VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 26, 2009) - GEO MINERALS LTD. (TSX VENTURE:GM - News) and ALIX RESOURCES CORP. (TSX VENTURE:AIX - News; FRANKFURT:37N - News; The "Companies") are pleased to announce that the Phase II drilling program is now underway at the Companies' Red Deer Lake Coal Property located in Manitoba adjacent to Goldsource's "Border Property" and directly south of Westcore's "Hudson Bay North Property". CorePro Drilling Inc. has been contracted to perform the drilling.
The proposed drilling program follows on the March 2009, Red Deer Lake Phase I drilling program and calls for up to 24 drill holes, to be drilled by CorePro Drilling Inc. These drillholes are targeted to test the Cretaceous Mannville Formation that is covered by the Manitoba Coal Property and where Goldsource discovered the Durango Coal seam.
As announced November 5, 2008, in an agreement with a Saskatchewan based private company, NuCoal Energy Corp., the Companies have the right to acquire up to an 80% interest in 31,904 hectares (78,836.5 acres) of prospective coal ground adjoining Goldsource Mines Inc "Border Coal Discovery" Property.
Paul D. Gray, P.Geo., Director of Geo Minerals and Q.P. as defined by N.I. 43-101, is the lead geologist on this program and has approved the contents of this news release.
The company also announces it has arranged a non-brokered private placement of up to two million units at a price of 10 cents per unit for gross proceeds of up to $200,000. Each unit consists of one common share and one common share purchase warrant. One whole warrant entitles the holder to purchase an additional share at a price of 15 cents per share for a period of 24 months from the date of issuance.
The proceeds from the private placement will be used for this winters work programs and general working capital.
For further information we invite you to visit the Companies' websites located at www.alixresources.com and http://www.geominerals.ca/.
Geo Minerals and Alix Resources are each junior exploration companies actively seeking mineral and energy opportunities for the benefit of all our stakeholders.
ON BEHALF OF THE BOARDS
Michael England, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Michael England
Geo Minerals Ltd.
President
1-604-683-3995 or Toll Free: 1-888-945-4770
604-683-3988 (FAX)
www.geominerals.ca
