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ALIX ANNOUNCES THE COMPLETION OF FIELD PROGRAM
AT FOG LAKE PROSPECT, ALASKA
July 29, 2008, VANCOUVER, B.C. – ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N – FRANKFURT) is pleased to announce the completion of the 2008 field program at their Fog Lake prospect in the Iliamna area of Southwestern Alaska, in the vicinity of the giant Pebble copper-gold-molybdenum project. The Fog prospect is a gold-copper target on privately owned Alaska Native lands (Bristol Bay Native Corporation sub-surface and Alaska Peninsula Corporation surface) that covers approximately 2330 hectares. Exploration work in the early 1970's identified a 700-meter long by 300-meter wide soil geochemical anomaly at this site. Alix has the right to earn 50% interest of the Fog property from Andover Ventures as released July 31, 2007.
One IP/resistivity line of 1.4 kilometers was surveyed and two diamond drill holes of 151 and 155 meters were completed. The first drill hole targeted the core of the historic copper/gold soil anomaly at the property while the second hole, also within the zone of the geochemical anomaly, targeted a chargeability anomaly detected in the geophysical surveying.
Both holes encountered altered and pyritized felsic volcanics containing zones of thin quartz, quartz-sulfide and sulfide veins. Samples for analyses are presently being cut and will be submitted to Alaska Assay Laboratories in Fairbanks, Alaska. A quality control program will also be implemented.
Alix also intends to conduct exploration on the company’s KUY and Kamishak targets, also in the Iliamna area (see Alix Resources News 07-14-2008). IP/resistivity surveying has been completed at KUY and is currently ongoing at Kamishak. The drill is currently drilling at KUY.
The contents of this release were prepared by Alix director and qualified person for this project as defined by National Instrument 43-101, David Hedderly-Smith, Ph.D., P.G.
The Company also announces it has arranged a non-brokered private placement of up to 3,000,000 non flow-through units at a price of 25 cents per unit for gross proceeds of $750,000.
Each unit comprises one common share and one-half share purchase warrant. One whole share purchase warrant entitles the holder to purchase an additional non-flow-through common share for 30 cents for a period of 18 months from the date of issuance. The proceeds from this private placement will be used to undertake this summer's work programs on the company's properties.
A finder's fee may be payable on the private placement.
The private placement is subject to the acceptance for filing of the TSX Venture Exchange.
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.