Brisbane, Oct 3, 2008 AEST (ABN Newswire) - ActivEX Limited (ASX:AIV) has completed a first pass drilling program (7 holes for 555m) at the Native Dog Prospect (Lake Monduran EPM 14378) which has encountered visible primary molybdenum mineralisation in 5 of 7 holes drilled.

The program is partly funded by a Cooperative Drilling Initiative grant from the Queensland Department of Mines and Energy.

The Company has now received all assay results from the holes (ND 05, 07, 10 already released) as follows:-

Table 1. Summary of significant drill hole intercepts.
--------------------------------------Hole ID From     To    Interval Mo ppm       (metres)(metres)(metres) --------------------------------------ND 05   0       25      25      240 incl.  8       16      8       395ND06    81      102     21      271 incl.  82      88      6       640ND 07   4       7       3       378ND09    37      56      19      292 incl.  40      47      7       567ND 10   3       36      33      194 incl.  24      27      3       373--------------------------------------
Details

Seven RC percussion holes were drilled to test a 2km structurally controlled greisen zone at the contact of Watalgan Granite and Gympie Group sediments. The greisen zone is a highly altered contact zone of the granite where hot mineralising fluids have pooled against the sediments. It also hosts sheeted quartz veins in dilational structures. Molybdenite has been found in quartz veins and within the greisenised granite. The presence of disseminated mineralisation within the greisenised granite confirms the potential for a large tonnage target in the area.

Previous work by ActivEX has defined a molybdenum soil anomalous zone, 2km by up to 490m wide, associated with the greisen. The drilling targeted the zone of elevated molybdenum geochemistry. Molybdenum grades achieved in drilling are not economic in the current market.

The Company plans to review the project to seek zones of higher grade molybdenum mineralisation in the area.

Note:

The information in this report that relates to exploration results is based on information compiled by Ms J Hugenholtz who is a Member of the Australian Institute of Geoscientists and Mr D. I. Young, who is a Fellow of the Australian Institute of Geoscientists. Both Ms Hugenholtz and Mr Young are full time employees of ActivEX Limited and have sufficient experience relevant to the styles of mineralisation and types of deposit under consideration and the activities which they are undertaking to qualify as a Competent Person as defined by the Australasian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves. Ms Hugenholtz and Mr Young consent to the inclusion of their names in this report and to the issue of this report in the form and context in which it appears.

Contact

Mr Doug Young
Managing Director
or
Mr Paul Crawford
Company Secretary
Tel: +61-7-3236-4188
Fax: +61-7-3236-4288
Email: admin@activex.com.au
Web: www.activex.com.au


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