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Press release from Marketwire

Geologix Closes Public Offering for Gross Proceeds of $23,000,736 Including Exercise in Full of Underwriters' Over-Allotment Option

Tuesday, March 01, 2011

Geologix Closes Public Offering for Gross Proceeds of $23,000,736 Including Exercise in Full of Underwriters' Over-Allotment Option11:04 EST Tuesday, March 01, 2011VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2011) -THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIESGeologix Explorations Inc. ("Geologix" or the "Company") (TSX:GIX)(FRANKFURT:GF6)(BERLIN:GF6)(STUTTGART:GF6)(MUNICH:GF6) is pleased to announce it has completed a bought deal offering of 34,849,600 common shares of the Company ("Common Shares") including an additional 4,545,600 Common Shares (the "Offering") pursuant to the exercise of an over-allotment option for aggregate gross proceeds of $23,000,736. The Common Shares were sold at a price of $0.66 per share.The Common Shares were sold pursuant to an underwriting agreement with a syndicate of underwriters co-led by Wellington West Capital Markets Inc. and Raymond James Ltd. and including NCP Northland Capital Partners Inc., Canaccord Genuity Corp. and Mackie Research Capital Corporation (collectively, the "Underwriters"). On February 24, 2011, the Underwriters exercised in full an over-allotment option for an additional 4,545,600 Common Shares granted by the Company pursuant to the Underwriting Agreement in connection with the Offering.The net proceeds of the Offering will be used towards the Company's Tepal property in Michoacan, Mexico, Libertad property in Sonora State, Mexico and general working capital purposes.Geologix Explorations Inc. is a mineral exploration company focused on acquiring, exploring and developing mineral properties in North and South America.ON BEHALF OF THE BOARD OF DIRECTORSDunham L. Craig, President and CEOTHIS PRESS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBE HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.FOR FURTHER INFORMATION PLEASE CONTACT: Jeffrey Wilson, V.P. Corporate CommunicationsGeologix Explorations Inc.(604) 694-1742Toll Free in Canada & USA: 1 (888) 694-1742jwilson@geologix.caORDunham CraigGeologix Explorations Inc.President & CEO(604) 694-1742dcraig@geologix.cawww.geologix.caThe Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.