GFM Signs Formal Option Agreement With Geologix For La Casita Property

GFM Resources Limited (NEX:GFM.H) ("GFM" or "the Company") is pleased to
announce that, further to a Letter of Intent announced in January of 2008, a
formal agreement to option its 1,472 hectare La Casita property - Los Arados
claim group to Geologix Explorations Inc. (TSX VENTURE:GIX) ("Geologix") has
been executed.


"The signing of this agreement is a major milestone for the Company", said Mr.
Roman Friedrich, GFM's President and CEO. "Bringing a partner such as Geologix
adds considerable value to the Company's strategy of acquiring properties in
Mexico which are worthy of advanced exploration spending and potential
development by either GFM or joint venture partners. We look forward to further
growth in our exploration portfolio through our continuing affiliation with our
major Mexican shareholder."


The Property

The property is located in central Durango State, 40 kilometres (km) north of
Geologix's San Agustin project and 5.5 km southwest of the town of Rodeo in
Durango, Mexico.


Information compiled by Geologix for La Casita shows gold mineralization in the
1 gram per ton (g/t) gold range occurs sporadically in an area roughly 2 km long
by 1.25 km wide within Tertiary felsic volcanic and subvolcanic units that
contain stockwork quartz veinlets and disseminated pyrite. The highest gold
values are associated with stockwork quartz veinlets in rhyolitic volcanics and
tuffs as well as in rhyolite dikes.


Based on Geologix's and GFM's sampling, numerous untested drill targets exist in
areas of shallow alluvium and post-mineral cover. These, and other prospective
targets, will be tested during an initial drilling program subsequent to
completion of geological mapping, sampling, and geophysics.


Geologix has advised that its rock-chip sampling on the claim group has returned
assays up to 1.84 g/t gold and 247 g/t silver in silicified stockwork and
breccia zones hosted in subvolcanic rhyolites found on the property. Colluvium
and post mineral volcanics commonly mantle the gold-bearing rhyolites at La
Casita-Los Arados, especially along the northeast flank of a prominent peak on
the property called Cerro Colorado. In that zone, scattered rhyolite outcrops
have returned assays of more than 1 g/t gold along a northwest trending corridor
for at least 950 metres. A similar corridor of gold mineralization occurs a
kilometre southeast of Cerro Colorado and trends east northeast along the south
flank of a rhyolite ridge called Cerra La Amarilla. That zone is at least 1000
metres long.


The Agreement

In order to acquire a 60% interest in La Casita, Geologix will:

1. Pay GFM the sum of US $650,000 in cash over a period of up to four years as
follows:




a. On signature of a definitive agreement              US $50,000   (paid)
b. On or before the first anniversary thereof          US $100,000
c. On or before the second anniversary thereof         US $125,000
d. On or before the third anniversary thereof          US $150,000
e. On or before the fourth anniversary thereof         US $225,000
Total                                                  US $650,000



2. Fund 100% of an exploration program totalling US $1,875,000, as follows:



a. On or before the first anniversary                  US $125,000
b. On or before the second anniversary                 US $250,000
c. On or before the third anniversary                  US $500,000
d. On or before the fourth anniversary                 US $1,000,000
Total                                                  US $1,875,000



Geologix will maintain the mineral concessions in good standing over the term of
the option, and will have the right to accelerate the schedule of payments and
work expenditures to earn its 60% interest.


Once Geologix has earned its 60% interest in La Casita, a joint venture between
Geologix and GFM will be formed. The Operator will be Geologix. The Operator
over the following three years must propose a minimum annual US $625,000 joint
venture budget to remain as operator. The joint venture committee may decide to
spend less over the period. Both parties may elect to contribute to the proposed
budget or have their interest diluted.


A feasibility study may be proposed by the Operator, or by the other party if
the Operator fails to do so, within three months of the end of the three-year
joint venture period. If one of the parties elects not to participate in the
funding of the feasibility study, the other party will earn an additional 11%
interest in the joint venture by the completion of a positive feasibility study.
If the feasibility study recommends taking the property into production and one
of the parties does not elect to participate, the other party will earn a
further 9% interest.


About GFM

GFM Resources Limited is a Canadian public company engaged in the business of
mineral exploration in Mexico; its shares are listed on the NEX Board of the TSX
Venture Exchange under the symbol GFM.H. The Company's majority shareholder is
Compania Minera Autlan S.A.B. de C.V., a company listed on the Mexico City stock
exchange and active in manganese and ferroalloy operations in Mexico, in turn
controlled by Grupo Ferrominero, S.A. de C.V., a private Mexican holding company
that also controls other companies in domains such as electronics and investment
banking. For more information please visit www.gfm-resources.com.


About Geologix

Geologix Explorations Inc. is a mineral exploration company focused on
acquiring, exploring and developing gold properties in North and South America.
The Company has a wealth of experience in the mining industry taking early stage
exploration prospectus to final feasibility and ultimately to production.
GFM Resources (TSXV:GFM.H)
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