VACAVILLE, Calif., April 9, 2012 /PRNewswire/ -- Goldspan
Resources, Inc. ("Goldspan"; the "Company") (GSPN-OTC BB) and Alix
Resources Corp ("Alix) (AIX-TSX:V) (37N–FRANKFURT) signed a Letter
of Intent ("LOI") on April 5, 2012.
The LOI will allow Goldspan to obtain up to a sixty (60%) ownership
interest in the 24,500 acre Golden Zone property in Alaska. The LOI requires Goldspan to spend
$3.5 million over the next three
years for exploration and development, repayment to Alix of
$1,000,000 as well as an estimated
$250,000 for ongoing maintenance
fees. The property is located along the south flank of the Alaska
Range 15 miles west of the Parks Highway, approximately halfway
between the cities of Anchorage
and Fairbanks.
Alix has the existing option on the property which was entered
into in September of 2010 with Hidefield Gold Inc. and Mines Trust
Company (collectively the "Owners") whereby Alix can earn up to 70%
interest in the Golden Zone property. Alix has expended over
$1.5 million since the inception of
their option for exploration and development.
Goldspan and Alix will enter into a Definitive Option Agreement
which, inter alia, will require Goldspan and Alix to obtain
the Owners' consent to the assignment of the Alix Option to allow
for a direct transfer to Goldspan Resources, Inc.
Once the additional funds being committed by Goldspan have been
paid as directed, the option that Alix has with the Owners will
allow for an ownership change to Goldspan and Alix for 60% and 10%,
respectively.
Alix received a NI 43-101, dated January
14, 2011, Technical Report from Norwest Corporation which
provided a resource estimate for the Golden Zone property.
Measured, Indicated and Inferred resources at cutoff grades
for gold of 0.5 g/T to 4.0 g/T is included in Norwest's report
which is included in Alix's public documents with
Sedar (http://www.sedar.com). Several other mineralized
prospects are also known to be present on the property.
At a 1.0 g/T Au cut-off, the Golden Zone Breccia Pipe and
immediate environs contain an estimated resources as follows:
279,166 ounces of gold
1,523,657 ounces of silver
7,112,00 lbs of copper
in 3,486,250 tons of measured and indicated material averaging
3.02 g/T Au.
At a 0.5 g/T Au cut-off the measured, indicated and
inferred resource of the Breccia Pipe and immediate environs is
11,294,060 tons of measured, indicated and inferred material
averaging 1.44 g/T Au and containing:
431,389 ounces of gold
2,214,517 ounces of silver
13,284,003 lbs of copper
Once Goldspan obtains its ownership position after satisfying
all the terms of the Definitive Option Agreement, the Company
expects to raise the necessary capital to complete its mining plan
and enter into mining production at which time a capital raise is
anticipated.
Technical information contained in this release has been
reviewed and approved by David
Hedderly-Smith, Ph.D., P.G., and Goldspan's CEO and
Chairman, who is a Qualified Person as defined by NI 43-101.
Dr. Hedderly-Smith is also an Alix Director.
No stock exchange or Securities Commission has approved nor
disapproved the statements in this release. Any statements
that are not strictly historical are "forward-looking statements"
made pursuant to the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Although the Company
believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such
expectations will prove to have been correct. These
statements are subject to a number of risks and uncertainties that
may affect actual events or results materially. These
include, but are not limited to the Company's ability to obtain
adequate financing to further its current and future business
strategies; the Company's historical lack of profitability; the
effects of business and economic conditions generally; and, other
risks associated with a development stage company. All such
forward-looking statements, whether written or oral, and whether
made by or on behalf of the Company are expressly qualified by
these cautionary statements. In addition, the Company
disclaims any obligation to update any forward-looking statements
to reflect events or circumstances after the date hereof.
SOURCE Goldspan Resources, Inc.