VANCOUVER - Geodex Minerals Ltd. (TSXV:GXM) is set to earn a 70 per cent interest in the Sisson Brook tungsten-molybdenum-copper deposit north of Fredericton after a study concluded an open-pit mine would be a profitable and viable financial investment.

The report was completed by Wardrop Engineering Inc. in Vancouver and a pre-feasibility assessment is to be completed by the summer of 2008, Geodex said Friday.

Shares in Geodex, which had been halted on the TSX Venture Exchange, were up five cent, or 4. 3 per cent, at $1.22 after a trading halt.

The study was based on the southern half of the Sisson Brook deposit, referred to as Zone 3, which was partly drilled by Texasgulf/Kidd Creek Mines from 1979 to 1982.

"Wardrop concludes that, based on the parameters assumed in this preliminary economic assessment, an open-pit mine operating at 20,000 tonnes per day would be profitable and a viable financial investment," Geodex said. "The results are significantly robust to justify proceeding with studies at the preliminary feasibility level, the next stage of development."

Geodex is proceeding to earn a 70 per cent stake under the terms of an agreement dated Oct. 25, 2004, with Champlain Resources Inc., a private Nova Scotia-based company.

Geodex expects to be vested in December 2007, reflecting expenditure of a $2-million work commitment.