ALIX RESOURCES CORP. ("Alix" or the "Company") (TSX VENTURE: AIX)(FRANKFURT: 37N) is pleased to provide the following corporate update with regards to its various projects.
Yukon Gold Projects
The Company is awaiting results from a low-level, multi-sensor airborne geophysical survey (announced November 9, 2009) and for over 2,000 soil samples taken from various locations on its 50% joint venture interest of approximately 300 claim blocks in the vicinity of Underworld's (UW-TSX: V) White Gold discovery.
To date, an alignment of several anomalies, apparently paralleling the mapped geology, was detected on two adjacent soil lines. Pending results of the follow-up soil sampling, the Companies intend to conduct trenching and drill programs commencing in the spring.
Pogo Gold Project
The Company is awaiting results from a soil sampling program on its recently optioned Money-Rock gold properties (100%) in the Goodpastor Mining District of Alaska. The properties, totaling 1,920 acres of State of Alaska mining claims, border claims held by International Tower Hill Mines and are adjacent to Sumitomo's Pogo gold mine located approximately 3 miles from the Pogo mine portal.
Arcadia
The Company is also assessing its options with regards to the Arcadia Property (50% joint venture with Bolero Resources) located in Nunavut. The Arcadia property has a historic resource estimate of 640,650 tonnes averaging 7.2 grams per tonne gold (containing about 148,000 ounces of gold) in the north-central vein and 139,524 tonnes averaging 8.6 g/t gold (or 38,600 contained ounces of gold) in the Fred vein. These resource estimates were completed prior to 2001, in a manner inconsistent with National Instrument 43-101 and other disclosure requirements. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
Stewart, BC
In the Stewart area of B.C. the Company has a 100% interest in six claims in the vicinity of the Montrose gold discovery announced by Decade Resources Ltd. on its Red Cliff property, as well as four claims located east, one to the north and one to the south of the discoveries made by Decade Resources Ltd. and in the area of the holdings of Ascot Resources. The Company is contemplating work programs for the 2010 season.
Manitoba Coal
A drill program is currently underway in Manitoba with JV partner Geo Minerals Ltd. (GM-TSX: V). The area selected is in proximity to coal discoveries by Goldsource Mines Inc., in adjacent Saskatchewan. Results are expected before the end of the fourth quarter.
Other Corporate Activities
The Company has decided to drop its interest in the Divide Project in Alaska.
The Company announces that Mr. David Lajack has stepped down from the position of Vice President, Exploration. Mr. Lajack will continue as a Director of the Company, and to advise the Company on new exploration opportunities.
The Company also wishes to announce it has arranged a non-brokered private placement of up to 10 million flow-through units at a price of six cents per unit for gross proceeds of up to $600,000.
Each unit consists of one flow through common share and one-half non flow through common share purchase warrant entitling the holder to purchase an additional share at a price of ten cents per share for a period of 18 months from the date of issuance.
The proceeds from the private placement will be used for work programs in the Yukon and BC and is subject to acceptance for filing by the TSX Venture Exchange.
Finder's fees may be payable on the private placement.
Alix technical adviser, Dr. Tom E. McCandless, P.Geo, and a qualified person as defined by National Instrument 43-101, has reviewed and approved the information contained in this release.
