Alix and Cloudbreak in agreement for joint exploration of combined Yukon properties

Last Update: 7/7/2009 5:22:35 AM

Jul 07, 2009 (M2 EQUITYBITES via COMTEX) -- Canadian junior exploration companies Alix Resources Corp (AIX) (Frankfurt: 37N) and Cloudbreak Resources Ltd (CDB) (Frankfurt: C6K) have entered into a joint venture agreement with regards to their recent acquisitions in the Yukon, the companies announced on Tuesday.

Under the agreement, each company will be responsible for 50% of all expenditures and work programmes and will be joint operators of the combined property.

The lode quartz mineral claims, adjacent to the White Gold Property held by Underworld Resources Inc (UW) located in the Yukon, have been acquired by both Alix and Cloudbreak.

The combined 25 claims total approximately 1,000 hectares and are tagged directly to the east of Underworld's White Gold Project and approximately 4 km from the recently announced discovery of 103 meters of 3.4 g/t Au.

The companies said that they will continue to seek additional claims in the area.

Alix and Cloudbreak are currently arranging to mobilise a field crew to the property as soon as possible to begin a systematic geological and geochemical survey of the claim block.