Mar. 31, 2011 (TheNewswire.ca) --
Acrex Ventures Ltd. (the "Company") has entered into a Purchase and Sale Agreement to purchase a contiguous block of 52 non-patented mineral claims, located 40 kilometres east of Reno, in Washoe County, Nevada. The property - known as "Rainbow Canyon" - has an area of approximately 421 hectares (approximately 1040 acres). The claims are easily accessed by a series of gravel roads from Highway I-80 approximately 1 km south of the property.
The vendor, Gold (U.S.A.) Invest, Inc. ("Vendor"), is a wholly owned subsidiary of Entrée Gold Inc. ("Entrée"). Mr. Greg Crowe, a Director of the Company, is the President, CEO and a director of Entrée and a director and President of the Vendor.
The purchase price of the claims is $125,000 (US) cash. A 3.0% NSR royalty is reserved to the Vendor subject to the Company's option to purchase up to a 2.0% NSR royalty by the payment of $500,000 for each 1.0% NSR royalty purchased.
The Agreement is subject to acceptance for filing by the TSX Venture Exchange.
The Rainbow Canyon property is underlain by mafic to felsic volcanic rock of Tertiary age. Gold mineralization, known in several areas of the property, has been found in altered mafic volcanics of the Alta Formation. Gold mineralization is associated with narrow steeply dipping quartz veins that are enveloped by 1 to 10 metre wide zones of bleaching and iron staining, within a more extensive area of argillic alteration.
Previous exploration work on the property has discovered a number of quartz veins that carry significant gold values. Alteration around the quartz veins suggests a low sulfidation mineralizing event. In a surface prospecting program by a previous owner rock chip samples taken from quartz vein float and outcrops exposed in historic prospecting pits are also reported to have produced assayed significant gold values.
The Rainbow Canyon gold mineralization is thought to be similar in age and host rock type to the nearby Comstock Mine. The property is situated within the Walker Lane structural belt which is host to several major gold and silver deposits - with historical production records - including the bonanza gold (OTCBB:BNZA) vein deposits of the Comstock Mine (7.65 Moz. gold and 177.0 Moz. silver), as well as large bulk-mineable gold-silver deposits such as the Rawhide Mine (1.5Moz. gold), and Paradise Peak (1.6 Moz. gold and 22.0 Moz. silver).
The Company has not independently verified the historical work done on or in the area of the property or the historical results. The Company plans to undertake a program of geological mapping, geochemical sampling, geophysical surveying, trenching and sampling to prepare the property for an initial drill program.
Arthur Troup, P.Eng. is the Company's "Qualified Person" with respect to the property.
FOR FURTHER INFORMATION ON ACREX PLEASE CONTACT:
Investor Relations -
Tel: 604.618.1758 e-mail: info@acrexventures.com
Fax: 604.277.0815 website: www.acrexventures.com
ACREX VENTURES LTD.
T.J. Malcolm Powell,
President
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