News Releases
| December 09, 2009 Acrex Sells its 50% Michaud Joint Venture Interest for $1,000,000 | |
| Wednesday, December 9, 2009 - Acrex Ventures (AKV : TSX.V) reports that it has agreed to sell its 50% participating but non operator interest in the Michaud joint venture to its joint venturer Moneta Porcupine Mines Inc. for $1,000,000. The Michaud property, located near Timmins, Ontario, was last worked by the joint venture in March 2008 when drilling showed significant gold intersections in the 55 zone. At that time it was concluded that, in spite of the attractive gold intersections, it was unlikely that the zone was of sufficient size to be developed on its own. No work has since been done on the property. Recently a proposal was received from Moneta that it would purchase Acrex's interest and after carefully reviewing the offer, Acrex's Board concluded that acceptance of the offer would be in the best interests of the Company to extract value from the asset. In 2010 Acrex intends to focus on its Spanish Mountain Gold Property with field work expected to commence as soon as field conditions permit. The Spanish Mountain property is comprised of 1,468 hectares of land located near the community of Likely in the Cariboo region of British Columbia. Previous exploration has found anomalous gold values in soils over an area of 125 hectares on the property. Several of the soil samples contained greater than 0.5 gram per tonne gold. The property adjoins the Spanish Mountain project of Skygold Venture Ltd. to the east and the Tiex Inc. gold property to the west. Recent drilling by Skygold Ventures is reported to have shown a potentially bulk mineable, large tonnage sediment hosted gold deposit with significant size potential. A reported resource estimate completed by Skygold in May 2009 showed a measured and indicated resource of 102.2 million tones containing 2.58 million ounces of gold and an additional inferred resource of 11.7 million tones containing 0.280 million ounces all at a grade of 0.785 g/t gold. Acrex is actively seeking new gold projects. Following this Michaud joint venture sale Acrex will be well funded for the 2010 season with approximately $1.7 million of unallocated working capital in the treasury. FOR FURTHER INFORMATION PLEASE CONTACT: Investor Relations Tel: 604-618-1758 e-mail: info@acrexventures.com Fax: 604-687-4212 website: www.acrexventures.com ACREX VENTURES LTD. T.J. Malcolm Powell, President 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 News Release. | |
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