Alix And Geo Announce Further Land Package From Nucoal
ALIX AND GEO ANNOUNCE FURTHER LAND PACKAGE FROM NUCOAL
March 24th, 2009, VANCOUVER, B.C. – ALIX RESOURCES CORP (AIX-TSX:V) and GEO MINERALS LTD. (GM-TSX:V) (The “Companies”) are pleased to announce the joint acquisition by Alix and Geo of an 80% interest in seven prospective coal projects located in Saskatchewan from Saskatchewan based private company, NuCoal Energy Corp.
The joint acquisition is of seven properties; La Loche, Big River, Debden, Montreal River, La Ronge, Candle Lake and Tway, a map of which can be viewed on NuCoal’s website at www.nucoalenergy.ca
. This portfolio represents 727 permits totaling approximately 1,395,840 acres of land and gives Alix and Geo a majority share in all of NuCoal’s lands in north-central Saskatchewan.
The purchase price to acquire an 80% interest in the seven prospective coal projects is $673,036 which will be paid for by the issuance of 3,380,180 shares Alix Resources at a deemed price of $0.20 per share. Geo will, in turn, issue shares at a deemed price of $0.20 per share to Alix for its half of the purchase price. In addition, an Alix board seat will be made available to NuCoal. This acquisition is subject to acceptance by the TSX Venture Exchange.
NuCoal’s president and CEO Alan Cruickshank states "This is a win/win scenario for NuCoal, Alix and Geo. These northern properties bear similarities of the geo-signatures that we saw at the Hudson Bay property, also located in Saskatchewan. NuCoal will focus on properties in southern Saskatchewan, and these northern Saskatchewan properties require the focus of Alix and Geo."
Alix and Geo further announce that the recently acquired Hudson Bay property, announced March 6, 2009
, has increased in size from approximately 7,000 acres to 11,529 acres secured under 6 permits.
Alix Resources and Geo Minerals are each junior exploration companies actively seeking mineral and energy opportunities for the benefit of all our stakeholders.
ON BEHALF OF THE BOARD
Signed “Michael England”
Michael England, President
FOR FURTHER INFORMATION PLEASE CONTACT:
Toll Free: 1-888-945-4770
The TSX Venture Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.