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ALIX AND MILLROCK ANNOUNCE
THE START OF DRILLING AT THE DIVIDE PROJECT,
SEWARD PENINSULA, ALASKA, COMPLETE AGREEMENT
August 5, 2008, VANCOUVER, B.C. – ALIX RESOURCES CORP. (“Alix” or the “Company”) (AIX-TSX:V) (37N – FRANKFURT) along with partner Millrock Resources Inc. (MRO – TSX:V) is pleased to announce that drilling has been initiated at the Divide Project, north of Nome, Alaska. Additionally, the companies report that they have executed a definitive option and joint venture agreement following on from a Letter of Intent announced August 16, 2007.
The Divide Property is located in the prolific Cape Nome mining district about 45 kilometers north of Nome, Alaska. Access to the property is via the Nome-Taylor highway which crosses the eastern boundary of the 1,424-ha claim block. The Rock Creek Mine, a lode mine currently being commissioned by NovaGold Resources Inc., is located approximately 33 kilometers to the southwest. Gold mineralization at Rock Creek is hosted in a similar geological setting to that at Divide.
Total drilling of 3,300 meters in 25 drill holes is planned. Maximum hole depth is approximately 130 meters. Primary targets are located at the intersection zones of the two main structural trends in the Stoneman, Saddle and South zones. The objective is to identify and build a high grade gold resource on the property. Millrock, as operator of the exploration program, has recently carried out an extensive program of lithological and structural mapping, and excavated a series of trenches to expose gold bearing vein systems at surface. The work has revealed a strong east-west structurally controlled vein system that intersects the northeast trending system that has been the focus of most of the prior exploration efforts. Additionally, a flat lying structural trend with strong arsenopyrite mineralization has been identified. Many hundreds of chip samples have been collected from 23 trenches that were excavated in June and July to expose the east – west vein systems. Assays from the chip samples are awaited. This work follows on from three core holes drilled by Millrock and Alix in 2007, in which strong results were obtained. These results are:
To further resolve the structural controls on the gold mineralization, a large trench will be blasted. The trench work is intended to expose known mineralization at the Stoneman prospect, where abundant visible gold has been observed at surface. If warranted, a bulk sample will be collected.
Millrock can earn a 50% interest in the project from Alix by paying 50% of all costs associated with the Divide Option, which is an agreement between Alix and the underlying property owners David Lajack et. al. Millrock will pay a total of US$490,000 over a five year period. Additionally Millrock will issue 500,000 shares of the Company to Alix. Millrock is the exploration operator. These terms vary slightly from the terms contained in the previously announced Letter of Intent. The six month anniversary payment was voluntarily reduced by the underlying property owner and a correction to the announced share issuance schedule was made.
The cash and share issuance schedule is:
|On acceptance by the Exchange||7,500||50,000|
|Six month anniversary||12,500||50,000|
|One year anniversary||45,000||150,000|
|Two year anniversary||75,000||-|
|Three year anniversary||125,000||-|
|Four year anniversary||$225,000||500,000|
Gregory A. Beischer, President & CEO of Millrock is the qualified person who prepared or supervised the preparation of the technical information that forms the basis of this news release.
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.