC resource that was announced in August. The independent report was prepared by consulting geologist Murray Stevens (of New Zealand) and is based on extensive field work and his comprehensive review of the project geology, structure, historic mining records, geochemical, geophysical and drilling data.

A large volume of historic auriferous mine tailings held under an existing Mining Certificate is also currently being grid auger sampled on 25m grid spacing to confirm the historically recorded tonnage and determine the average gold grade of the tailings. It is anticipated that the completion of this work, coupled with continuing improvement in the validation and definition of mineralization within known deposits will allow a significant increase in the Bau Project JORC resource to be announced during November.

During 2009, Zedex aims to examine the feasibility of generating early cash flow from certain zones that are considered amenable to low-capex development. Another prime 2009 objective will be to substantially increase the Bau Project JORC resource through advanced exploration of known deposits and by capitalizing additional potential within the auriferous tailings and mineralization zones specified in the Stevens report.

The 2009 drilling programme will additionally include provision for large diameter (PQ) diamond drilling, designed to extract representative mineralization samples for definitive metallurgical test-work.

Diamond drilling (by external contractors) has now been concluded for 2008, and is scheduled to resume early in 2009. Since January 2008, 4,487.75 metres of diamond drilling have been completed in 37 multi-purpose drill holes, including: "scout" holes (to test newly identified zones), "step-out" holes (to test open-ended extensions of known deposits) and "in-fill" holes (to check historic assay results and allow upgrade of historic resources to JORC status).

Resource drilling during 2008 has been focused within and around three deposits (Jugan, Pejiru and Sirenggok), for which previously announced JORC resources are shown (by Sector) in the following table:

BAU GOLD PROJECT JORC STATUS RESOURCES (as at 10/10/08)

-------------------------------------------------------SECTOR           Tonnes  Grade  Cutoff  Category   Gold                  (Mt) (g/t Au) (g/t Au)           (oz)-------------------------------------------------------Sirenggok         7.185   1.23   0.75  Inferred  284,000-------------------------------------------------------Pejiru            8.576   2.24   1.00  Inferred  497,000-------------------------------------------------------Jugan (above RL -110m)  7.724   1.68   1.00  Indicated 417,000-------------------------------------------------------Jugan (RL-110 to -200m) 2.367   1.39   1.00  Inferred  106,000-------------------------------------------------------                                        Total: 1,304,000-------------------------------------------------------

Ongoing Bau project work during the balance of 2008 includes diamond drilling (using a small, company-owned rig), geological mapping, surface channel sampling, resource modeling, metallurgical studies and conceptual mining studies.

Background

The Bau Gold Project in Sarawak, East Malaysia comprises consolidated Mining and Exploration tenements that collectively cover 828 km2 of the most highly-prospective ground within the Bau Goldfield. Operating intermittently since 1864, the Bau goldfield has recorded 1.5 million oz gold production, estimated historic production of more than 3.0 million oz. Zedex holds majority interest and is operator of the Bau Gold Project Joint Venture.

Beyond the Bau Gold Project, the Joint Venture also holds a number of regional exploration tenements, covering 1,236.38 km2 of highly prospective, but relatively unexplored terrain in Sarawak. Exploration of these regional tenements is currently in progress.

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