TMX group

TORONTO, Nov. 14 /CNW/ - Canadex Resources Limited (the "Company"),      
(TSX-CDX) today reported that it had received notification from Teddy Bear
Valley Mines, Limited (TBVML) that, after a review of its Holloway Joint
Venture investment, TBVML has concluded that it is unlikely that this joint
venture will result in any future cash distributions to TBVML. Accordingly
TBVML has advised the Company that TBVML does not intend to meet future cash
calls from the operator of the Holloway Joint Venture relative to continuing
operations. Failure to meet future cash calls will further dilute TBVML's
interest in the Holloway Joint Venture. The Holloway Joint Venture is the only
current operation of TBVML. TBVML also announced that it expects that its
second quarter financial statements (for the period ending September 30,
2005), when released, will disclose that the realizable value of its assets
will be significantly less than its liabilities.
As a result of this information, the Company has determined to write off
its entire investment in, and advances to TBVML. The Company owns
approximately 49% of the outstanding common shares of TBVML, and the total
amount of its investment in, and loans and advances to TBVML prior to the
write off, was $ 4,926,630. This write off will be reflected in the Company's
annual financial statements for the period ending June 30, 2005. The amount of
the write-off on an after-tax basis will amount to 79 cents per share. The
issuance of the Company's June 30, 2005 annual financial statements has been
delayed but is expected to occur by November 30, 2005.
The TBVML investment does not affect the operations of the Company's
other divisions which continue to operate profitably.