NGeX Resources awarded major Potash project ngq.v, tnr.v, lun.to, czx.v, pot, bhp, rm.v, lmr.v, sqm, fmc, roc, li.v, ore.ax, lit, tck, rtp, vale

   Now we have an idea why Lukas Lundin was buying his  own "Global Exploration Vehicle" stock in the market recently - NGeX Resources added to its Gold, Silver and copper properties Potash in Erirea.

"Lukas will be again in a very favorable position after these very tough few years for the company. He can and should use his currency - shares in the company above CAD10.0 to buy another companies with sizable projects at still undervalued valuations among juniors. He should definitely, in our opinion, to study well opportunities for acquisition in CIBC report. His another company - NGeX Resources is a part of that M&A list with its properties in Argentina, Chile, Africa and Canada is moving up nicely in price these days as well.TNR Gold has a few J/V projects with NGeX Resources in Argentina. Lukas Lundin was buying recently NGeX Resources in the market."

"NGeX Resources - Another of our Summer Picks is wakening up now. Lukas Lundin's Global exploration Play NGeX Resources is finally making some progress in the market place and stock is ready to follow. The recent J/V deal with Teck Resources gave the share price a nice boost of confidence, but stock is still only a shadow of what it once was, with the portfolio of properties and very high expectations in Suramina Resources, Canadian Gold Hunter and Sanu Resources, which were all combined to constitute NGeX Resources.           

  NGeX resources has a number of J/V projects with our another Top Pick - TNR Gold, which is spiced by Lithium and REE in plus to its Gold and Copper projects. It is a very small world of quality names in resource exploration and development companies and Lukas Lundin is involved in our Chinese M&A story in Canada as well: Lundin Mining has a position in Canada Zinc Metals.

  The major asset in all Lundin companies is Mr Lukas Lundin himself and we think that this company now lacks his determination and charisma - recent CEO is not even close to what shareholders were taking for granted with Lukas. The company is very shy now of any promotion or even telling its story properly to the market place.

  With all that said, it could be the best buying opportunity again: the stock is under the radar screens at the moment. Recent drill results are coming from getting hot Eritrea in Africa. You can see the core pictures here. Lukas was always famous in trading political risk for exploration one. Eritrea had its own bad moment after the crisis with UN sanctions and lack of political stability, but Nevsun Resources is making its way with mine development now and all other juniors involved in that country seems to be following moving to the upside:"

NGeX presentation.


NGeX Resources awarded major Potash project.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 6, 2010) - NGEx Resources Inc. (TSX:NGQ) ("NGEx" or the "Company") is pleased to announce that it has been granted the Bada Potash Exploration License located in the Danakil Depression in Eritrea. This large license, encompassing over 431 square kilometers, is located 30 kilometres inland from the Red sea port of Mersa Fatma and 150 kilometres southeast of the capital city of Asmara. To view the attached map, please click here: http://media3.marketwire.com/docs/NGQ1206m.pdf.

The Bada license is situated within the northern portion of an evaporite basin extending southward into Ethiopia, where exploration in the 1960's resulted in the discovery of the large Crescent and Musley potash and sylvite deposits. Allana Resources Inc. have been drilling an area north of the Musley deposit and have reported an inferred resource of 105.2Mt grading approximately 20.8% KCl (sylvite and kainite) (Allana press release dated September 17, 2008). BHP-Billiton and Sainik Coal Mining, a leading Indian coal mining company have large exploration licenses in the Ethiopian portion of the basin south of the Crescent and Musley deposits. In the Eritrean part of the basin, South Boulder Mines Ltd. have announced the discovery of shallow potash mineralization near the village of Colluli in Eritrea, 20 kilometres north of Musley and 30 kilometres southeast of Bada. South Boulder reports shallow potash-bearing horizons up to 19.7 metres thick averaging 20% to 25% KCl (see South Boulder Mines press release dated October 18, 2010). South Boulder have announced plans for a pre-feasibility scoping study for low-cost open-pit mining at Colluli. 

The Danikil Depression is known to continue northeast from Colluli and is believed to have potential for potash-bearing beds on the Bada license. However, only very limited historical exploration work has been done in the license area to date. Initial reconnaissance at Bada by NGEX found extensive shallow alluvium cover, young volcanic rocks or recent marine evaporites, with potential for potash-bearing rocks under much of the license area. 

Exploration of the license will start in January, 2011. The initial phase will be to confirm the evaporite sequence and then to drill test the shallower portions of the basin for potash mineralization.

The Bada license area offers several significant advantages for any future operations. The area has easy access to the port of Mersa Fatma to the northeast, alluvial fans on the southeast side of the depression could be a viable source of fresh process-water, and the shallow nature of the mineralization found to the south at Colluli suggests the feasibility of low-cost open pit mining. NGEX's Eritrean subsidiaries, have a 12 year operating history the country and a strong technical and support team.

Wojtek Wodzicki, President and CEO of the Company, commented, "We believe that there is potential for a significant potash discovery on the Bada license and we are excited about starting work on this new and unexplored portion of a major, world-class potash basin."

Dr. Demetrius Pohl, a Qualified Person as defined by National Instrument 43-101 has reviewed and verified the technical information contained in this news release.

On behalf of the Board,

Dr. Wojtek Wodzicki, President and CEO

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