Triex Minerals Corporation
TSX VENTURE : TXM

Triex Minerals Corporation

May 03, 2007 09:30 ET

Triex Acquires Stony Road Property, Eastern Athabasca Basin, Saskatchewan

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 3, 2007) - Triex Minerals Corporation (TSX VENTURE:TXM) ("Triex") and Magnum Uranium Corp. (TSX VENTURE:MM) ("Magnum") are pleased to announce that they have entered into an Option/Joint Venture Agreement under which Triex has the right to acquire up to a 70% interest in Magnum's property in the eastern Athabasca Basin. Triex believes this property has similar uranium potential as has recently been identified at the Company's Pasfield Lake property, located to the southeast.

The Stony Road property consists of 15 contiguous mineral claims covering a total area of 73,996 hectares, approximately 45% of a larger claim block held by Magnum (see concurrent Magnum news release for details). It is located on the northern extension of Highway 905 in the northeastern part of the Athabasca Basin of northern Saskatchewan, approximately 75 kilometres northwest of operating uranium mines at McClean Lake and Rabbit Lake. The Company's website (www.triexminerals.com) contains a property location map, and all maps referenced below.

The Stony Road property is approximately 40 kilometres northeast from Triex's Pasfield Lake property where recent drilling has confirmed the presence of a basement uplift feature with more than 600 metres of vertical relief (see Triex news release dated May 1, 2007). This uplift feature is at the core of a prominent, eight kilometre in diameter magnetic low that is located adjacent to the regional Cable Bay Shear Zone. The Stony Road property shares some key geological features with Pasfield: it is centred on a regionally prominent magnetic low approximately 12 kilometres in diameter that is associated with the interpreted trace of the Cable Bay Shear Zone (see basin-scale magnetic intensity map on website).

Triex will advance the Stony Road property using the same exploration model developed to reveal the exploration potential at Pasfield Lake. A $500,000 exploration program will be conducted this summer. Planned work includes a 3-D Full Tensor gravity gradient airborne survey to compliment the MEGATEM II airborne EM survey already completed by Magnum (see Magnum news release dated September 5, 2006), detailed geochemical surveys and prospecting, and a ground-based AMT survey (audio-magnetotellurics) which proved effective in delineating both the Pasfield Lake uplift feature and Cable Bay Shear Zone.

Triex can earn an initial 60% joint venture interest in the Stony Road property by making a cash payment of $25,000 and incurring $1,500,000 of exploration expenditures on or before April 30, 2009. Triex can increase its interest to 70% by incurring an additional $1,500,000 of exploration expenditures on or before November 1, 2011, and making an additional cash payment of $25,000. Upon completion of the earn-in requirements, a joint venture will be formed with Triex as Operator. This transaction is subject to receipt of all necessary regulatory approvals.

Ross McElroy, P.Geo., Exploration Manager at Triex, 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 in the Athabasca Basin. This release has been reviewed by Dr. Michael Gunning, Ph.D., P.Geo., President of Triex, and a Qualified Person as defined by National Instrument 43-101.

Triex is a Canadian junior mineral exploration company focused on uranium opportunities in North America. The company is working in three proven districts, advancing eight projects which span grass roots reconnaissance exploration to advanced-stage resource delineation. The 2007 exploration budget is $8.7 million.

Magnum is a Vancouver-based minerals exploration company focused on the acquisition and development of uranium assets in North America. Currently, Magnum's primary property holdings are located in the Western United States, specifically Wyoming, Utah, Idaho, and New Mexico, and in Canada's Athabasca Basin.

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)
    Website: www.triexminerals.com