Acrex Ventures Ltd

Published : May 18th, 2010

Options Grizzly-Kellar Property In The Chibougamau Region Of Quebec

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Keywords :   Canada | Copper | Gold | Gold Discovery |

Tuesday, May 18, 2010 NEWS RELEASE
 
 
Acrex Options Grizzly-Kellar Property In The Chibougamau Region Of Quebec

Acrex Ventures Ltd. ("Acrex" or the "Company") has signed an Option Agreement dated April 20, 2010, securing an option to acquire 100% ownership of the Grizzly-Kellar group of mineral claims (the "property"). To exercise and maintain the option the Company must:

  1. pay the optionors $15,000 on signing;

  2. issue the optionors 100,000 shares within the latter of 7 days after the Agreement is accepted for filing by the Exchange or the date an independent geologist retained by the Company has completed an examination of the property and provided to the Company a positive recommendation to proceed with exploration work on the property (the "Effective Date");

  3. by one year after the Effective Date pay the optionors $20,000, issue them 100,000 shares and complete $100,000 of work on the property;

  4. by two years after the Effective Date pay the optionors $30,000, issue them 200,000 shares and complete an aggregate total of $300,000 of work on the property;.

  5. by three years after the Effective Date pay the optionors $35,000, issue them 300,000 shares and complete an aggregate total of $500,000 of work on the property;

  6. by four years after the Effective Date pay the optionors $20,000, issue them 150,000 shares and complete an aggregate total of $750,000 of work on the property; and

  7. by five years after the Effective Date pay the optionors $20,000, issue them 150,000 shares and complete an aggregate of $1,000,000 of work on the property.

The optionors will retain a 2.0% NSR Royalty. The Company may re-purchase a 1.0% NSR Royalty for $1.5 million on or before two years from the date of the commencement of commercial production on the property.

The Grizzly-Kellar Lake gold property hosts a new gold discovery located in the northeast corner of Guettard township -- 45 miles west of the mining town of Chibougamau, Quebec and 340 miles north of Montreal. The nearest permanent settlement to the property is the town of Chapais, 28 miles to the southeast. The Chapais-Chibougamau area has been a mining district since the early 1950's. In 1960, the area became the first copper producing region in eastern Canada. Chibougamau is best known for its copper mining with cumulative production greater than 2.5 billion pounds. However, it has also produced 4.3 million ounces of gold, with 1.26 million ounces coming from the Joe Mann mine. The Grizzly Kellar property is located 83 km northwest of of the Joe Mann mine.

The Grizzly-Kellar property is comprised of 120 contiguous claims covering an area approximately 6,270 hectares (approximately 15,490 acres). The property lies along an east-west trending regional fault zone that marks a major volcanic-sedimentary rock contact.

A recent logging road program provided access to the area where local prospectors Messrs. Bouchard and Lamothe discovered widespread alteration (carbonatization-silicification) and mineralization (arsenopyrite,pyrite) occurring in sheared gabbro and feldspar porphyry. Grab samples from the two lithologies returned gold assays up to to 5.1 g/t Au.

The principal gold-showing on the property occurs in a quartz vein cutting volcanic rocks of acidic to
intermediate composition which is sideritic in place. This gold-bearing quartz vein varies in width from a
few inches to 5 feet and has been traced in the main trench for a distance of approximately 300 feet. It
has a vertical or near vertical dip and strikes north 25 degrees to 30 degrees east. In places the quartz
vein contains pyrite. This vein suggests that the primary exploration target on the Kellar property is a gold
deposit associated with quartz veins in fracture-zones in metamorphosed volcanic rocks.

A stripping and washing program completed in 2006 undercoverd a 4-5m wide silicified (stockwork)
feldspar porphyry dyke containing disseminated, arsenopyrite, pyrite, galena and chalcopyrite cutting a
gabbro body. In contact with the porphyry the gabbro is highly carbonated and silicified containing up to
10% arsenopyrite over widths of 5m on each side of the dyke. The stripping has exposed the
mineralization over a length of 150m and a width of up to 25m. The mineralized zone remains open
along strike.

The optionors of the property are G.L. Geoservices Inc. and Marc Bouchard, both of Quebec City. The
Option Agreement is subject to final documentation and acceptance for filing by the TSX Venture
Exchange.

Malcolm Powell, President of Acrex comments, "We are very excited to have an opportunity to acquire a 100% interest in the Grizzly-Kellar property. Quebec has consistently been recognized as one of the best mining jurisdictions in the world. In addition, recent drilling efforts conducted by Eagle Hill Exploration Corporation only 100 kilometers to the southwest of the Grizzly-Kellar property has produced some exceptional results. With approximately $1.6 million of working capital, we can commence working on this property immediately. With our 2010 program on our Spanish Mountain property also commencing as soon as the weather permits, we are looking forward to having a very active summer."

 
 
FOR FURTHER INFORMATION ON ACREX VENTURES PLEASE CONTACT:
 
Investor Relations - Tel: (604) 618-1758
Fax: (604) 687-4212
e-mail: info@acrexventures.com
website: www.acrexventures.com
 
 
ACREX VENTURES LTD.

Per:
   T.J. Malcolm Powell,
   President
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Stock Symbol: TSX-V: AKV
Suite 1400 - 570 Granville Street
Vancouver, British Columbia
Canada V6C 3P1
Tel: 604.687.4622
Fax: 604.687.4212
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CODE : AKV.V
ISIN : CA0049371085
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Acrex Ventures is a silver and gold exploration company based in Canada.

Its main asset in development is SPANISH MOUNTAIN in Canada and its main exploration property is GRIZZLY-KELLAR LAKE in Canada.

Acrex Ventures is listed in Canada and in United States of America. Its market capitalisation is CA$ 407 600 as of today (US$ 382 492, € 280 252).

Its stock quote reached its highest recent level on December 29, 2006 at CA$ 0.46, and its lowest recent point on July 09, 2014 at CA$ 0.01.

Acrex Ventures has 40 760 000 shares outstanding.

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Annual reports of Acrex Ventures Ltd
2007 Annual report
2006 Annual report
Project news of Acrex Ventures Ltd
12/13/2011(Spanish Mountain)Continues to Define a Gold-Bearing Corridor on its Spanish M...
9/13/2011Commences Exploration on its Rainbow Canyon Gold Property, N...
8/4/2011Plans Drill Program for its Rainbow Canyon Property, Nevada
5/3/2011Provides Update on its Rainbow Canyon Gold Property in Nevad...
3/31/2011Purchases Nevada Gold Property
8/23/2010(Spanish Mountain)Extends Priority Gold Target On Its Spanish Mountain Propert...
8/10/2010(Spanish Mountain)Discovers Priority Gold Target On Its Spanish Mountain Prope...
7/6/2010(Spanish Mountain)Completion of Soil Sampling and Prospecting Programs
1/8/2009Intersects Gold in Diamond Drilling of Don's Lake Gold Prope...
12/31/2008(Honeymoon Property)grants options, files SEC Deregistration and terminates Hone...
11/5/2008(Don's Lake)Completes Diamond Drilling Program on Don's Lake Gold Proper...
9/4/2008Undertakes Diamond Drilling on its Don's Lake Gold-Uranium P...
7/30/2008(Timmins - Whitney Township)Moneta JV Confirms and Expands "55 Zone" Gold Mineralization...
Corporate news of Acrex Ventures Ltd
12/16/2013Holiday Wishes from all of us at Acrex Ventures
8/22/2012(Spanish Mountain)Closes Sales of Spanish Mountain Mineral Claims
7/31/2012(Spanish Mountain)Agrees to Sell its Spanish Mountain Mineral Claims
5/8/2012MD&A and Financials
12/19/2011Happy Holiday Wishes from Acrex Ventures Ltd.
6/6/2011' Rainbow Canyon Property Purchase Accepted By Stock Exchang...
6/1/2010Commencement of the 2010 Exploration Program on its Cariboo ...
5/18/2010Options Grizzly-Kellar Property In The Chibougamau Region Of...
4/7/2010To be featured on CEO Clips Airing on the Business News Netw...
3/16/2010CEO Clips is featuring Acrex Ventures on The Biography Chann...
12/9/2009Sells its 50% Michaud Joint Venture Interest for $1,000,000
6/2/2009Announces the Launch of Its New Corporate Website
3/3/2009to be Featured on CEO Clips on The Biography Channel
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