ALIX AND CARIBOU COMMENCE WORK PROGRAM ON VAULT PROPERTY, YUKON
July 18th, 2011, VANCOUVER, B.C.– ALIX RESOURCES CORP. (“Alix” or the “Company”)(AIX-TSX:V)(37N – FRANKFURT) and CARIBOU COPPER RESOURCES LTD. ("Caribou")(CKR-TSX-V) are pleased to announce that their 2011 work program has commenced on the Vault Property, located 140 kilometers northwest of Haines Junction in the Whitehorse Mining District of South-Western Yukon, and within 500 meters of the border of Prophecy Platinum’s Wellgreen project. The program initially planned at Vault included follow-up mapping and sampling at areas where numerous gold in soil anomalies were noted from previous work (see Alix News Release, January 31, 2011). The program has been modified to include sampling and reconnaissance mapping at mafic outcrops mapped as similar to those at the Wellgreen project. In recent news, Prophecy Platinum (NKL-TSX-V) reported a NI 43-101 compliant estimate of 1.04 million ounces PGM+Au indicated and 10.97 million ounces PGM+Au inferred at the Wellgreen Project (see Prophecy Platinum News Release, July 15, 2011).
The Vault Property covers 3,650 hectares and hosts numerous high gold (200 ppb to over 10,000 ppb Au) soil anomalies in Permo-Triassic metasedimentary rocks, which have a strike length of over twelve kilometers. Additionally, exposures of mafic rock have been mapped on the property, but have not been examined (mapping after Israel and van Zeyl, Yukon Geological Survey Open File 2004-20). The modified work program will include follow-up sampling and mapping of the gold anomalies, as well as some of the mafic rock occurrences. Upon completion of the mapping and sampling program, data will be interpreted with the intent to select targets for drilling later in the season. To date, no drilling or detailed geophysical surveys have been carried out on the Vault property.
Alix obtained the Vault property as part of a five-property Yukon portfolio from Strategic Metals Ltd. (SMD-TSX:V) in an option agreement whereby Alix can obtain 100% of the five properties by issuing 9.9% of its outstanding share capital to Strategic and making cumulative cash payments totaling $3,000,000 over a four-year period (see Alix News Release, January 31, 2011). In May 2011, Caribou entered into an agreement with Alix whereby 49% interest in the five properties can be obtained by issuing 500,000 common shares and spending $600,000 on the properties over two years (see Caribou News Release, May 11th, 2011). Caribou also shares its proportionate amount of the underlying agreement with Strategic Metals Ltd. on these five properties.
The technical contents of this release were approved by Dr. Tom McCandless, P.Geo., President and Director of Caribou Copper and qualified person as defined by National Instrument 43-101.
Alix Resources is a junior exploration company actively seeking base and precious metal venture opportunities for the benefit of all of its stakeholders. For more information visit the website at www.alixresources.com.
Caribou Copper's mission is to identify, acquire, and advance high potential base and precious metal prospects. For more information visit the website at www.cariboucopper.com.
ON BEHALF OF THE BOARD
Michael England, President, Alix Resources Corporation.
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Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Alix Resources, Corp. and Caribou Copper Resources. Actual results may differ materially from those currently anticipated in such statements. Neither the 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.