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ALIX ACQUIRES KAMISHAK PROPERTY IN ALASKA
January 30th, 2008, VANCOUVER, B.C. – ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V)(37N – FRANKFURT) is pleased to announce it has entered into an agreement dated January 24th, 2008 with Full Metal Minerals Ltd (“Full Metal”) (FMM:TSX-V) and Alaska Earth Sciences (“AES”) to purchase a 100% interest in Full Metal’s option to acquire the Kamishak property. In consideration for its interest, Alix will provide the following: a payment of 750,000 shares over a period of 3 years to Full Metal, 100,000 shares to AES with a further 500,000 shares upon completion of a feasibility study, $60,000 to be paid to AES in cash over 3 years, which payments will be waived throughout the term of AES’ appointment as manager of operations in relation to the Kamishak property. In addition, a 2% NSR to Full Metal of which 1% can be bought back plus a 1% NSR to AES which is also available for purchase. Alix will incur expenditures in the amount of $1.3MM over a period of 3 years.
Concurrent with this arrangement Andover Ventures Inc. (AOX-TSX:V) will retain a 20% interest in the Kamishak property. Terms of this deal call for Andover to spend its proportionate amount of all expenditures upon Alix spending the first $1MM.
The Kamishak property is located approximately 440 kilometers southwest of Anchorage, Alaska, 20 kilometers west of tidewater and 80 kilometers south of Northern Dynasty's Pebble deposit in the Iliamna Lake area. The primary target is an intrusive-related breccia pipe hosting copper-gold mineralization, which also was the target of previous operators who completed 18 shallow cores between the early 1990s and 2006. Results included 50 meters of 1.32 g/t and 0.22% Cu, 21.3 meters of 0.85 g/t Au and 1.08% Cu and 3.0 meters of 12.6 g/t Au and 0.49% Cu.
“IP and resistivity surveying in 2007 detected significant anomalous zones outside of the previous drilling areas. The work program for 2008 will include additional geophysical surveying to be followed by drilling of newly developed targets,” states Dr. David Hedderly-Smith, qualified person (as that term is defined in NI 43-101) and a director of Alix. “We interpret this property to be another copper-gold porphyry system in this highly prospective terrain.”
The technical contents of this release were approved by Alix director and qualified person for this project as defined by National Instrument 43-101, Dr. David Hedderly-Smith.
For further information we invite you to visit us at www.alixresources.com.
Alix is a junior mineral exploration company focused on acquiring potential world class properties in North America.