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News Release

ALIX CONTRACTS NORWEST CORPORATION TO UPDATE RESOURCE MODEL AND 43-101 RESOURCE ESTIMATE ON THE GOLDEN ZONE MINE PROPERTY, ALASKA

November 17, 2010, VANCOUVER, B.C.– ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) is pleased to announce that the Option Agreement between the Company, Hidefield Gold Limited (Hidefield) and Mines Trust Company for Alix to acquire up to a 70% interest in the Golden Zone Gold-Silver-Copper Property, the Valdez Creek Mining District in south-central Alaska, has been approved by the TSX Venture Exchange.  Following this approval the Company has contracted with Norwest Corporation (Norwest) to compile a National Instrument 43-101 report to update the resource model and resource estimate for the property.

In May of 2005 Norwest compiled an NI 43-101 report for Piper Capital Inc. developing a resource model for the deposit and containing the following resource estimate for the Golden Zone Breccia Pipe:

Golden Zone Classified Resource Estimate from 2005 Norwest NI 43-101 report.

                 

Resource Classification

Cutoff

Insitu

Average Grade

(Au opt)

(Au gm/T)

(TONS)

Au(opt)

(Au gm/T)

Ag(opt)

(Ag gm/T)

Cu(%)

 

0.02

0.69

2,278,000

0.082

2.81

0.385

13.20

0.10

 

0.03

1.03

1,827,000

0.096

3.29

0.444

15.22

0.12

Measured

0.04

1.37

1,579,000

0.106

3.63

0.479

16.42

0.12

 

0.05

1.71

1,439,000

0.111

3.81

0.491

16.83

0.12

 

0.06

2.06

1,314,000

0.117

4.01

0.497

17.04

0.12

 

0.07

2.40

1,161,000

0.124

4.25

0.515

17.66

0.12

 

0.1

3.43

727,000

0.148

5.07

0.586

20.09

0.13

   

 

 

         

 

0.02

0.69

2,083,000

0.048

1.65

0.219

7.51

0.06

 

0.03

1.03

1,260,000

0.063

2.16

0.291

9.98

0.07

Indicated

0.04

1.37

756,000

0.082

2.81

0.368

12.62

0.10

 

0.05

1.71

587,000

0.093

3.19

0.414

14.19

0.12

 

0.06

2.06

464,000

0.104

3.57

0.451

15.46

0.13

 

0.07

2.40

379,000

0.113

3.87

0.483

16.56

0.15

 

0.1

3.43

196,000

0.141

4.83

0.503

17.25

0.15

   

 

 

         

 

0.02

0.69

4,361,000

0.065

2.23

0.306

10.49

0.08

 

0.03

1.03

3,088,000

0.082

2.81

0.382

13.10

0.10

Measured

0.04

1.37

2,335,000

0.098

3.36

0.443

15.19

0.12

and

0.05

1.71

2,027,000

0.106

3.63

0.468

16.05

0.12

Indicated

0.06

2.06

1,778,000

0.113

3.87

0.485

16.63

0.12

 

0.07

2.40

1,540,000

0.121

4.15

0.507

17.38

0.13

 

0.1

3.43

923,000

0.146

5.01

0.568

19.47

0.13

                 

 

0.02

0.69

115,000

0.034

1.17

0.128

4.39

0.03

 

0.03

1.03

51,000

0.046

1.58

0.190

6.51

0.03

Inferred

0.04

1.37

27,000

0.057

1.95

0.212

7.27

0.03

 

0.05

1.71

19,000

0.062

2.13

0.252

8.64

0.04

 

0.06

2.06

10,000

0.068

2.33

0.232

7.95

0.05

 

0.07

2.40

2,000

0.080

2.74

0.337

11.55

0.09

Per the 2005 NI 43-101 report, at a 0.03 opt (1.03 gm/T) gold cut-off, the measured and indicated resources contain an estimated 253,000 ounces of gold, 1,180,000 ounces of silver and over 6 million pounds of copper at an average grade of 2.81 gm/T Au, 13.1 gm/T Ag and 0.10% Cu.  At a 0.05 opt (1.71 gm/T) gold cut-off, the measured and indicated resources in the Breccia Pipe contain an estimated 214,800 ounces of gold, 948,000 ounces of silver and nearly 5 million pounds of copper at an average grade of 3.63 gm/T Au, 16.05 gm/T Ag and 0.12% Cu.  The Golden Zone Breccia Pipe crops out near the top of a ridge, and the vast majority, if not all, of these resources should be amenable to surface mining means.

A May, 2006, report on the property by Norwest for Hidefield updated the Breccia Pipe resource model contained in the 2005 report.  However, the 2006 report was not NI 43-101 compliant.  Goals of this year’s report by Norwest will be to bring the resource model and resource estimate into compliance with NI 43-101, incorporating additional data from 2005 and 2006 drilling and rock bulk-density measurements done in 2008.  A secondary goal of the study will be to identify additional work needed to be done on the Golden Zone property this summer in order to prepare the property for a preliminary feasibility study anticipated by Alix to be completed next winter (2011-2012).

Several types of intrusion-related mineralization occur on the Golden Zone property in three parallel north to north-northwest trending fault-bounded mineral corridors, including porphyry-type, skarn and other carbonate replacements, veins and shear zones, and the well-studied hydrothermal breccia pipe.  Other work to be done this summer will focus on several of the other prospects on the property, including the high-grade Wells Vein, the newly discovered Cohio Prospect (see Alix news, October 6, 2010) and a gold skarn target.

“We see the completion of this updated 43-101 resource estimate by Norwest to be the next step towards production from the Golden Zone,” stated Alix President and CEO Michael England.  "The improving gold market is greatly enhancing the economics of this property.  Meanwhile, our geologists are eagerly anticipating this spring’s snow melt so they can head out and get a good look at the breccia pipe and start some serious work on several other prospects on the property.”

Alix’ 2011 program at the Golden Zone property will be performed under the supervision of David Hedderly-Smith, Ph.D., P.G., who is a Director of Alix and a Qualified Person as defined by NI 43-101. Dr. Hedderly-Smith also prepared and approved the geological and technical information contained in this release.

Alix Resources is a junior exploration company actively seeking mineral and energy opportunities for the benefit of all its stakeholders. For further information we invite you to visit us at www.alixresources.com.

ON BEHALF OF THE BOARD

Michael England, President

FOR FURTHER INFORMATION PLEASE CONTACT:

Telephone: 1-604-683-3995

Toll Free: 1-888-945-4770

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Alix

Local
604-683-3995
Toll-Free
1-888-945-4770
Fax
604-683-3988
Email
info@alixresources.com