Sedex Mining board approves 1:10 share consolidation

2010-09-23 18:00 ET - News Release

Mr. Alan Campbell reports

SEDEX MINING CORP. CORPORATE UPDATE

Sedex Mining Corp. will be consolidating its shares to enable it to raise finances to aggressively explore a number of priority gold targets.

Postconsolidation, the company will focus its exploration resources on projects with the highest gold potential. The Tannahill, a joint venture gold project with Abitibi Mining Corp., as well as a number of properties in the West Timmins district, are slated for immediate exploration. Past drilling on the Tannahill include 5.16 grams per tonne gold over 5.0 metres and 7.02 g/t gold over 3.7 metres, early indications that this project has significant gold potential.

The board of directors has unanimously approved a consolidation of its share capital on the basis of one new common share for up to every existing 10 common shares, subject to approval of the shareholders of the company and regulatory approval. Where the exchange results in a fractional share, the number of common shares will be rounded to the nearest whole common share. The board believes that the consolidation will enhance the marketability of the common share as an investment and should facilitate additional financings to finance future operations. Shareholder approval of the proposed consolidation will be sought at the company's upcoming special meeting of shareholders to be held on Oct. 18, 2010. The record date for the proposed consolidation will be set subsequent to both the requisite shareholder and regulatory approvals being obtained. The company currently has a total of 144,043,565 common shares issued and outstanding and no preferred shares. In the event the required shareholder and regulatory approvals are obtained and the company effects the full consolidation of one new common share for every existing 10 common shares, the company would have a total 14,404,357 common shares issued and outstanding.

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