Triex Minerals Corporation

Triex Minerals Corporation

November 20, 2007 09:30 ET

Triex Minerals Corporation: New Acquisition in Athabasca Basin

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 20, 2007) - Triex Minerals Corporation (TSX VENTURE:TXM) ("Triex" or the "Company") continues to build upon its existing portfolio of uranium properties in the Athabasca Basin in northern Saskatchewan, and is pleased to provide the details for its latest acquisition. For property location maps, please visit the Company's website at

The Company has executed an option agreement with Raytec Development Corporation for the right to earn up to a 70% interest in two properties, the Riverlake (Key Lake West) and Highrock (Key Lake East), located at the southern margin of the eastern Athabasca Basin.

Staked in 2004, the properties are located on either side of the Key Lake mine road. The Riverlake property (3 claims, 16,556 hectares) covers a large, circular magnetic low feature with similarities to the Pasfield Lake magnetic anomaly that the Company is currently exploring. An Athabasca Group sandstone outlier is mapped immediately to the east of the magnetic low feature. A V-TEM survey flown in 2007 identified electromagnetic conductors on both the east and west margins of the magnetic low feature. The Highrock property (4 claims; 15,206 hectares) covers an Archean basement antiform with flanking conductors, and is located only eight kilometres southeast of the Key Lake deposit situated along the northern margin of the adjacent Archean basement antiform.

Ground geophysical surveying is planned for December-January to better define the location and geometry of airborne conductors, with follow-up first-pass drilling to be carried out during the third quarter of 2008. Near-surface, basement-hosted uranium mineralization is the target on both properties.

Subject to regulatory approval, Triex will earn an initial 51% joint venture interest in the two properties by paying $25,000 in cash, issuing 25,000 common shares (with a restrictive 4 month hold period) and incurring an aggregate of $1,200,000 in staged exploration expenditures by on or before November 24, 2008. The Company can increase its ownership interest to 70% by incurring an additional $2,400,000 in staged exploration expenditures on or before November 24, 2011. Triex will be the operator of the exploration program.

Dr. Alan Armitage, Ph.D., P.Geo., Vice President of Exploration 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 the Company 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 nine core projects which span grass roots reconnaissance exploration to advanced-stage resource delineation. The 2007 exploration budget is $8.7 million.


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
    (604) 687-6680
    (604) 687-1448 (FAX)