Alexis Expands Potential for Gold Discovery in Snow Lake With Acquisition of Additional Properties
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2010-11-24 14:36:49 -
TORONTO, ONTARIO -- (Marketwire) -- 11/24/10 -- ALEXIS MINERALS CORPORATION (TSX: AMC)(OTCQX: AXSMF)("Alexis" or the "Company") is pleased to announce that the Company has entered into an option to purchase agreement with Peter C. Dunlop (the "Vendor") to acquire a 100% interest (the "Option") in 33 mineral claims covering approximately 38 km2 (the "Property") in the Herblet Lake area of Manitoba. The Property is contiguous to the north of the Snow Lake, Manitoba Mine property (50 km2) that is currently wholly-owned by Alexis through its subsidiaries. Alexis' property holdings now cover an area identified as a regional structural basin where up to four deformation periods have been identified. Based on the understanding of the structural controls in the Snow Lake Mine, the Company feels that the Property significantly expands the potential for Alexis to make new discoveries at depth and down plunge of the Main Mine, #3 Zone and a number of other known mineral occurrences ranged around the basin-like structure.
In order to earn a 100% interest in the property Alexis is required to pay the Vendor $50,000 upon signing the Definitive Agreement; pay the Vendor $50,000 on each anniversary of the signing of the Definitive Agreement until the fifth anniversary; and spend a total of $3,000,000 incrementally over the five year term of the Options.
In consideration of the grant of the Option, Alexis has granted the Vendor a 3% Net Smelter Royalty ("NSR") in respect of the Property. Alexis may repurchase up to 50% of the NSR for a cash payment of $500,000 for each 0.5% NSR purchased by Alexis.
Alexis has also engaged Geotech Ltd. to fly a deep penetrating ZTEM Airborne Survey over the entire Snow Lake property, including this newly optioned Property and three additional recently staked contiguous claims. This survey should allow for greater definition of the structure of the basin and potentially favourable targets across the properties.
Qualified Persons
The technical and scientific content of this press release has been reviewed by David Rigg, President and CEO, Alexis Minerals Corporation, a "Qualified Person" as defined under NI 43-101 guidelines.
