Geoinformatics closes short-term bridge loan with Geologic Resource Partners

TSX-V: GXL

TORONTO, Oct. 9 /CNW/ - Geoinformatics Exploration Inc. (TSX-V: GXL.V) ("Geoinformatics" or the "Company") is pleased to announce that it has satisfied all of the conditions under its previously announced $5.5 million short-term bridge loan (the "Bridge Loan") with Geologic Resource Partners LLC ("GRP") allowing it to draw down, as necessary, the full amount of the Bridge Loan. The Company has drawn a total of US$2.5 million under the Bridge Loan to date.

Advances under the Bridge Loan bear interest at a rate equal to 12% per annum. The Bridge Loan will mature on March 2, 2009, subject to GRP's right to accelerate repayment in the event of a default under the Bridge Loan. An event of default includes the failure to obtain shareholder approval of the Company's proposed private placement to GRP at the Company's special meeting of shareholders to be held on Wednesday, October 15, 2008. As security for the Bridge Loan, the Company has pledged all of the shares of its direct material subsidiary. Advances under the Bridge Loan are being used by the Company to fund its ongoing exploration activities and for general working capital.

GRP is the investment manager for several Geologic Resource funds, which currently hold 24,091,315 common shares of Geoinformatics (approximately 17.4% of the common shares outstanding). The Bridge Loan constitutes a "related party transaction" for the Company but is exempt from the formal valuation requirement of securities laws as the Company's common shares are listed only on the TSX-V. The Bridge Loan is exempt from the minority shareholder approval requirement of securities laws as amounts due under the Bridge Loan are not convertible into or repayable in common shares of the Company and the terms of the Bridge Loan are commercially reasonable and not less advantageous to the Company compared to if the loan were to be obtained from an arm's length party.

For further information, see the Company's press release dated August 18, 2008.

This news release includes certain forward-looking statements concerning the future performance of Geoinformatics' business, operations and financial performance and condition, as well as management's objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in Geoinformatics' securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. We assume no obligation to revise or update these forward-looking statements except as may be required by law.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    

Contacts

Ms. Petra Decher
President & CFO
Tel: (416) 861-1300 x225
Email: petrad@geoinformex.com
Geoinformatics Exploration Inc.
80 Richmond Street
Suite 303
Toronto
Ontario
M5H 2A4
www.geoinformex.com

Mr. Darren Holden
Chief Operating Officer
Tel: (604) 605-3073 x105
Email: darrenh@geoinformex.com
Geoinformatics Exploration Inc.
700 West Pender Street
Suite 304
Vancouver
British Columbia
V6C 1G8