Triex Minerals Corporation
TSX VENTURE : TXM

Triex Minerals Corporation

March 28, 2006 18:30 ET

Triex Acquires Pasfield Lake Property, Eastern Athabasca Basin, Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 28, 2006) -

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Triex Minerals Corporation (TSX VENTURE:TXM) ("Triex") and Thelon Ventures Ltd. ("Thelon") are pleased to announce they have entered into an Option/Joint Venture Agreement under which Triex has the right to acquire up to an 80% interest in Thelon's Pasfield Lake Property, eastern Athabasca Basin. The Athabasca Basin in northern Saskatchewan accounts for 100% of Canada's primary uranium supply and about one third of global production.

The Pasfield Lake Property is approximately 60 kilometres northwest of the Cigar Lake Mine, the second largest high-grade uranium deposit in the world. It is 50 kilometres southwest of the northern extension of Highway 905 that connects Points North and Stony Rapids. The Property consists of three Mineral Prospecting Permits that cover a total area of 120,257 hectares.

Triex can earn an initial 51% joint venture interest in the Property by incurring $400,000 of exploration expenditures on or before December 1, 2006, and making two cash payments of $25,000 each, the first upon execution of the agreement, the second by December 1st. Triex can increase its interest to 60% by incurring a cumulative $1,900,000 of expenditures on or before September 30, 2008; to 70% by spending a cumulative $3,100,000 on or before April 30, 2010; and finally to an 80% interest by spending a cumulative $6,200,000 on or before April 30, 2013. Upon completion of the earn-in requirements, a joint venture will be formed with Triex as Operator. This transaction is subject to approval by the respective Boards of Directors and receipt of all necessary regulatory approvals.

Pasfield Lake has long been known for high radon and helium concentrations in spring and creek waters that were first sampled during reconnaissance exploration in 1978. Follow-up drilling in 1979 near the northwest shore of Pasfield Lake failed to reach basement with three holes terminated in clay-bound fault breccia zones. Thelon recently contracted Geotech Ltd. to complete some 1,116 line-kilometres of helicopter-borne time-domain EM (VTEM) over the Property. Results warrant follow-up (see release dated March 24, 2006, at www.thelonventures.com). Depth to basement in the region ranges from 800 to 1300 m, but under Pasfield Lake, depth to basement is interpreted to be much shallower, between 300 and 500 m. Further, four main areas of interpreted basement electromagnetic activity are evident from the survey, including a complexly zoned body 8 kilometres in diameter under Pasfield Lake, a 5 kilometre long, northeast-trending linear conductor coincident with the clay-bound fault breccia encountered in historic drilling near the northwest shore of Pasfield Lake, and a 9 kilometre long, north-trending conductive feature which crosses Moss Creek along which numerous radioactive springs (radon and helium) are known.

Immediate follow-up work for Pasfield Lake has been planned. Weather permitting, a ground-based AMT survey (audiomagnetotellurics) over Pasfield Lake will be completed in April, prior to spring break-up. An airborne gravity survey is planned for the summer of 2006, and ground-based EM surveys will be considered for the Moss Creek conductor this summer. Further AMT surveys over Pasfield Lake are planned for the 2007 winter season; concurrent drill testing will be considered if targets are established at Moss Creek and along the northwest shore of Pasfield Lake.

Michael Gunning, Ph.D., P.Geo., President of Triex Minerals Corporation, is a Qualified Person as defined by National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by Triex.

Triex is a Canadian junior mineral exploration company currently focused on uranium opportunities in three separate districts in North America. Eight main projects span grass roots reconnaissance exploration to advanced-stage resource delineation. For further information, including property locations, visit the Company's website at www.triexminerals.com.

TRIEX MINERALS CORPORATION

Michael Gunning, 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

  • Triex Minerals Corporation
    Michael Gunning
    President
    (604) 687-6680
    (604) 687-1448 (FAX)
    www.triexminerals.com