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ALIX AND GEO ANNOUNCE AGREEMENT WITH NUCOAL ENERGY CORP. FOR PROSPECTIVE COAL PROPERTY ADJOINING GOLDSOURCES “BORDER” PROPERTY
November 5, 2008, VANCOUVER, B.C. – ALIX RESOURCES CORP (AIX-TSX:V) and GEO MINERALS LTD. (GM-TSX:V) (The “Companies”) announced today that an agreement has been signed with a Saskatchewan based private company, NuCoal Energy Corp, to acquire up to an 80% interest in 31,904 hectares (78,836.5 acres) of prospective coal ground adjoining Goldsource’s “Border Coal Discovery” property on the Manitoba side. The Companies will also have a first right of refusal to select up to 3 additional properties located in central-north portions of Saskatchewan from a select list of NuCoal’s portfolio.
“As an investor in both NuCoal Energy and Alix Resources, 49North Management believes this joint venture is a prime example of how partners can work together to develop Saskatchewan resources through the pooling of expertise and capital,” said Tom MacNeill, Fund Manager of 49 North Resource Fund.
Steve Halabura, P.Geo. President/CEO of North Rim Exploration and Director of NuCoal Energy adds, “Exploration for coal in northern Saskatchewan is at an early stage. The company believes that the discovery of coal by Goldsource, north of Hudson Bay, is not a unique occurrence and that further exploration is justified.”
“A critical part of advancing NuCoal’s northern properties is working with companies such as Alix and Geo. They have expertise and capabilities that are required for resource exploration and a focus on coal” Alan Cruickshank, President NuCoal Energy Corp.
Terms of the deal:
Alix and Geo will pay 1 million shares each, a total of $250,000 cash and commit to spending $2.5 million dollars over 3 years to obtain a 60% interest in the property. The issued shares will be subject to a 2 year escrow period. Upon a bankable feasibility study being completed the Companies will earn a further 20% to reach an 80% interest.
As part of the selection process for the 3 additional properties representatives from Alix and Geo will meet with Nucoal in the very near future to analyze all available data.
This agreement is subject to approval by the TSX Venture Exchange.
ON BEHALF OF THE BOARD
Signed “Michael England”
Michael England, President Alix Resources
Signed “Michael England”
Michael England, President Geo Minerals
Signed “Alan Cruickshank”
Alan Cruickshank, President NuCoal Energy Corp.
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The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.