Canterra Minerals Corporation
TSX VENTURE : CTM

Canterra Minerals Corporation
Triex Minerals Corporation

Triex Minerals Corporation

December 14, 2009 14:53 ET

Canterra Minerals Corporation Acquires Triex Minerals Corporation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 14, 2009) - Canterra Minerals Corporation (TSX VENTURE:CTM) (the "Company") - Mr. Randy Turner, President and Chief Executive Officer is pleased to report that, pursuant to resolutions passed by the shareholders of Diamondex Resources Ltd. ("Diamondex") at the annual meeting of shareholders held on November 19, 2009, effective on the market opening on December 9, 2009, the Diamondex common shares were consolidated on the basis of one new share for each ten shares previously held, and the name Canterra Minerals Corporation was adopted.

On December 11, 2009, Triex Minerals Corporation ("Triex"), by way of a Plan of Arrangement, became a wholly-owned subsidiary of the Company and effective as of today's date, the common shares of Triex have been delisted from the TSX Venture Exchange. Triex shareholders will be entitled to receive 0.85 shares of the Company in exchange for each Triex share held.

A number of tangible benefits are expected to be realized as a result of the foregoing transactions. These benefits include a more diversified property portfolio with respect to both commodity focus and mineral exploration districts and a strengthened group of officers and directors mandated to advance the existing properties and aggressively seek out new opportunities. In addition to the significant savings in general and administrative expenses, allowing a greater percentage of the Company's working capital to be directed at exploration and acquisition efforts, the Company's shareholders will have a more diverse, multi-commodity portfolio comprising established properties located in Ontario, Saskatchewan, Alberta and northern Canada, with identified exploration targets focused on base metals, gold, diamonds and uranium. 

The directors and senior management of the Company consist of Messrs. James E. Eccott, James Excell, Gary R. Lindsay, John A. McDonald, Hugh C. Morris, Mike Muzylowski and Randy C. Turner. Messrs. Eccott and Turner will be, respectively, the Chairman and President & Chief Executive Officer of the Company, while Mr. David B. Clarke will be Senior Vice President – Exploration, and Mr. J. Christopher Mitchell will be the Company's Chief Financial Officer and Corporate Secretary. Dr. Michael Gunning has declined an invitation to join the board and will be pursuing other business opportunities. The directors wish to acknowledge his contribution and service as President & CEO and a director of Triex and wish him well in his new endeavours.

CANTERRA MINERALS CORPORATION

Randy C. Turner, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

Contact Information

  • Canterra Minerals Corporation
    Randy Turner
    President
    604-687-6644
    604-687-1448 (FAX)