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ALIX RESOURCES CORP AND GEO MINERALS LTD. ACQUIRE POTASH RIGHTS
June 13, 2008, VANCOUVER, B.C. – ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N – FRANKFURT) and GEO MINERALS LTD. (“Geo”)(GM-TSX:V) have signed an agreement with General Resources Inc, a private Saskatchewan company, to obtain the exclusive potash rights to a total of 84 assorted locations of freehold minerals in highly prospective potash areas of Saskatchewan. These properties total approximately 14,000 acres.
Included in this package are approximately 4,200 acres of land located 20 kilometers west of the town of Esterhazy, and approximately 25 kilometers west of the operating Esterhazy K1 and K2 underground potash mines owned by Mosaic Potash Esterhazy.
Also included are 640 acres in Manitoba along the border of Potash North Resource Corp (PON-TSX: V) and located approximately 20 kilometers north-east of Potash Corporation (POT – TSX) of Saskatchewan's Bredenbury potential Greenfield Potash Mine.
President Mike England states “We are delighted that we have been able to assemble this exceptional package of properties as part of our stated objective of creating value for all of our stakeholders. We will be providing more details, including maps and any historical data, as we obtain them.”
Alix and Geo are now approaching neighboring stake holders to assemble larger land packages. In addition, the companies will be researching the database of historic drilling maintained by the Saskatchewan government and other agencies to gather any historical data available with respect to the lands contained in this agreement.
A combined total of 600,000 common shares, $100,000, 60,000 warrants are payable over the two year term, evenly divided by both Geo and Alix. A 5% royalty has been granted to the vendor as well.
A finders fee will be payable in accordance with the rules of the TSX Venture Exchange.
This transaction is subject to TSX Venture Exchange approval.
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.