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February 2nd, 2012, VANCOUVER, B.C.– ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N–FRANKFURT) announces it has entered into an agreement with Caribou King Resources (CKR-TSX:V) whereby Caribou will purchase from Alix the remaining 51% interest in the portfolio of properties in the Yukon consisting of the Vault, Hartless Joe, Byng, Meloy, Corky (the “Properties”). Caribou initially optioned a 49% interest in the Properties from Alix in May 2011 (see News Release dated May 11, 2011) and subsequently the parties staked an additional 228 claims known as Corky North, adjacent to the Vault property (see News Release dated July 20, 2011). With the completion of the work programs last year on the Corky and Vault properties, Caribou had earned its 49% interest, and it now wishes to acquire a 100% interest in the Properties. The Properties are under option from Strategic Metals Ltd.
Alix shall receive an equity interest in Caribou to preserve an interest in the Yukon properties.
Terms of the agreement will see Caribou pay $200,000 cash and issue 1,000,000 units to Alix. Each unit consists of one common share and one common share purchase warrant of Caribou. Each warrant will entitle Alix to acquire one common share of Caribou at a price of $0.25 per common share for a period of two years from the date of issuance. Caribou will also assume the remaining obligations to Strategic Metals Ltd. pursuant to the underlying option agreement.
The Company’s board felt this transaction would enable Alix to better focus its time and resources to its two flagship projects located in Alaska – the “Moneyrock” and the “Golden Zone” projects.
This transaction is subject to TSX Venture Exchange approval.
Alix Resources Corp. is a junior exploration company actively seeking mineral 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:
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.