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ALIX PROVIDES CORPORATE UPDATE FOR 2008 FIELD SEASON
February 11, 2008, VANCOUVER, B.C. – ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V)(37N – FRANKFURT) provides the following corporate update for the pending 2008 work/ field season. With a strong portfolio of 11 precious and base metal properties, Alix is now preparing for a very aggressive 2008 work season, which includes drill programs on the following six projects:
The Chloride Property – Arizona
The Company’s first drilling program for 2008 is anticipated to begin in late March on the recently soil-sampled, 100% owned silver-gold prospect known as the Chloride property. Chloride is located 3 km from Mercator Minerals’ Mineral Park copper operation in Arizona, which is producing 8 million lbs of copper per year. Located in the historic Wallapi Mining District, a bonanza silver producer during the latter half of the 19th and first half of the 20th centuries, with easy highway access, about 20 miles (33 km) from Kingman, our 2,240 acre claim block covers several historic mines and prospects. Previous sampling and geological surveying has identified a mineralized, structural corridor 1.3 km wide by 5 km-long that trends northwesterly across the property. A track mounted core drill has been secured for drilling.
The Arcadia Property - Nunavut
Slated for drilling, with 50% partner Bolero Resources Corp., in April ’08, the Arcadia Bay property represents an Archean lode-gold deposit located on the Arctic Ocean in Canada’s Nunavut territory, west of Bathurst Inlet and 140 kilometers west of Miramar Mining’s Hope Bay greenstone belt. As per a report written by Watts, Griffis, McOuat (WGM), 1986, the property has a reported historic resource estimate of 640,650 tonnes averaging 7.2 g/t gold (containing about 150,000 oz. gold) in the North Central Vein and 139,524 tonnes averaging 8.6 g/t gold (or 38,000 contained oz. gold) in the Fred Vein. These resource estimates were completed prior to 2001, are not NI 43-101 compliant, and have not been independently audited and should therefore not be relied upon.
Iliamna Lake District – Southwestern Alaska
KUY, Fog and Kamishak represent three well-known prospects in the Iliamna Lake area in the vicinity of Northern Dynasty’s Pebble porphyry copper-gold discovery, some 250 miles (400 km) southwest of Anchorage.
Alix is very pleased to have acquired and/or optioned these three properties and intends to take full advantage of the synergy provided by the proximity of these copper-gold properties to one another in this very promising terrain. Through our contractor, Anchorage-based Alaska Earth Sciences, Alix anticipates a coordinated effort with aggressive exploration programs utilizing geologic and IP/resistivity surveys followed by diamond drilling at each of the three properties.
KUY Property – Alaska
In 2007, Alix obtained an option to acquire a 50% interest in Andover's joint venture agreement with the Bristol Bay Native Corporation for the KUY property. In mid-August 2007 drilling to test geophysical anomalies at KUY detected in an IP & resistivity survey run in the fall of 2006 was initiated. The 2007 drilling encountered zones of strong hydrothermal alteration and pyrite typical of porphyry copper systems. The 2008 work program will include geologic mapping and additional IP & resistivity surveying to define additional targets for drilling in the latter part of the summer. The Company is excited over this newly recognized porphyry potential at KUY.
The Fog Lake Property - Alaska
Also, in 2007, Alix obtained an option to acquire a 50% interest in Andover’s joint venture with Bristol Bay Native Corporation for the Fog Lake property. The concession for this copper-gold target covers approximately 2,330 hectares. Fog is located 30 miles (50 km) northeast of the KUY property, and has an area of strong copper and gold soil anomalies discovered in the late 1970’s and 1980’s by contractors to Bristol Bay. Due to complications including native ownership of the land, the property has not yet seen geophysical surveying or drilling. Alix is pleased to be the first exploration company to conduct serious exploration work at Fog Lake and plans both IP/resistivity work and diamond drilling at Fog during the 2008 field season.
The Kamishak Property - Alaska
Kamishak, our latest acquisition, subject to a 20% interest to Andover Ventures, is a 5,440 acre property located 5 miles (8 km) southeast of KUY. An intrusive-related breccia hosting Cu-Au mineralization was the target of previous operators who completed 18 shallow cores between the early 1990’s and 2006. Results included 50 meters of 1.32 g/t Au 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. 2008 work will include additional geologic mapping and geophysical surveying to be followed by drilling of newly developed targets. Alix management now interprets this property to be another copper-gold porphyry system in this highly prospective terrain.
The Divide Property - Alaska
Located approximately 30 miles (45 km) north of Nome and 20 miles (33 km) from Nova Gold’s Rock Creek gold mine, the Company holds a 100% interest in this gold target. As a result of encouraging phase-one core drilling completed in the late summer of 2007, Alix and 50% joint venture partner (and operator) Millrock Resources are planning a major exploration program at Divide in summer 2008. This second phase will likely include reverse circulation drilling, HQ drilling, striping of areas of high-grade surface showings and bulk sampling.
The technical contents of this release were approved by Alix director and qualified person 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.