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Acrex options Don's Lake Gold Property, northwestern Ontario
Symbol "AKV": TSX Venture Exchange SEC Form 20F Registration CIK: 1194506 Symbol "AXVEF": OTC BB
About this update from Avventura Resources Ltd.
[{"type":"text","content":"\n\n\n\nSymbol "AKV": TSX Venture Exchange\n\n\nSEC Form 20F Registration CIK: 1194506\n\n\nSymbol "AXVEF": OTC BB\n\n\nVANCOUVER, Feb. 12 /CNW/ - Acrex Ventures Ltd. (the "Company") has\nentered into an agreement to option a 100% interest in the Don's Lake mineral\nproperty in northwestern Ontario.\n\n\nTo exercise the option the Company will be obliged to pay the Optionor a\ntotal of $190,000 by way of payments of $4,000 upon the signing of the\nAgreement, $30,000 by February 28, 2008, with three additional tranches as of\nMay 29th in each of 2009, 2010 and 2011. The Company will also have to issue\nthe Optionor 200,000 shares with the first 50,000 shares being issuable on\nFebruary 28, 2008, and with three blocks of 50,000 shares each being issuable\non May 29th in each of 2009, 2010 and 2011. To maintain the option the Company\nwill also have to expend not less than $1,300,000 on work on the property by\nMay 29, 2012 - the first amount being $300,000 on or before May 29, 2009. If\nthe Company obtains a positive feasibility report on the property it must\nissue a further 200,000 shares to the Optionor within 30 days of the receipt\nof the report.\n\n\nThe acquisition of the 100% interest will be subject to the reservation\nto the Optionor of a 2.0% net smelter return royalty. The Company will have a\nfirst right of refusal on a 1.0% net smelter return royalty if the Optionor\ndesires to sell the said 1.0%.\n\n\nThe property is comprised of 18 contiguous mineral claims containing\n84 claim units and covers an area of approximately 1,344 hectares\n(approximately 3,321 acres). The claims are located between the Red Lake and\nPickle Lake gold camps approximately 120 kilometres north of Sioux Lookout and\n108 kilometres west of Pickle Lake.\n\n\nThe property covers a 5 km - long Fault Zone referred to as the Don's\nLake Shear Zone shown by lighogeochemistry to be prospective for gold and\nuranium.\n\n\nSince 1953, the property has been held almost continuously by several\nmining companies and prospectors in search of uranium and gold. Previous\nexploration has included VLF-EM and magnetometer surveys, geological mapping,\nlithogeochemistry, prospecting, and 20 diamond drill holes.\n\n\nEight of the 20 diamond drill holes intersected the prospective shear\nzone. Among these eight holes, three holes are...