Symbol "AKV": TSX Venture Exchange
SEC Form 20F Registration CIK: 1194506
Symbol "AXVEF": OTC BB
VANCOUVER, Feb. 28 /CNW/ - Acrex Ventures Ltd. (the "Company") has
entered into an agreement to option a 100% interest in the Honeymoon Area
To exercise the option the Company will pay $5,000 and issue 50,000
shares forthwith after the date of the acceptance of the Agreement by the TSX
Venture Exchange ("Approval Date"). The Company must also pay $60,000 in
periodic annual payments on the first, second and third anniversaries of the
Approval Date. To exercise the option the Company will also be obliged to
issue three blocks of 50,000 shares each on the first, second and third
anniversaries of the Approval Date. A 2.0% net smelter return ("NSR") has been
reserved to the Optionor, David J. Piggin and the Company will have the right
to purchase back a 1.0% NSR for $500,000. The Agreement is subject to the
acceptance for filing by the TSX Venture Exchange.
The road accessible property is located in south-central British
Columbia, approximately 80 kilometres northeast of the city of Kamloops, B.C.
The property lies 25 km south of the Harper Creek, volcanogenic sulphide
deposit of Yellowhead Mining Inc. The Harper Creek Deposit has a NI 43-101
measured and indicated resource of 450.9 million tonnes grading 0.32% copper
and an additional Inferred resource of 142.2 million tonnes grading 0.33%
copper (Ref.: www.yellowheadmining.com).
Prospecting by the Optionor has located several malachite stained mineral
showings on the Honeymoon property that carry copper and silver values. Grab
samples from four of the showings were assayed by the Optionor and found to
carry copper values ranging from 0.62% to 0.86% copper with elevated silver
values ranging from 5.88 to 35.3 g/tonne. Petrographic studies completed by
Acrex's geologist show the mineralization, comprised of chalcopyrite and
pyrite, occurs in a metasedimentary rock and may be of syngenetic origin.
Syngenetic suphide deposits found elsewhere in the world have large tonnage
The company is currently planning an exploration program to assess this
large property that will initially focus on investigating the recently
discovered copper mineralization. The program will consist of geological
mapping, geochemical sampling and geophysical surveying. Where warranted,
targets will be further tested with a program of trenching and diamond
The technical information has been reviewed by the company's consulting
geologist, Perry Grunenberg, P.Geo, of PBG Geoscience. Mr. Grunenberg is the
Company's project supervisor and "Qualified Person" for the purpose of
National Instrument 43-101.
ACREX VENTURES LTD.
T.J. Malcolm Powell,
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this Release.
For further information:
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