Triex Minerals Corporation

Triex Minerals Corporation

September 28, 2005 16:00 ET

Triex Options Boulder Creek Uranium Property from Full Metal

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Sept. 28, 2005) -


Triex Minerals Corporation (TSX VENTURE:TXM) ("Triex") and Full Metal Minerals Ltd. (TSX VENTURE:FMM) ("Full Metal") are pleased to announce they have entered into an option agreement (the "Option Agreement") under which Triex has the right to earn up to an 80% interest in Full Metal's Boulder Creek uranium property (formerly known as Death Valley uranium deposit). Further, a strategic alliance has been formed to acquire additional uranium properties in Alaska by combining Triex's uranium expertise with Full Metal's experience in Alaska exploration.

The 2,500 hectare Boulder Creek property is located in the southeastern Seward Peninsula, Alaska, 160 km northeast of Nome, and 16 km north of the coastal village of Elim. The Boulder Creek deposit is hosted within Tertiary-aged sandstone peripheral to a Late Cretaceous alkalic quartz monzonite intrusion; it is the largest known uranium deposit in the state. Originally discovered by Houston Oil and Gas (later Tenneco Mineral Company), drilling between 1979 and 1981 outlined an historic resource of 1,000,000 pounds of U308 for the Boulder Creek deposit. The deposit is not fully defined and is open along strike and at depth. The average grade of the resource was reported to be 0.27% U308 and average thickness is 3 metres within a deposit area of approximately 1,000 metres long by 100 metres wide. Depths of mineralization range from surface to 120 metres (Economic Geology, Volume 82, 1987 pp. 1558-1574). The foregoing is an historical estimate. Triex has not done the work necessary to certify the classification of the resource and is not treating the historical estimate as a NI 43-101 defined resource. The historical estimate should not be relied upon.

Under the terms of the Option Agreement, Triex can earn an initial 65% interest in the property by an initial cash payment to Full Metal of US$75,000, completing US$1,500,000 in exploration expenditures over four years (ending April 1, 2009), and the issuance of 50,000 shares to Full Metal during each year of the Option Agreement to a maximum of 200,000 shares. Triex will have the right to acquire an additional 15% interest in the property by issuing an additional 300,000 shares to Full Metal and incurring an additional US$1,000,000 in expenditures on or before April 1, 2010. Upon completion of the earn-in requirements, a 80:20 joint venture agreement will be formed with Triex as the operator. This transaction is subject to acceptance by the TSX Venture Exchange and board approval of Full Metal.

Triex and Full Metal will jointly manage and conduct exploration in order to most effectively advance the Boulder Creek Deposit. An extensive program of mapping, prospecting and grid-based soil sampling and biogeochemistry commenced on August 17th, 2005. Work is scheduled to be completed in the last week of September 2005. The objective of this program is to define drill targets for the 2006 program which will focus on resource expansion via in-fill drilling to further delineate the deposit, as well as drilling along-strike to test for deposit extensions and new zones. Exploration is under the direction of Dr. Michael Gunning, Ph.D., P.Geo., Vice President Exploration of Triex, a qualified person as defined by NI43-101.

Triex is a Canadian junior exploration company with seven main uranium projects in North America. Drill programs are planned for the upcoming 2005/2006 winter season on the West Carswell property located northwest of the Shea Creek Deposit in the western Athabasca Basin, and prior to spring break-up in 2006 at the Mountain Lake Deposit in the Hornby Basin in Nunavut. For Triex property locations, visit the Company's website at


Randy 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.

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