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July 28th, 2011, VANCOUVER, B.C.– ALIX RESOURCES CORP. (“Alix”) (AIX-TSX:V)(37N – FRANKFURT) and CARIBOU COPPER RESOURCES LTD. ("Caribou")(CKR-TSX-V) are pleased to announce positive assays from rock samples collected on the Corky Property, located 125 kilometers northwest of Haines Junction in the Whitehorse Mining District of Yukon. Assay results confirm the presence of copper mineralization both visually and from preliminary assay results. Complete assays with up to 2.14 wt.% Cu and 2.14 g/t Au have now been received.
The 750 hectare Corky Property hosts a copper-molybdenum-gold porphyry system positioned within the Kluane Range of southwestern Yukon, along the northeast edge of the Wrangellia Terrane. Geology consists largely of late Paleozoic and upper Triassic volcano-sedimentary rocks intruded by early Cretaceous and Oligocene diorite to quartz monzonite, with the convergence of contacts between these units occurring over the east central portion of the property. The bulk of sampling and majority of anomalous results occur over this east central portion, which covers roughly 159 hectares.
Exploration is being conducted on behalf of the joint venture by UTM Exploration Services Ltd. (Smithers, B.C.). A total of 68 composite grab samples of each lithology in outcropweighing from 0.42 to 2.96 kilograms were collected, as were seven composite grab float samples (0.9-1.58 kg) and five soil samples where outcrop was not available. Samples were delivered to AGAT Laboratories (Burnaby, B.C.) and analyzed for base metals using an aqua regia ICP-MS (201074) or aqua regia AAS protocol (201075), and for gold using a fire assay ICP-OES protocol (202055). Blanks and standards were run concurrently with the samples. Results for some of the better outcrop samples are shown in the table below.
The outcrop results are coincident an anomalous area generated through soil geochemical sampling conducted in 2008 by Strategic Metals Ltd. (SMD-TSX:V). A helicopter-borne magnetic survey conducted by Strategic Metals Ltd. in 2010 also generated anomalies that are roughly coincident with the geochemical results. Both the historical and new geochemical data are the basis for the 2011 drilling program that is presently underway at Corky.
Alix obtained the Corky property as part of a five-property Yukon portfolio from Strategic Metals Ltd. (SMD-TSX:V) in an option agreement whereby Alix can obtain 100% of the five properties by issuing 9.9% of its outstanding share capital to Strategic and making cumulative cash payments totaling $3,000,000 over a four-year period (see Alix News Release January 31, 2011). In May 2011, Caribou entered into an agreement with Alix whereby 49% interest in the five properties can be obtained by issuing 500,000 common shares and spending $600,000 on the properties over two years (see Caribou News Release May 11th, 2011). Caribou also shares its proportionate amount of the underlying agreement with Strategic Metals Ltd. on these five properties.
The technical contents of this release were approved by Dr. Tom McCandless, P.Geo., President and Director of Caribou Copper and qualified person as defined by National Instrument 43-101.
Alix Resources is a junior exploration company actively seeking base and precious metal venture opportunities for the benefit of all of its stakeholders. For more information visit the website at www.alixresources.com.
Caribou Copper's mission is to identify, acquire, and advance high potential base and precious metal prospects. For more information visit the website at www.cariboucopper.com.
ON BEHALF OF THE BOARD
Michael England, President, Alix Resources Corporation.
FOR FURTHER INFORMATION PLEASE CONTACT:
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Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Alix Resources, Corp. and Caribou Copper Resources. Actual results may differ materially from those currently anticipated in such statements. Neither the 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.